{"id":1004050125,"date":"2012-11-14T08:12:07","date_gmt":"2012-11-14T16:12:07","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=80623"},"modified":"2025-02-18T05:26:55","modified_gmt":"2025-02-18T13:26:55","slug":"38-7m-storage-property-deal-closes-in-south-carolina","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/38-7m-storage-property-deal-closes-in-south-carolina\/","title":{"rendered":"$38.7M Storage Property Deal Closes in South Carolina"},"content":{"rendered":"

By Eliza Theiss, Associate Editor<\/p>\n

Strategic Storage Trust Inc. (SSTI) recently announced completing a three-phase acquisition of a 16-property storage portfolio. Totaling over 1.1 million square feet of storage space and around 8,560 self-storage units in various locations across South Carolina, Florida and Georgia, the portfolio has an estimated value of $75 million. H. Michael Schwartz, chairman and CEO of SSTI, said in a press release: \u201cWe now own and operate 108 properties in 17 states and Canada and will continue to expand in 2013.”\"\"<\/a><\/p>\n

Of the 16 properties acquired in this phase, six are located in South Carolina\u2019s Mount Pleasant and Charleston markets. Purchased for approximately $38.7 million, the South Carolina properties total 3,740 self-storage units, or around 459,000 square feet.<\/p>\n

\u201cDue to this last acquisition of six core properties, we are now one of the larger self-storage owner\/operators in the Charleston\/Mt. Pleasant markets,\u201d estimated Schwartz.<\/p>\n

Three properties were purchased in the Charleston area\u2014the 390-unit, 46,700-square-foot 2343 Savannah Hwy. location; a 430-unit, 46,400-square-foot facility at 1533 Ashley River Rd.; and 1951 Maybank Hwy., consisting of 570 units totaling 66,300 square feet.<\/p>\n

The Mt. Pleasant area portfolio also contains three properties\u2014a 390-unit, 41,000-square-foot self-storage facility at 1117 Bowman Rd; one at 1904 Hwy. 17 North containing 590 units totaling 63,600 square feet; and a 195,100-square-foot, 1,370-unit location at 1108 Stockade Ln.<\/p>\n

\u201cThe Charleston market has very high barriers to entry. We look forward to putting our marketing and management efforts to work to drive income and occupancy well past current levels,\u201d said Wayne Johnson, senior vice president of acquisitions for SSTI.<\/p>\n

The deal\u2019s first phase increased SSTI\u2019s portfolio with eight properties totaling 3,770 self-storage units and approximately 508,200 square feet in South Carolina, Florida and Georgia, while the second phase brought 1,050 self-storage units and 142,700 square feet in two Georgia and South Carolina facilities.<\/p>\n

Strategic Storage Trust Inc. is the only public non-traded self-storage REIT.\u00a0 Since its 2008 inception, SSTI has amassed around 70,000 self-storage units and 8.7 million rentable square feet of storage space.<\/p>\n

Photo courtesy of Google Maps<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Strategic Storage Trust Inc. (SSTI) recently announced completing a three-phase acquisition of a 16-property storage portfolio.<\/p>\n","protected":false},"author":49,"featured_media":1004506450,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21742],"tags":[],"class_list":["post-1004050125","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest"],"acf":[],"yoast_head":"\n$38.7M Storage Property Deal Closes in South Carolina - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/38-7m-storage-property-deal-closes-in-south-carolina\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"$38.7M Storage Property Deal Closes in South Carolina\" \/>\n<meta property=\"og:description\" content=\"Strategic Storage Trust Inc. (SSTI) recently announced completing a three-phase acquisition of a 16-property storage portfolio.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/38-7m-storage-property-deal-closes-in-south-carolina\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2012-11-14T16:12:07+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-02-18T13:26:55+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/03\/self-storage-charleston-2343-Savannah-Hwy.jpg?w=1024\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"1024\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Eliza Theiss\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/38-7m-storage-property-deal-closes-in-south-carolina\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/38-7m-storage-property-deal-closes-in-south-carolina\\\/\"},\"author\":{\"name\":\"Eliza Theiss\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/de1353a5de72f96494054df3ecca7de4\"},\"headline\":\"$38.7M Storage Property Deal Closes in South Carolina\",\"datePublished\":\"2012-11-14T16:12:07+00:00\",\"dateModified\":\"2025-02-18T13:26:55+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/38-7m-storage-property-deal-closes-in-south-carolina\\\/\"},\"wordCount\":328,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/38-7m-storage-property-deal-closes-in-south-carolina\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2021\\\/03\\\/self-storage-charleston-2343-Savannah-Hwy.jpg\",\"articleSection\":[\"News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/38-7m-storage-property-deal-closes-in-south-carolina\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/38-7m-storage-property-deal-closes-in-south-carolina\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/38-7m-storage-property-deal-closes-in-south-carolina\\\/\",\"name\":\"$38.7M Storage Property Deal Closes in South Carolina - 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