LADERA RANCH, CA – In separate transactions, Strategic Storage Trust, Inc. (SSTI) – a publicly registered non-traded REIT investing in self storage – recently purchased five self-storage properties located in the greater/Fort Worth and Midland, Texas market and four self-storage properties located in Alabama and Tennessee. All nine facilities will be re-branded under the SmartStop® Self Storage trade name.
The Southwest portfolio totals approximately 390,000 square feet and 2,800 units and was acquired for a total aggregate purchase price of approximately $27 million.
This five-property acquisition includes:
810 S. Denton Tap Road in Coppell, TX (740 units, 101,735 square feet)
1925 S. Bowie Drive in Weatherford, TX (470 units, 61,995 square feet)
1712 W. Randol Mill Road in Arlington, TX (445 units, 59,495 square feet)
5005 Andrews Highway in Midland, TX (615 units, 92,820 square feet)
1904 W. Loop 250 N. in Midland, TX (535 units, 75,800 square feet)
The Southeast self-storage portfolio acquisition totals approximately 320,000 square feet and 2,400 units and was acquired for a total aggregate purchase price of approximately $37 million. All sites in the Southeast portfolio feature climate controlled units with buildings built in 2005 or later.
This four property acquisition includes:
4245 Carmichael Rd. in Montgomery, AL (540 units, 65,400 square feet)
19668-B Hwy 11 E. in Lenoir City, TN (650 units, 102,200 square feet)
735 Ebenezer Rd. in Knoxville, TN (680 units, 78,500 square feet)
1540 Lovell Rd. in Knoxville, TN (510 units, 74,400 square feet)
“We targeted these self-storage facilities due to their high occupancy levels and solid locations,” said H. Michael Schwartz, chairman and CEO of SSTI. “Both portfolios are an ideal fit for our growing brand and strategy, allowing for continued expansion in these.”