X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

ATLANTA, GA-Strategic Storage Trust Inc., a billion-dollar private REIT, has added to its portfolio through acquisition of two metro Atlanta self-storage facilities. The locally based company paid $9.6 million in cash to add 1170 units to its current collection of just over 4,000 units.

Strategic Storage Trust acquired the assets in Marietta and Alpharetta, GA from Storage Partners of Alpharetta LLC and Storage Partners of Powers Ferry Road LLC, a joint venture with Fidelity Real Estate Growth Fund II and United Storage. The Marietta asset is at 2035 Powers Ferry Rd, approximately 10 miles north of downtown Atlanta. The 2006-built property contains approximately 500 units (52,000 square feet) and is on 1.2 acres. The Alpharetta property is on 3.8 acres at 11640 Jones Bridge Rd., about 30 miles north of Atlanta’s CBD. The facility has approximately 670 units, which translates to 76,500 square feet.

“These properties are strong Class A assets located in prime markets with high end quality, which resulted in solid acquisitions for us,” said Strategic Storage Trust Chairman and CEO H. Michael Schwartz in a prepared statement. “This ‘all-cash’ transaction underscores our low-leverage acquisition philosophy.” Representatives with the company could not be reached by deadline.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.