STRATEGIC STORAGE TRUST, INC. ACQUIRES EIGHT PROPERTIES IN THREE STATES FOR A PURCHASE PRICE OF $25 MILLION
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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:
Georgia: • 1060 King George Blvd., Savannah: 590 units, 68,700 square feet • 782 King George Blvd., Savannah: 450 units, 67,100 square feet
South Carolina: • 512 Percival Road, Columbia: 490 units, 65,400 square feet • 890 St. Peters Church Road, Lexington: 250 units, 35,400 square feet • 120 Northpoint Drive, Lexington: 580 units, 86,500 square feet • 298 Red Cedar St., Bluffton: 660 units, 78,900 square feet According to Wayne Johnson, senior vice president of acquisitions for SSTI, the supply of self-storage space has more than doubled over the past 16 years while vacancy has remained relatively stable. About Strategic Storage Trust, Inc. Strategic Storage Trust, Inc. (SSTI) is the first and only self-storage REIT in the public non-traded REIT marketplace. SSTI is one of five publicly registered self-storage REITs in the United States and is one of the fastest growing self-storage REITs nationwide. The SSTI management team is comprised of industry veterans with extensive institutional experience in the acquisition and property management of self-storage properties. Since the launch of SSTI in 2008, the company’s portfolio of wholly-owned properties has expanded to include 100 properties in 17 states and Canada that are being branded as SmartStop® Self Storage. The portfolio includes approximately 64,800 self-storage units and 8.1 million rentable square feet of storage space. For more information about SSTI, please call 949-429-6600 or visit www.strategicstoragetrust.com To view our properties and locations or to find a nearby storage facility, visit www.smartstopselfstorage.com ]]>