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1/22/16
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Strategic Storage Trust II Inc (SST II) recently completed another SoCal acquisition, having purchased a self-storage facility consisting of approximately 550 units in Lancaster. The 71.9k sf property, located at 43707 North Sierra Hwy, traded for $4.7 mil.
The 10-building facility, which was built in 1991, is approximately 88% occupied. The property sits on approximately 4.8 acres and offers drive-up units, interior units and RV spaces.
Since we currently own another asset in Lancaster about 100 yards away, this represents an opportunity for economies of scale on the expense side as some costs will be combined, said H. Michael Schwartz, chairman and CEO of SST II. Also, the unit mix of the two properties is mutually complementary so its a beneficial addition for both assets on the revenue side. This is a case where one plus one equals more than two.
In addition to the Lancaster facility, SST II owns the following self storage properties located in the Los Angeles Metropolitan Statistical Area (MSA):
43745 Sierra Hwy in Lancaster (700 units; 64.7k sf)
10231 South Colima Rd in Whittier (510 units; 58.6k sf)
2234 Arrow Hwy in La Verne (520 units; 49.8k sf)
1571 West Foothill Blvd in Upland (610 units; 56.5k sf)
404 Potrero Grande in Monterey Park (390 units; 31.2k sf)
580 East Lambert Rd in La Habra (420 units; 51.4k sf)
7611 Talbert Ave in Huntington Beach (610 units; 61k sf)
4200 Westminster Ave in Santa Ana (840 units; 84.5k sf)
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