(Mark Your Calendars: RealShare Orange County, August 18 in Newport Beach).
LADERA RANCH, CA-Locally based Strategic Storage Trust Inc. has acquired a new asset in its own backyard, a storage facility and adjacent land near the non-traded REIT’s headquarters. SSTI paid $20.9 million for the facility and an adjacent parcel of land for an aggregate of 7.3 acres located on Terrace Road near Antonio Parkway in Ladera Ranch.
H. Michael Schwartz, SSTI’s chairman and CEO, commented in a prepared statement: “This class A property in a class A market represents the face of our expanding portfolio. Since this flagship self-storage facility is located next to our corporate office, we will be utilizing this property for our training program in addition to conducting investor tours.”
The deal includes the $17 million acquisition of the self-storage facility, which will be rebranded under the SmartStop Self Storage trade name. The property includes approximately 114,000 square feet of rentable space on a 3.7-acre lot. The transaction also includes the acquisition of 3.6 acres of adjoining land for $3.9 million.
According to Schwartz, SSTI is currently exploring feasible uses for the adjacent vacant land, which is one of the few remaining parcels of undeveloped commercial property in Ladera Ranch. The purchase continues SSTI’s aggressive property acquisition pace, both locally and nationally, according to Wayne Johnson, senior vice president of acquisitions for SSTI. In December 2010, for example, SSTI acquired a pair of properties in Los Angeles County for approximately $26 million.
SSTI, a non-traded REIT, was launched in 2008. Since then, its portfolio of wholly owned properties has expanded to include 73 properties in 17 states and Canada.
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