Mark Your Calendars: RealShare Orange County, August 18 in Newport Beach).
LADERA RANCH, CA-Strategic Storage Trust Inc. has acquired three facilities in California, NEvada and Virginia totaling 2,100 units for $12.2 million and plans to rebrand them under its SmartStop Self Storage name. The non-traded REIT's new assets are a 640-unit San Francisco Bay Area property at 2300 Grant Ave. in San Lorenzo, a 790-unit Nevada property at 4770 South Pecos Ave. in Las Vegas and a 640-unit facility at 815 LaSalle Ave. in Hampton, VA.
H. Michael Schwartz, SSTI’s chairman and CEO, said in an announcement regarding the acquisitions that the properties are in "strong economic markets with positive population growth potential.” The properties are examples of why SSTI is targeting specific high-growth markets in the US, he said.
The San Lorenzo facility comprises approximately 62,000 rentable square feet of drive-up accessible self-storage. SSTI’s San Francisco Bay Area self-storage portfolio now includes three facilities totaling approximately 2,000 units.
The Las Vegas property measures approximately 88,000 rentable square feet on approximately 2.6 acres, increasing SSTI's Las Vegas portfolio to eight facilities totaling approximately 4,700 units.
The Virginia facility comprises approximately 70,200 rentable square feet and features interior and drive-up units on three acres of land. SSTI notes that the property is a three-story building near one of the largest naval stations in the world. SSTI now owns four facilities in Virginia totaling approximately 2,450 units.
Since the launch of SSTI in 2008, SSTI’s portfolio of wholly owned properties has expanded to include 76 properties in 17 states and Canada.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
