Strategic Storage Trust II Continues Expansion with Sonoma Acquisition
- Jun 17, 2016
Sonoma, Calif.–Strategic Storage Trust II, which is sponsored by SmartStop Asset Management LLC, has acquired a self-storage facility located in downtown Sonoma, Calif. The property offers approximately 340 units and 37,800 rentable square feet.
“The Sonoma self storage acquisition gives us the best location in a market that is over 96 percent occupied,” stated Michael Schwartz, chairman & CEO of SST II. “Though the property is highly occupied, we believe there is significant trapped value to be unlocked through a revenue management program, operating efficiencies and capital improvements.”
Located at 19240 Highway 12, the 24-building Sonoma facility sits on approximately 1.97 acres and is approximately 95 percent occupied. The property was built in 1984 and offers drive-up and RV units.
Earlier this month, Strategic Storage Trust II also expanded with the acquisition of an 11-property portfolio totaling approximately 9,540 units. The facilities are located in Florida and Maryland and offer a combined 985,500 rentable square feet.
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