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Strategic Self Storage Makes Second AZ Buy

MESA, AZ-Strategic Storage Trust Inc. has acquired Augusta Ranch Self Storage just days before the property's special servicer planned to foreclose on the 570-unit self storage facility.

By Jennifer Duell Popovec | Updated on April 12, 2010

MESA, AZ-Strategic Storage Trust Inc. has acquired Augusta Ranch Self Storage just days before the property’s special servicer planned to foreclose on the 570-unit self storage facility.

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.

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