By Keith Loria, Contributing Editor
In separate transactions, Strategic Storage Trust, Inc., acquired five self-storage properties located in the greater Dallas/Fort Worth and Midland, Texas markets and four self-storage properties located in Alabama and Tennessee, for a total of approximately $64 million.
The two purchases added 710,000 NRSF of stabilized properties to its expanding portfolio. The self-storage REIT will rebrand the nine properties under the SmartStop® Self Storage trade name.
“We targeted these self-storage facilities due to their high occupancy levels and solid locations,” H. Michael Schwartz, Strategic Storage Trust’s chairman & CEO, said in a company release. “Both portfolios are an ideal fit for our growing brand and strategy, allowing for continued expansion in these markets.”
In one transaction, Strategic Storage Trust acquired a Southwest portfolio totaling approximately 390,000 square feet and 2,800 units for a total aggregate purchase price of approximately $27 million.
The properties consist of 740 units at 810 S. Denton Tap Road in Coppell, Texas, 470 units at 1925 S. Bowie Drive in Weatherford, Texas, 445 units at 1712 W. Randol Mill Road in Arlington, Texas, 615 units at 5005 Andrews Highway in Midland, Texas and 535 units at 1904 W. Loop 250 N. in Midland, Texas.
In the second transaction, Strategic Storage Trust acquired a Southeast self-storage portfolio totaling approximately 320,000 square feet and 2,400 units for approximately $37 million.
The properties consist of 540 units at 4245 Carmichael Rd. in Montgomery, Al., 650 units at 19668-B Hwy 11 E. in Lenoir City, Tenn., 680 units at 735 Ebenezer Road in Knoxville, Tenn., and 510 units at 1540 Lovell Road in Knoxville, Tenn.
Since the launch of SSTI in 2008, the company’s portfolio of wholly owned properties has expanded to include 122 properties in 17 states and Canada of approximately 77,000 self-storage units and 10.2 million rentable square feet of storage space.