New Buy Pushes SSTI Acquisitions to $126M

LAS VEGAS-Strategic Storage Trust Inc. of Orange County, CA has acquired a 740-unit facility here that pushes the non-traded REIT's acquisition total to $126 million in 2010. The new SSTI property, its fifth in Las Vegas, is at 2025 N. Rancho Dr. and comprises approximately 94,000 rentable square feet on 3.2 acres.

The $126 million in SSTI acquisitions in 2010 included self-storage facilities across the US and in Canada, notes H. Michael Schwartz, the company's chairman and CEO. The new site will be rebranded under the SmartStop Self Storage trade name.

“As with our other recent buy in Downtown Las Vegas, this bolsters our presence in a market with great long-term potential,” said H. Michael Schwartz, SSTI’s chairman and CEO. As reported recently on GlobeSt.com, the Downtown Las Vegas property is at 1120 S. Las Vegas Blvd.

SSTI paid $4 million for the 2025 N. Rancho Dr. property, according to a public filing. The facility is at the corner of Rancho Road and Texas Station, about five miles north of central Las Vegas and across the street from the Texas Station Casino. Built in 2006, it consists of one two-story building. Amenities include surveillance cameras, individual locks, climate control, keypad entry, an office and an apartment for the resident manager, and covered RV and boat storage.

In addition to the Downtown location and the Rancho Drive location, SSTI's three other facilities in Las Vegas include: 8501 West Charleston Blvd., two one-story buildings with 190 units; 3825 S. Durango Dr., one two-story building with 520 units; and 3155 W. Ann Rd. one two-story building with 700 units.

Since the launch of SSTI two and a half years ago, its portfolio has expanded to include 45 wholly owned properties in 15 states (Alabama, Arizona, California, Florida, Georgia, Illinois, Kentucky, Mississippi, Nevada, New Jersey, Pennsylvania, South Carolina, Tennessee, Texas and Virginia) and Canada.