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Strategic Storage Acquires U Store It Facility

JERSEY CITY-The REIT picked up the facility in a $12 million all-cash transaction.

By Alyson Grala | Updated on August 28, 2009

JERSEY CITY-In an effort to expand its presence to the Northeast market, Strategic Storage Trust Inc. has purchased the U Store It self-storage property located at 69 Mallory Ave. here. The publicly registered, non-traded REIT acquired this facility for $11.6 million in an all-cash transaction.

Constructed in 1985, the U Store It property offers approximately 1,090 units located on 2.2 acres and contains close to 91,500 rentable square feet of self-storage space. The facility is located approximately five miles west of Downtown Manhattan.

This acquisition marks another step in further diversifying and expanding our self-storage portfolio, says H. Michael Schwartz, SSTI’s chairman and CEO. “This all-cash transaction represents the expansion of the SSTI footprint into the largest Metropolitan Statistical Area in the US and diversifies our portfolio by adding a facility located in a populous Northeast urban market.”

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