DETROIT—Strategic Storage Trust II, Inc., a public non-traded REIT that focuses on self-storage properties, just closed on three properties in suburban Detroit totaling about 1,720 units and 197,400 net rentable square feet. The deal is one tranche of a larger deal by SST II.
The company will re-brand the facilities under the SmartStop® Self Storage trade name. The $11.9 million price tag is just a small percentage of the money changing hands throughout the US as the sector's high returns and constrained supply have made it quite attractive to many investors.
“These assets are ideally located within the Detroit metropolitan region, which holds roughly one-half of Michigan's population,” said H. Michael Schwartz, chairman and chief executive officer of the Ladera Ranch, CA-based SST II, in a prepared statement. He was not available by press time. “The three facilities will complement our growing self-storage portfolio.”
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
