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SSTI Buys Two Self Storage Facilities for $23M

FORT LEE, NJ-'These facilities represent newer class A properties in prime markets--New Jersey and Florida,' says SSTI's H. Michael Schwartz.

By Alyson Grala | Updated on February 27, 2010

FORT LEE, NJ-In an all-cash transaction, Strategic Storage Trust, Inc.–a publicly registered non-traded REIT targeting the self storage market–recently acquired two facilities, one located here and another in Weston, FL, for a combined purchase price of around $23 million.

“These facilities represent newer class A properties in prime markets,” says H. Michael Schwartz, SSTI’s chairman and CEO. “Both properties offer the latest generation of secured climate-controlled self storage featuring convenient access to major roads and interstates.”

Built in 2000, the Ft. Lee facility is situated on a 1.2-acre site located at 550 Main St. The three-story property is 88.2% occupied and offers a three-door, drive-in, covered loading/unloading area. Additionally, the property contains a cellular tower, leased to multiple tenants located on the roof.

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