Two affiliated REITs of SmartStop Self Storage recently acquired 27 of the 32 facilities in a portfolio transaction totaling approximately 18,000 units and 1.9 msf with an aggregate purchase price of approximately $145 mil. The remaining five facilities are expected to close in the first quarter of 2015.
The properties are located in the following Metropolitan Statistical Areas (MSAs): Los Angeles, San Francisco, Seattle, Colorado Springs, Denver, Chicago, Detroit, Philadelphia and Washington DC. All 32 facilities will be managed by SmartStop and re-branded under the SmartStopฎ trade name.
All facilities provide easy access with grade level drive-up and climate control units. The facilities enjoy significant traffic flow and visibility most in close proximity to regional retailers.
The seller was DSI Properties Inc. SmartStop acquired the assets through its REITS, Strategic Storage Trust II Inc and Strategic Growth Trust Inc. The transaction represents SmartStops largest acquisition to date and will boost their portfolio to 168 self-storage facilities in the U.S. and Canada
The details of the 32 properties in this portfolio are as follows:
Los Angeles MSA
7211 Arlington Ave., Riverside: 610 units, 60,100 square feet.
6667 Van Buren Blvd., Riverside: 570 units, 61,000 square feet.
1111 W. Gladstone Street, Azusa: 660 units, 64,400 square feet.
10231 S. Colima Rd., Whittier: 510 units, 58,600 square feet.
2234 Arrow Hwy., La Verne: 520 units, 49,800 square feet.
7611 Talbert Ave., Huntington Beach: 610 units, 61,000 square feet.
580 East Lambert Rd., La Habra: 420 units, 51,400 square feet.
43745 Sierra Hwy., Lancaster: 700 units, 64,700 square feet.
517 N. 8th St., Lompoc: 430 units, 46,500 square feet.
404 Potrero Grande, Monterey Park: 390 units, 31,200 square feet.
4200 Westminster Ave., Santa Ana: 840 units, 84,500 square feet.
1571 W. Foothill Blvd.; Upland: 610 units, 56,500 square feet.
San Francisco MSA
1401 Enterprise St., Vallejo: 510 units, 54,400 square feet.
3937 Santa Rosa Ave., Santa Rosa: 1,150 units, 116,400 square feet.
2998 Rockville Rd., Fairfield: 440 units, 41,000 square feet.
Sacramento MSA
7760 Lorraine Ave., Stockton: 560 units, 49,100 square feet.
3860 Benetar Way, Chico: 360 units, 38,800 square feet.
Seattle MSA
10919 Evergreen Way, Everett: 490 units, 48,100 square feet.
Colorado Springs MSA
3850 Airport Rd., Colorado Springs: 680 units, 61,800 square feet.
Denver MSA
435 Airport Blvd., Aurora: 890 units, 87,400 square feet.
8920 Federal Blvd., Federal Heights: 450 units, 40,600 square feet.
3757 Norwood Dr., Littleton: 400 units, 45,800 square feet.
Chicago MSA
1302 Marquette Dr., Romeoville: 680 units, 66,700 square feet.
1001 Toll Gate Rd., Elgin: 410 units, 49,600 square feet.
240 W. Army Trail Rd., Bloomingdale: 570 units, 58,200 square feet.
4747 W. Calumet-Sag Rd., Crestwood: 460 units, 49,300 square feet.
Detroit MSA
42557 Van Dyke Ave., Sterling Heights: 460 units, 57,900 square feet.
262 East Maple Rd., Troy: 730 units, 82,200 square feet.
27203 Groesbeck Hwy, Warren: 500 units, 63,100 square feet.
24623 Ryan Rd., Warren: 490 units, 52,100 square feet.
Philadelphia MSA
4233 Route 130 S., Beverly, NJ: 460 units, 51,000 square feet.
Washington DC MSA
4100 Forestville Rd., Forestville, MD: 530 units, 55,200 square feet.
Bancap Self Storage Group Inc served as the consultant/advisor to the seller entities and was the sole broker in the transaction.
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