HAMPTON, VA—Strategic Storage Trust has acquired a 500-unit, four building self-storage facility located at 1343 Big Bethel Rd. here for approximately $6.7 million. The 71,500-square foot facility will be re-branded under the SmartStop Self Storage trade name.
The facility was built in 2007, which was part of its appeal, says H. Michael Schwartz, chairman and CEO of SSTI, in a prepared statement. In addition, the facility is 90% occupied. Another driver behind the deal is the Hampton market itself with its growing military population and their obvious need to store belongings on short notice. "This acquisition is a perfect complement to our other multi-story self-storage building located five miles away in Hampton," Schwartz says.
Half of the new facility's units are climate controlled and the other half drive-up non-climate controlled units.
The REIT's Virginia portfolio totals approximately 415,000-square feet with a total of approximately 3,800 units. Other facilities in the state include LaSalle Avenue in Hampton, which has 640 units at 70,100 square feet; 860 units at Lee Road in Chantilly, which is 83,400 square feet; Williamsburg Road in Sandston, which has 675 units and is 78,000 square feet; 610 units at the 59,600-square foot Plank Road facility in Fredericksburg; and Colonial Court in Manassas, which has 495 units and is 52,800 square feet.
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