Strategic Storage Trust Expands into Alabama
- Sep 25, 2015
In an $8 million deal, Strategic Storage Trust II Inc. (SST II), a public non-traded REIT affiliated with SmartStop Self Storage, recently purchased a facility in the Gulf Coast city of Foley, Ala. in Baldwin County.
Located at 8141 Highway 59 S., the property consists of 23 buildings situated on 10 acres and encompasses a total of approximately 1,050 units across 142,000 rentable square feet, a s well as 78 boat/RV spaces.
The facility was built in 1985 and upgraded and expanded in 1996 and 2006. It is currently 91 percent occupied and provides easy access with grade level drive-up and climate control units. Additionally, the property is located in close proximity to regional retailers and benefits from significant traffic flow and visibility.
“Our No.1 goal is to complete capital improvements, including new roofs and drive areas, which will bring the facility to a new level,” Wayne Johnson, CIO for SST II, said in prepared remarks. “We will also focus on customer service, efficient management and local marketing, which will improve operational performance.”
Formerly Strategic Storage Trust Inc., SmartStop is a diversified real estate company that focuses on acquisition, advisory, asset management and property-management services for self-storage properties. The company is also the sponsor, adviser and property manager for Strategic Storage Trust II, a public, non-traded REIT specializing in stabilized properties, and Strategic Storage Growth Trust, a public, non-traded REIT focusing on self-storage acquisition and development. The SST II portfolio includes 18,000 self-storage units and approximately 2 million rentable square feet of storage space, and the newly purchased asset in Baldwin County marks the REIT’s 32nd acquisition since its inception.