RIVERDALE, NJ-Public non-traded REIT Strategic Storage Trust,Inc. recently shelled out $6.4 million for an 820-unit self-storagefacility here. The property will be re-branded under the SmartStopSelf Storage trade name. The seller was Rick Kerper with Space StorSelf Storage; it was a direct sale and there were no brokersinvolved.

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Developed in 2007, the property is located at 112 State Rt. 23and contains approximately 62,000 net rentable square feet on closeto 2.4 acres. The four-level building is 25 miles from New YorkCity and approximately 20 miles from two other SSTI-ownedself-storage facilities located in Jersey City, NJ and Ft. Lee,NJ.

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The Riverdale site features digital surveillance,climate-controlled units, freight elevators, a large retail displayarea and an interior loading/unloading area that shelters customersfrom the weather.

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“The facility has many qualities we look for--popular commutingcorridor, great visibility, ease of access and new construction,"says Wayne Johnson, senior vice president of acquisitions for SSTI.Neighboring national retailers include Home Depot, Staples, BJ’sWholesale Club and Target.

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SSTI currently owns two other self-storage facilities in NewJersey: 550 Main St. in Ft. Lee, a three-story building with around990 climate-controlled units that is located two miles north ofManhattan, and 69 Mallory Ave. in Jersey City, which has close to1090 units and is located five miles west of Downtown New YorkCity.

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Since the launch of SSTI two years ago, its portfolio of whollyowned properties has expanded to include 34 assets in 14 states,including Alabama, Arizona, California, Florida, Georgia, Kentucky,Mississippi, Nevada, New Jersey, Pennsylvania, South Carolina,Tennessee, Texas and Virginia. Historically, self-storage marketconditions have remained fundamentally stable, says MichaelSchwartz, CEO of Strategic Storage Trust Inc. "Unlike office, thereare no capital expenditures for tenant improvements or tenantleasing commission expenses," says Schwartz, whose company acquiredaround $53 million self-storage assets in 2010, only two of whichhad debt.

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