[IMGCAP(2)]The approximately 520-unit Phoenix property is located at 2727 West Missouri Ave., west of Interstate 17, which is a primary north-south corridor providing access to major work centers and main transportation routes such as Interstate 10 and highway 60. The facility sits on approximately 1.4 acres and contains approximately 38,750 rentable square feet of self storage space. It was constructed in 1974. SSTI purchased the property for $2 million from an unaffiliated third party.
Michael Schwartz, SSTI's chairman and CEO, says that the new acquisitions "represent the 'bread-and-butter' storage facilities we target." He notes that more than 90% of self-storage ownership consists of single asset operators, which presents an opportunity for SSTI. "We believe we can capitalize on this opportunity by creating a professional environment and implementing operational efficiencies to better service our self storage customers," Schwartz says.
The Montgomery and Phoenix acquisitions follow SSTI's recent purchase of a facility in Jersey City, NJ and its acquisition of two properties in the Kentucky suburbs of Cincinnati. Since the launch of SSTI a year and half ago, its portfolio has expanded to include 13 self-storage facilities located in Georgia, Mississippi, Florida, Virginia, New Jersey, Kentucky, Alabama and Arizona.
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