CHICAGO-Strategic Storage Trust Inc., a non-traded self-storagecenter REIT that’s sponsored by Strategic Capital Holdings, hasentered the local area with the $11.7 million buy of threeself-storage facilities. The properties include about 2,000 unitshere and in Cicero, IL.
Michael Schwartz, chairman and CEO of the Ladera Ranch, CA-basedtrust, says the sites were purchased from an institutionalinvestor. The properties had been branded under the Lake Forest,IL-based Metro Self Storage name. Each property now is rebrandedunder SSTI’s SmartStop name.
The sites include 690 units at 1000 E. 95th St., nearChicago State University, and 590 units at 2244 S. Western Ave. inthe Pilson neighborhood of Chicago, and 750 units at 5701 W. OgdenAve. in Cicero. The properties are less than 8 years old, Schwartzsays, and are about 81% occupied.
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