Strategic Storage Trust Makes $4.9 Million Purchase

This week, Strategic Storage Trust, Inc. (SSTI) announced that it has acquired a 480-unit facility in Chandler, Arizona. The publicly registered, non-traded self-storage REIT paid approximately $4.9 million for the property, which contains about 51,000 square feet of net rentable space.

Formerly Armored Mini Storage, the facility will be rebranded under the SmartStop® Self Storage trade name. Six single-story storage buildings sit on the three-acre property along with a single-story retail office that features a manager’s apartment. The facility is currently 97% occupied and also features air-cooled self storage units.

The acquisition adds to SSTI’s Arizona portfolio, which features four other self-storage properties that total 2,445 units. H. Michael Schwartz, chairman and CEO of SSTI, commented, “This facility is in a solid retail location, and adds to SSTI’s cluster of properties in Arizona, a growth market with excellent demographics.”

SSTI was founded in 2008 and its portfolio includes 124 properties in 17 states and Canada that are branded as SmartStop® Self Storage and total approximately 78,000 self storage units. The trust closed to new investors on September 22, 2013.