Strategic Storage Trust, Inc. (SSTI), a publicly registered non-traded REIT targeting the self-storage market, announced today the purchase of an 870-unit self-storage property in Chantilly, Va. for approximately $7.3 million. SSTI’s self-storage portfolio in Virginia now includes five facilities totaling approximately 3,320 units. The new site will be rebranded under the SmartStop(R) Self Storage trade name.
“The Chantilly property is a prime asset as it is in close proximity to our nation’s capital,” said H. Michael Schwartz, SSTI’s chairman and CEO. “The government influence adds to the stability of the local economy and offers an increase in job growth, which ultimately promotes residential moving/self-storage transactions.”
The property, which is 93 percent occupied, is located at 14518 Lee Road in Chantilly between Lee Jackson Memorial Hwy 50 to the north and Willard Road to the south. Built in 1985, the approximately 3.3-acre facility consists of three buildings with a retail office and approximately 83,700 net rentable square feet. The property offers both interior and exterior drive-up accessible units.
SSTI currently owns four other self-storage facilities in Virginia.
(via Marketwatch)]]>