SSTI REIT Closes on Self-Storage Deals
LADERA RANCH, CA-The specialist in self-storage properties acquires two facilities in all-cash deals, increasing its portfolio to 26 properties in 14 states.
By Bob Howard | December 29, 2009 at 04:40 PM
LADERA RANCH, CA-Strategic Storage Trust Inc., a nontraded REIT that specializes in self-storage properties, has added two facilities to its portfolio with the all-cash acquisitions of two properties in Pittsburgh, PA. The company paid a combined $5.7 million for the facilities, one of them on Landings Drive and the other on Lebanon Road.
The 55,200-square-foot Landings Drive property was built in 1990 and comprises 470 units. The facility sits on approximately 3.5 acres with six, one-story buildings offering drive-up accessible units, and interior climate control units with security cameras, a secure code access entry gate, perimeter fencing and new concrete drives.
The approximately 820-unit Lebanon Road property is at the intersection of two primary arterial roads between the Century III Mall and the Allegheny County Airport on State Route 885. The approximately 100,000-square-foot facility sits on approximately 5.7 acres with two, two-story buildings and another two-story building which contains an office and residence apartment. Built in 1983, the property features drive-up accessible units, interior climate control units, security cameras, a secure code access entry gate, perimeter fencing and asphalt drives.
Michael Schwartz, SSTI's chairman and CEO, notes that the year-and-a-half old REIT recently launched a major re-branding campaign in an effort to unify and establish a national brand. According to Schwartz, the two Pittsburgh facilities will be launched under the new flagship brand Smart Stop Self Storage. SSTI acquired the two properties from Sovran Acquisition Limited Partnership, which was represented by Locke Acquisition Group LLC.
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