LADERA RANCH, CA-Strategic Storage Trust Inc., a publicly registered non-traded REIT investing in self-storage—has purchased five self-storage properties in the greater Dallas/Ft. Worth and Midland, TX, market and four in Alabama and Tennessee in separate transactions. All nine facilities will be rebranded under the SmartStop Self Storage trade name.
The Texas portfolio totals nearly 400,000 square feet and 2,800 units and was acquired for a total aggregate purchase price of approximately $27.9 million. The acquisition includes:
- 810 S. Denton Tap Rd., Coppell; 740 units, 101,735 square feet
- 1925 S. Bowie Dr., Weatherford; 470 units, 61,995 square feet
- 1712 W. Randol Mill Rd., Arlington; 445 units, 59,495 square feet
- 5005 Andrews Highway, Midland; 615 units, 92,820 square feet
- 1904 W. Loop 250 N., Midland; 535 units, 75,800 square feet
The Southeast portfolio acquisition totals approximately 320,000 square feet and 2,400 units and was acquired for a total aggregate purchase price of $36.5 million. All sites in the Southeast portfolio feature climate-controlled units with buildings built in 2005 or later. The acquisition includes:
- 4245 Carmichael Rd., Mongtomery, AL; 540 units, 65,400 square feet
- 19668-B Hwy. 11 E., Lenoir City, TN; 650 units, 102,200 square feet
- 735 Ebenezer Rd., Knoxville, TN; 680 units, 78,500 square feet
- 1540 Lovell Rd., Knoxville; 510 units, 74,400 square feet
According to H. Michael Schwartz, chairman and CEO of SSTI, the firm “targeted these self-storage facilities due to their high occupancy levels and solid locations. Both portfolios are an ideal fit for our growing brand and strategy, allowing for continued expansion in these markets.”
As GlobeSt.com reported last week, Talonvest Capital has arranged $27.6 million in self-storage loans for properties across the country.
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