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[IMGCAP(1)]LADERA RANCH, CA-Strategic Storage Trust Inc., a publicly registered non-traded REIT targeting the self storage market , has closed on the latest in a series of expansions with the acquisition of two new facilities, one in Montgomery, AL and one in Phoenix, for a combined price of $5.8 million. The approximately 600-unit Montgomery property is located at 6010 Monticello Dr. about six miles east of Downtown. The facility sits on approximately 5.5 acres and totals approximately 94,600 rentable square feet of self storage space. It was constructed in 1995 and renovated in 2004. SSTI purchased the property for $3.8 million from an unaffiliated third party.

[IMGCAP(2)]The approximately 520-unit Phoenix property is located at 2727 West Missouri Ave., west of Interstate 17, which is a primary north-south corridor providing access to major work centers and main transportation routes such as Interstate 10 and highway 60. The facility sits on approximately 1.4 acres and contains approximately 38,750 rentable square feet of self storage space. It was constructed in 1974. SSTI purchased the property for $2 million from an unaffiliated third party.

Michael Schwartz, SSTI’s chairman and CEO, says that the new acquisitions “represent the ‘bread-and-butter’ storage facilities we target.” He notes that more than 90% of self-storage ownership consists of single asset operators, which presents an opportunity for SSTI. “We believe we can capitalize on this opportunity by creating a professional environment and implementing operational efficiencies to better service our self storage customers,” Schwartz says.

The Montgomery and Phoenix acquisitions follow SSTI’s recent purchase of a facility in Jersey City, NJ and its acquisition of two properties in the Kentucky suburbs of Cincinnati. Since the launch of SSTI a year and half ago, its portfolio has expanded to include 13 self-storage facilities located in Georgia, Mississippi, Florida, Virginia, New Jersey, Kentucky, Alabama and Arizona.

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