SSTI Completes 1.1M-SF Portfolio Buy
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LADERA RANCH, CA-Locally based Strategic Storage Trust Inc. has completed a three-phase acquisition of a 16-property portfolio that represents more than 1.1 million square feet of storage space and approximately 8,560 self-storage units in South Carolina, Florida and Georgia. The total aggregate purchase price was approximately $75 million.
The acquisition included six properties located in South Carolina consisting of approximately 3,740 self-storage units for a total aggregate purchase price of approximately $38.7 million. The six sites, which add approximately 459,000 square feet to SSTI’s inventory of rental storage space, will be rebranded under the SmartStop Self Storage trade name.
The firm tells GlobeSt.com that it cannot disclose the identity of the seller at this time.
In August, SSTI purchased the first phase in this portfolio, which consisted of eight properties in South Carolina, Florida and Georgia totaling approximately 3,770 self-storage units and approximately 508,200 square feet. In early October, SSTI purchased the second phase in this portfolio, which consisted of two properties in Georgia and South Carolina totaling approximately 1,050 self-storage units and 142,700 square feet.
The company now owns and operates 108 properties in 17 states and Canada and has plans to continue to expand in 2013.
The details of the final six self-storage properties acquired are as follows:
- 2343 Savannah Hwy: 390 units, 46,700 square feet
- 1533 Ashley River Rd: 430 units, 46,400 square feet
- 1951 Maybank Hwy: 570 units, 66,300 square feet
Mt. Pleasant, SC:
- 1117 Bowman Rd: 390 units, 41,000 square feet
- 1904 Hwy 17 North: 590 units, 63,600 square feet
- 1108 Stockade Ln: 1,370 units, 195,100 square feet
According to Wayne Johnson, SVP of acquisitions for the firm, the company will work to “drive income and occupancy well past current levels.” He adds that “The Charleston market has very high barriers to entry.”
In other self storage news, as GlobeSt.com previously reported, SaltLake City-based Extra Space Storage bought its joint venture partner’s interest in 21 properties across 11 states, which contain approximately 1.7 million square feet.
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