Strategic Storage Trust Inc., a publicly-registered non-traded real estate investment trust targeting the self-storage market, acquired two self-storage facilities in Tempe and Phoenix, Ariz., in an all-cash transaction.
The properties will be rebranded SmartStop. Bill Alter with R&G Commercial brokered the transaction with a regional partnership.
“These additions to our growing portfolio are especially attractive because of the potential for added value through renovation," said CEO H. Michael Schwartz. "We plan to make significant capital expenditures to improve the properties, including new roofs, door replacement, drive lanes, painting and new signage."
The Phoenix facility, located at 3636 E. Washington St., has 73,000 rentable square feet on 3.33 acres, and is comprised of 440 units. The facility is near several major highways.
The Tempe facility is at 1135 W. Broadway Road. It encompasses 55,500 rentable square feet on nearly 3 acres and has 440 units.
Source: Earth Times,Strategic Storage Trust, Inc. Buys Two Self-Storage Properties in Phoenix & Tempe, Arizona -- All Cash
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