Strategic Storage Pays $13M for Tacoma-Area Facility
- Nov 10, 2020
Strategic Storage Growth Trust II, a private trust affiliated with SmartStop Self Storage REIT, has completed the acquisition of a 92,500-square-foot facility in Olympia, Wash., a suburb of Seattle-Tacoma. This is the company’s second purchase in the greater Seattle metro and the fifth property owned or managed by SmartStop in the market. A private investor sold the property for $13 million, according to Michael Schwartz, chief executive officer of SmartStop Self Storage.
Located on 7 acres at 2900 93rd Ave. SW, the facility encompasses 17 buildings completed in several phases between 2006 and 2017. The property provides 660 units with sizes between 25 and 480 square feet. The store has climate-controlled and drive-up access units with individual alarms, security cameras, truck rentals and 15 RV parking lots.
The site is a short distance from Interstate 5 and roughly 7 miles south of downtown Olympia. Additionally, there are at least nine other self storage facilities encompassing 415,858 square feet within a three-mile radius, according to Yardi Matrix data.
Earlier this month, SmartStop Self Storage acquired a 950-unit facility in Las Vegas. The company paid StorageOne $13.8 million for the newly constructed property.