LADERA RANCH, CA—SmartStop Self Storage's two affiliated REITs (Strategic Storage Trust II, Inc. and Strategic Growth Trust, Inc.) recently acquired 27 of the 32 facilities in a portfolio transaction totaling approximately 18,000 units and 1.9 million net rentable square feet with an aggregate purchase price of approximately $145 million. The remaining five facilities are expected to close in the first quarter of 2015.
“We are proud to say that this major portfolio acquisition is our largest transaction we have closed to date,” said Michael Schwartz, SmartStop's chairman and CEO. “This acquisition will increase our footprint in new markets such as Colorado, Michigan, Washington and Washington DC. in addition to fueling our ongoing expansion throughout the United States.”
These properties are located in the following metropolitan statistical areas: Los Angeles, San Francisco, Seattle, Colorado Springs, Denver, Chicago, Detroit, Philadelphia and Washington DC. All 32 facilities will be managed by SmartStop and re-branded under the SmartStop trade name.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
