LADERA RANCH, CA—SmartStop Self Storage's two affiliated REITs (Strategic Storage Trust II, Inc. and Strategic Growth Trust, Inc.) recently acquired 27 of the 32 facilities in a portfolio transaction totaling approximately 18,000 units and 1.9 million net rentable square feet with an aggregate purchase price of approximately $145 million. The remaining five facilities are expected to close in the first quarter of 2015.

“We are proud to say that this major portfolio acquisition is our largest transaction we have closed to date,” said Michael Schwartz, SmartStop's chairman and CEO. “This acquisition will increase our footprint in new markets such as Colorado, Michigan, Washington and Washington DC. in addition to fueling our ongoing expansion throughout the United States.”

These properties are located in the following metropolitan statistical areas: Los Angeles, San Francisco, Seattle, Colorado Springs, Denver, Chicago, Detroit, Philadelphia and Washington DC. All 32 facilities will be managed by SmartStop and re-branded under the SmartStop trade name.

“The 32 facilities are located in prime retail locations within growth markets offering excellent demographics,” said Wayne Johnson, SmartStop's chief investment officer (CIO). “These are traits we continue to pursue as we grow and expand our self storage portfolio.”

All facilities provide easy access with grade level drive-up and climate control units. The facilities enjoy significant traffic flow and visibility – most in close proximity to regional retailers.

The seller, DSI Properties, Inc., raises capital to develop and/or acquire multiple properties across the United States.

"Our recent transaction with SmartStop has resulted in a tremendous outcome for our investors," said Richard Conway, executive vice president of DSI Properties, Inc. "As an innovator in the self-storage industry for more than four decades, DSI, like SmartStop, is optimistic about the future prospects for this asset class and continued opportunities for our investors."

The details of the 32 properties in this portfolio are as follows:

Los Angeles MSA

·         7211 Arlington Ave., Riverside: 610 units, 60,100 square feet.

·         6667 Van Buren Blvd., Riverside: 570 units, 61,000 square feet.

·         1111 W. Gladstone Street, Azusa: 660 units, 64,400 square feet.

·         10231 S. Colima Rd., Whittier: 510 units, 58,600 square feet.

·         2234 Arrow Hwy., La Verne: 520 units, 49,800 square feet.

·         7611 Talbert Ave., Huntington Beach: 610 units, 61,000 square feet.

·         580 East Lambert Rd., La Habra: 420 units, 51,400 square feet.

·         43745 Sierra Hwy., Lancaster: 700 units, 64,700 square feet.

·         517 N. 8th St., Lompoc: 430 units, 46,500 square feet.

·         404 Potrero Grande, Monterey Park: 390 units, 31,200 square feet.

·         4200 Westminster Ave., Santa Ana: 840 units, 84,500 square feet.

·         1571 W. Foothill Blvd.; Upland: 610 units, 56,500 square feet.

San Francisco MSA

·         1401 Enterprise St., Vallejo: 510 units, 54,400 square feet.

·         3937 Santa Rosa Ave., Santa Rosa: 1,150 units, 116,400 square feet.

·         2998 Rockville Rd., Fairfield: 440 units, 41,000 square feet.

Sacramento MSA

·         7760 Lorraine Ave., Stockton: 560 units, 49,100 square feet.

·         3860 Benetar Way, Chico: 360 units, 38,800 square feet.

Seattle MSA

·         10919 Evergreen Way, Everett: 490 units, 48,100 square feet.

Colorado Springs MSA

·         3850 Airport Rd., Colorado Springs: 680 units, 61,800 square feet.

Denver MSA

·         435 Airport Blvd., Aurora: 890 units, 87,400 square feet.

·         8920 Federal Blvd., Federal Heights: 450 units, 40,600 square feet.

·         3757 Norwood Dr., Littleton: 400 units, 45,800 square feet.

Chicago MSA

·         1302 Marquette Dr., Romeoville: 680 units, 66,700 square feet.

·         1001 Toll Gate Rd., Elgin: 410 units, 49,600 square feet.

·         240 W. Army Trail Rd., Bloomingdale: 570 units, 58,200 square feet.

·         4747 W. Calumet-Sag Rd., Crestwood: 460 units, 49,300 square feet.

Detroit MSA

·         42557 Van Dyke Ave., Sterling Heights: 460 units, 57,900 square feet.

·         262 East Maple Rd., Troy: 730 units, 82,200 square feet.

·         27203 Groesbeck Hwy, Warren: 500 units, 63,100 square feet.

·         24623 Ryan Rd., Warren: 490 units, 52,100 square feet.

Philadelphia MSA

·         4233 Route 130 S., Beverly, NJ: 460 units, 51,000 square feet.

Washington DC MSA

·         4100 Forestville Rd., Forestville, MD: 530 units, 55,200 square feet.

Bancap Self Storage Group, Inc. served as the consultant/advisor to the seller entities and was the sole broker in the transaction. 

“This was an extremely complex transaction with a lot of moving pieces requiring a great deal of cooperation and diligence by all parties,” said Dean Keller, president of Bancap Self Storage Group, Inc. “The SmartStop team was terrific to work with and performed exactly as promised.”

SmartStop Self Storage, Inc. is a fully integrated, self-administered and self-managed self storage company, which, upon completion of the closings described above, will own/operate 168 self storage properties in 21 states and Toronto.