Strategic Storage Trust, Inc. (SSTI) – a publicly registered non-traded REIT investing in self storage – has acquired eight properties in South Carolina, Florida and Georgia consisting of approximately 3,770 self-storage units with a total aggregate purchase price of $25 million. The sites, which add approximately 508,200 square feet to SSTI’s rental storage space inventory, will be rebranded under the SmartStop® Self Storage trade name. “Due to this recent transaction, we have achieved a major milestone with the purchase of our 100th self-storage property,” said H. Michael Schwartz, chairman and CEO of SSTI. “The self-storage sector’s consistently strong performance continues to drive our decision to expand our portfolio.” This acquisition is the first phase of a three-phase acquisition of a 16-property portfolio that contains more than 1.1 million square feet and approximately 8,560 self-storage units in South Carolina, Florida and Georgia. SSTI expects the remaining properties to close in the fourth quarter of 2012. The details of the eight properties acquired are as follows:
Florida: • 1990 NW Federal Highway 1, Stuart: 370 units, 51,500 square feet • 6195 South Kanner Highway, Stuart: 380 units, 54,700 square feetSTRATEGIC STORAGE TRUST, INC. ACQUIRES EIGHT PROPERTIES IN THREE STATES FOR A PURCHASE PRICE OF $25 MILLION
More Content
Popular Posts
The self storage industry is in a precarious...
The REITs new pricing strategy – lowering...
With the approval of both companies’...
There are an estimated 700,000 hotels in the...
In a booming economy, expendable income...
Boat and RV storage has morphed and...
National Storage Affiliates Trust (NSA), the...
Self-storage is not an industry that is...
The question of “abandonment” of stored...
It’s said that necessity is the mother of...
It’s odd that I ever get the “last word,”...
As children, most of us played “follow the...
Mother Nature can be a cruel mistress....
Over the last five years, as the use of...
XYZ Storage wants to make life for its...
Recent Posts
When a disgruntled employee opened fire at a...
Earlier this year, there were a lot of...
In an age where digitization permeates...
The storage industry went through a huge...
The self-storage industry is transforming...
Combating Break-Ins
In our industry, few...
In an era where urbanization and changing...