Strategic Storage Pays $38.7M for Remaining Deeds of 16-Property Buy
California-based Strategic Storage Trust Inc. has completed a three-phase acquisition of a 16-property portfolio with more than 1.1 million feet in three states, paying $38.7 million for six remaining deeds, all in South Carolina.
In all, the $75 million acquisition rolled 8,560 self-storage units in South Carolina, Florida and Georgia into the investment group's national portfolio.
The South Carolina purchase, totaling 3,740 units, adds nearly 459,000 square feet of rental space. The properties will be rebranded to the SmartStop® Self Storage trade name.
"Due 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," said H. Michael Schwartz, chairman and CEO of SSTI. "We now own and operate 108 properties in 17 states and Canada and will continue to expand in 2013."
In Charleston, Strategic Storage bought 2343 Savannah Hwy, with 390 units and 46,700 square feet; 1533 Ashley River Rd, with 430 units, 46,400 square feet; and 1951 Maybank Hwy, with 570 units, 66,300 square feet.
In Mt. Pleasant, the just-bought properties are 1117 Bowman Rd, with 390 units, 41,000 square feet; 1904 Hwy 17 North, with 590 units, 63,600 square feet; and 1108 Stockade Lane, with 1,370 units, 195,100 square feet.
The first leg of the portfolio buy was completed in August, when eight properties with 3,770 units and 508,200 square feet were acquired in South Carolina, Florida and Georgia.
The second closing came in October with two properties, totaling 1,050 units and 142,700 square feet, in Georgia and South Carolina.