In an all cash transaction, Strategic Storage Trust Inc., a publicly registered non-traded real estate investment trust targeting the self-storage market, acquired two properties in Long Beach and Hawthorne, Calif., totaling approximately 1,600 units $26 million. The sites will be rebranded under the SmartStop Self Storage trade name.
The first property is at 8150 E. Wardlow Road in Long Beach and contains 87,000 rentable square feet with 830 units on 3.7 acres of land. The facility is in Los Angeles County with easy access to Interstate 405, Freeway 91 and Interstate 605. Built in 1999, it consists of four buildings, one of which is two stories. Amenities include surveillance cameras, individual locks, climate control, keypad entry and an office for onsite management.
The second property is at 12714 S. La Cienega Blvd. in Hawthorne, which is also part of Los Angeles County. The building contains 87,000 rentable square feet with 770 units on 1.7 acres of land. Its adjacent to Interstate 405 access and is within one mile of access to Interstate 105. Built in 2004, the facility has one four-level building and another two-level building, along with a basement with ramp access. Amenities include surveillance cameras, individual locks, climate control, keypad entry and office and apartment for management.
Dean Keller of Bancap Self Storage Group Inc. was the broker in the transaction.
Since its launch two-and-a-half years ago, Strategic Storage Trusts portfolio of wholly-owned properties has expanded to include 38 properties in 15 states.
