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Strategic Storage buys two out-of-state facilities
The Ladera Ranch company made the purchase with $23 million in cash.
By Tamirra StewartPublished: February 28, 2010 08:55 AM
Strategic Storage Trust Inc. recently purchased two out-of-state facilities through a $23 million all-cash transaction.
The Ladera Ranch-based company is a real estate investment trust that specializes in the self-storage industry. The units are located in Fort Lee, N.J. and Weston, Fla. Strategic Storage Chairman and CEO Michael Schwartz says the facilities “represent newer Class A properties in prime markets. Both properties offer the latest generation of secured climate-controlled self storage featuring convenient access to major roads and interstates.”
The Fort Lee facility, built in 2000, is located on 1.2 acres and is just over 88 percent occupied. The three-story property, which features three-door covered loading and unloading, contains almost 1000 units.
The five-year-old Weston facility sits on almost two acres, is a little more than 86 percent occupied and offers more than 650 climate-controlled units.
Both facilities are near major freeways and turnpikes with easy access to major metropolitan areas.
According to Strategic Storage, there are currently a little more than 51,000 self-storage facilities, making it the fastest-growing sector of the U.S. commercial real estate industry.
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The Ladera Ranch-based company is a real estate investment trust that specializes in the self-storage industry. The units are located in Fort Lee, N.J. and Weston, Fla. Strategic Storage Chairman and CEO Michael Schwartz says the facilities “represent newer Class A properties in prime markets. Both properties offer the latest generation of secured climate-controlled self storage featuring convenient access to major roads and interstates.” The Fort Lee facility, built in 2000, is located on 1.2 acres and is just over 88 percent occupied. The three-story property, which features three-door covered loading and unloading, contains almost 1000 units. The five-year-old Weston facility sits on almost two acres, is a little more than 86 percent occupied and offers more than 650 climate-controlled units. Both facilities are near major freeways and turnpikes with easy access to major metropolitan areas. According to Strategic Storage, there are currently a little more than 51,000 self-storage facilities, making it the fastest-growing sector of the U.S. commercial real estate industry. Related headlines Griffin Towers in Santa Ana set to sell for $90 million Irvine's Suffolk Construction lands $35.5 million school project Voit directs seven-year, $5.4 million lease in Anaheim |
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