Strategic Storage Trust Inc., a publicly registered non-traded real estate investment trust targeting the self-storage market, acquired a five-year-old self-storage complex in North Las Vegas from IBRAC LLC for $4.2 million. It will be rebranded SmartStop Self Storage.
The 700-unit Storage One complex is located inside Simmons Marketplace and close to high-traffic retailers including Walmart, Albertsons and Fitness 19. The two-story complex is 94,000 square feet on 3.23 acres, and averages 93 percent occupancy. It features surveillance cameras, individual locks, climate control and keypad entry, and has 63 RV- and boat-parking spaces.
Strategic Storage Trust now owns 1,410 units in Nevada, including a 190-unit complex and 520-unit complex. Since its launch two-and-a-half years ago, Strategic Storage Trusts portfolio of wholly-owned properties has expanded to include 39 properties in 15 states.
Sources:
- Las Vegas Business Press: Strategic Storage Trust Buys Third Local Property
