Self Storage: Strategic Pays $10M For Two Facilities

Self Storage: Strategic Pays $10M For Two Facilities

Strategic Storage Trust Inc., a billion-dollar private REIT, has added to its portfolio through acquisition of two metro Atlanta self-storage facilities. The locally based company paid $9.6 million in cash to add 1170 units to its current collection of just over 4,000 units.

Strategic Storage Trust acquired the assets in Marietta and Alpharetta, GA from Storage Partners of Alpharetta LLC and Storage Partners of Powers Ferry Road LLC, a joint venture with Fidelity Real Estate Growth Fund II and United Storage. The Marietta asset is at 2035 Powers Ferry Rd, approximately 10 miles north of downtown Atlanta. The 2006-built property contains approximately 500 units (52,000 square feet) and is on 1.2 acres. The Alpharetta property is on 3.8 acres at 11640 Jones Bridge Rd., about 30 miles north of Atlanta’s CBD. The facility has approximately 670 units, which translates to 76,500 square feet.

“These properties are strong Class A assets located in prime markets with high end quality, which resulted in solid acquisitions for us,” said Strategic Storage Trust Chairman and CEO H. Michael Schwartz in a prepared statement. “This ‘all-cash’ transaction underscores our low-leverage acquisition philosophy.”   Representatives with the company could not be reached by deadline.

[globest.com]

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