MERGERS & ACQUISITIONS
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Strategic Storage Trust Inc. acquires 12 new properties
The self-storage company’s new assets are located in Georgia and Florida.
By Elaine MurphyPublished: January 09, 2012 07:15 AM
Strategic Storage Trust Inc. (SSTI), a self-storage company based in Ladera Ranch, has acquired 10 new properties in Georgia and two in Florida for $80 million.
The facilities, built between 2006 and 2009, offer advanced climate control options and exterior drive-up units for easy vehicle access. Combined, the 12 properties contain 8,000 storage units and almost 1 million square feet of space.
The acquisitions of the Georgia and Florida properties, located near Atlanta and Jacksonville, respectively, have grown the company’s portfolio to a total of 91 properties in 17 U.S. states and Canada.
“The acquisition of this portfolio will allow us to almost double our presence in the Atlanta market and fuel our ongoing expansion in Florida.,” said SSTI chairman and CEO H. Michael Schwartz. “This targeted strategy allows for economies of scale and operational efficiencies that are part of our successful business plan. New properties in prime retail locations like these are traits we continue to pursue as we grow and expand our self-storage portfolio.
“We ended 2011 successfully by achieving most of our acquisition, operational and branding goals as SSTI’s total assets are approximately $550 million,” Schwartz added. “From an operational perspective, we have created a solid platform for future growth in 2012. This is our time to prosper.”
Related headlines
Strategic Storage Trust buys 2 properties for $26 million
Grubb & Ellis Healthcare REIT II reorganizes management structure
Strategic Storage Trust expands to Pittsburgh
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The facilities, built between 2006 and 2009, offer advanced climate control options and exterior drive-up units for easy vehicle access. Combined, the 12 properties contain 8,000 storage units and almost 1 million square feet of space. The acquisitions of the Georgia and Florida properties, located near Atlanta and Jacksonville, respectively, have grown the company’s portfolio to a total of 91 properties in 17 U.S. states and Canada. “The acquisition of this portfolio will allow us to almost double our presence in the Atlanta market and fuel our ongoing expansion in Florida.,” said SSTI chairman and CEO H. Michael Schwartz. “This targeted strategy allows for economies of scale and operational efficiencies that are part of our successful business plan. New properties in prime retail locations like these are traits we continue to pursue as we grow and expand our self-storage portfolio. “We ended 2011 successfully by achieving most of our acquisition, operational and branding goals as SSTI’s total assets are approximately $550 million,” Schwartz added. “From an operational perspective, we have created a solid platform for future growth in 2012. This is our time to prosper.” Related headlines Strategic Storage Trust buys 2 properties for $26 million Grubb & Ellis Healthcare REIT II reorganizes management structure Strategic Storage Trust expands to Pittsburgh |
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