As part of the deal, the publicly registered, non-traded REIT assumed a $3.1 million CMBS loan with a 5.38% interest rate, according to Chairman and CEO H. Michael Schwartz. The loan, which has a 30-year amortization schedule, is due in five years.
The seller was Phoenix-based AR Self Storage LLC. Michelle Watson of Marcus & Millichap's Phoenix office brokered the deal in an off-market transaction. Schwartz tells GlobeSt. that the seller was distressed, which caused the property to move into special servicing prior to Strategic Storage Trust's acquisition.
Located at 9252 E. Guadalupe Rd., the self-storage facility contains roughly 75,600 net rentable square feet in six single-story buildings on 4.6 acres. It boasts drive-up units, interior climate control units, RV/Boat parking, a large retail office and U-Haul truck rental dealership.
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