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[IMGCAP(1)]LADERA RANCH, CA-Strategic Storage Trust Inc. has acquired two self-storage centers, marking its 10th acquisition in five states since going public. Its two new properties, which it acquired for a combined price of $9.7 million in an all-cash transaction, are in the Kentucky suburbs of Cincinnati in Florence and Erlanger.

SSTI, a nontraded REIT, adds a total of approximately 1,500 units and 190,000 rentable square feet to its portfolio with the acquisition of the new properties. Earlier this year, SSTI closed on the purchase of three other high-profile storage centers in the same area.

[IMGCAP(2)]H. Michael Schwartz, SSTI’s chairman and CEO, describes the centers as “high-value properties with great visibility near major traffic corridors.” Both properties have immediate access and visibility from Interstate 75, which transports well over 100,000 cars per day past both locations, providing exposure to a large commuter population, he points out.

The Florence property was built in 1982 and expanded in 1995. It comprises approximately 890 units and 126,300 net rentable square feet on 10 acres and is located approximately nine miles south of Cincinnati. The Erlanger property was built in 1987. It comprises approximately 610 units and 63,700 net rentable square feet on five acres and is located approximately five miles south of Cincinnati.

In February, SSTI finalized the $9.9 million purchase of three self storage facilities in the same general area of northern Kentucky, all within 15 miles of Downtown Cincinnati. SSTI’s portfolio includes more than 5,700 self storage units and 725,000 rentable square feet of space. Its sponsor is Strategic Capital Holdings, which manages a portfolio of more than 5.5 million square feet of commercial properties, including 3.9 million square feet of self storage facilities, with a combined market value of more than $607 million.

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