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MANASSAS, VA-Strategic Storage Trust Inc., a non-traded REIT based in Ladera Ranch, CA, is acquiring a self-storage facility here for $4.7 million. It is the third acquisition the company has made since it launched a $1-billion offering of its shares in April. The 500-unit center contains approximately 49,000 rentable square feet of self-storage space. All together there are five two-level storage buildings located on 2.3 acres. The REIT acquired the property from Godwin Store-It, LLC.

SSTI’s first acquisitions were facilities in Biloxi, MS, and Gulf Breeze, FL. With the Manassas transaction complete, SSTI now has 1,800 units containing more than 196,000 rentable square feet of space. SSTI has also announced the pending acquisition of three more facilities just outside Cincinnati in northeastern Kentucky.

H. Michael Schwartz, SSTI’s chairman and CEO tells GlobeSt.com that the company is looking to acquire about 20 facilities next year, for a rough total of $80 million. “We are looking at all the high growth areas.” He says the company is likely to acquire additional facilities in Northern Virginia because of its demographics. The company will either be paying cash or acquiring the facilities using very low debt leverage, he adds.

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