Strategic Storage Trust adds to Virginia portfolio
- March 24, 2014
Strategic Storage Trust Inc. (SSTI), a public, non-traded real estate investment trust based in Ladera Ranch, Calif., continues to add to its Virginia self-storage portfolio with the purchase of a $6.7 million, 500-unit, facility in Hampton.
Located at 1343 Big Bethel Road, the four-building, 71,500-square-foot facility will be re-branded under the SmartStop Self Storage trade name.
“We acquired this facility for its newer construction and due to the growing military market in Hampton,” H. Michael Schwartz, chairman and CEO of SSTI, said in a statement. “This acquisition is a perfect complement to our other multi-story self-storage building located five miles away in Hampton.”
According to SSTI, the building is 90 percent occupied. Built in 2007, it offers all ground-level units, with about 50 percent climate controlled.
SSTI’s Virginia portfolio totals about 415,000 square feet with a total of 3,800 units. In addition to the latest acquisition, the portfolio includes:
· LaSalle Avenue in Hampton (640 units)
· Lee Road in Chantilly (860 units)
· Williamsburg Road in Sandston (675 units)
· Plank Road in Fredericksburg (610 units)
· Colonial Court in Manassas (495 units)
Since the launch of SSTI in 2008, the company’s portfolio of wholly-owned properties has expanded to include 123 properties in 17 states and Canada.