|

Hawthorne Property

|

LADERA RANCH, CA-Non-traded REIT Strategic Storage Trust Inc.has acquired two facilities totaling 1,600 units in Long Beach andHawthorne in Los Angeles County for $26 million in an all-cashtransaction and plans to rebrand them under its SmartStop SelfStorage name. The Long Beach property is at 8150 E. Wardlow Rd. andcomprises approximately 87,000 rentable square feet with 830 unitson 3.7 acres. Built in 1999, it consists of four buildings, one ofwhich is two stories. The Hawthorne property is at 12714 S. LaCienega Blvd. and comprises 87,000 rentable square feet with 770units on approximately 1.7 acres.

|

Wayne Johnson, senior vice president of acquisitions for SSTI,notes that the Hawthorne site "stands out due to its closeproximity to the 405 Freeway, a dense surrounding population, newerconstruction and a great location between LAX and ManhattanBeach.”

|

Long Beach Facility

|

Although the properties were never put on the open market, therewas competition from several other potential buyers, said DeanKeller of Bancap Self Storage Group Inc., who brokered thetransaction for SSTI. “This deal could have easily fallen apart ifStrategic hadn’t been such a strong and qualified buyer,” Kellersaid. “The seller had turned down many compelling offers on thesefirst-class properties," but selected Strategic based on its trackrecord, financial strength and ability to perform, he said.

|

Since the launch of SSTI two and a half years ago, its portfolioof wholly owned properties has expanded to include 43 facilities in15 states (Alabama, Arizona, California, Florida, Georgia,Illinois, Kentucky, Mississippi, Nevada, New Jersey, Pennsylvania,South Carolina, Tennessee, Texas and Virginia) and Toronto-Ontario,Canada. Its portfolio includes approximately 30,000 self-storageunits and 3.8 million rentable square feet of storage space.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.