Thank you for sharing!

Your article was successfully shared with the contacts you provided.

JERSEY CITY-In an effort to expand its presence to the Northeast market, Strategic Storage Trust Inc. has purchased the U Store It self-storage property located at 69 Mallory Ave. here. The publicly registered, non-traded REIT acquired this facility for $11.6 million in an all-cash transaction.

Constructed in 1985, the U Store It property offers approximately 1,090 units located on 2.2 acres and contains close to 91,500 rentable square feet of self-storage space. The facility is located approximately five miles west of Downtown Manhattan.

This acquisition marks another step in further diversifying and expanding our self-storage portfolio, says H. Michael Schwartz, SSTI’s chairman and CEO. “This all-cash transaction represents the expansion of the SSTI footprint into the largest Metropolitan Statistical Area in the US and diversifies our portfolio by adding a facility located in a populous Northeast urban market.”

Although we are seeing some signs of revival in the credit markets, the ability to complete all-cash transactions is providing us a clear advantage in our pursuit of acquisitions, Schwartz tells GlobeSt.com.

Since the launch of the REIT 1.5 years ago, the portfolio has expanded to include 11 self-storage facilities located in Georgia, Mississippi, Florida, Virginia, New Jersey and Kentucky. Despite the arduous economic market, SSTI continues to pursue quality acquisitions across the US.

SSTI’s sponsor is Strategic Capital Holdings, which manages a growing portfolio of over 5.5 million square feet of commercial properties, including 3.9 million square feet of self-storage facilities, with a combined market value of over $608 million. The New Jersey property will be rebranded under the Storage Advantage moniker.

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?


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.