LAS VEGAS-Orange County, CA-based SSTI, a non-traded REIT specializing in the self-storage industry, has acquired a 540-unit Downtown Las Vegas property and sees potential for long-term growth in the market. The facility, at 1120 S. Las Vegas Blvd., is the fourth self-storage purchase in Las Vegas for SSTI, which bought the latest property for $6.875 million.
SSTI plans to rebrand the storage center under its SmartStop self-storage trade name. H. Michael Schwartz, SSTI’s chairman and CEO, commented in an announcement regarding the deal that the purchase "adds significantly to our Las Vegas portfolio, which is ripe to take advantage of high growth for the market over the long-term.” Schwartz pointed out that all of the Ladera Ranch, CA-based company's locations in Las Vegas are newer buildings.
The property measures approximately 81,600 rentable square feet on approximately 1.7 acres about one mile south of Central Las Vegas. Built in 1996, it consists of two three-story buildings. Amenities include surveillance cameras, individual locks, climate control, keypad entry and a retail rental office.
Wayne Johnson, senior vice president of acquisitions for SSTI, noted, “Occupancy at this high traffic location has remained strong and should continue to perform well as the Las Vegas market recovers.”
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