Ladera Ranch, Calif.-based Strategic Storage Trust II, Inc. (SSTI II)– a public non-traded REIT that focuses on stabilized self storage properties –recently closed on its first portfolio transaction with the purchase of five self storage properties located in North and South Carolina totaling approximately 2,490 units and approximately 354,200 net rentable square feet for approximately $22.1 million. These facilities, which were 88.8% occupied as of September 30, 2014, will be re-branded under the SmartStop® Self Storage trade name. “These assets are an ideal fit for our first five acquisitions with SSTI II,” said H. Michael Schwartz, chairman and CEO of SSTI II. “The self storage sector’s strong performance in these markets continues to drive our decision to keep acquiring facilities in the Carolinas.” The details of the five properties acquired are as follows: North Carolina:
- 150 Airport Blvd., Mooresville: 320 units, 36,900 square feet, built in 2004.
- 120 Centrewest Ct., Cary: 310 units, 62,100 square feet, built in 1998, and renovated in 2006.
- 5012 New Bern Ave., Raleigh: 440 units, 60,600 square feet, built in 1999.
- 338 Jesse St., Myrtle Beach: 760 units, 100,100 square feet, built in 1998, and renovated in 2007.
- 4630 Dick Pond Rd., Myrtle Beach: 660 units, 94,500 square feet, built in 1999.