Strategic Storage Trust Inc. has paid approximately $6.7 million for a 500-unit self-storage facility at 1343 Big Bethel Road. It is the non-traded REIT’s second acquisition in the area.
The property was constructed in 2007, on a 10.1 acre site, and consists of four single-story buildings offering 71,500 square feet of storage space. About 50% of the units are climate controlled. The rest are drive-up non-climate-controlled units. In a press release, Strategic Storage Trust said the new facility was 90% occupied at the time of the acquisition, and that it will be re-branded under the SmartStop Self Storage trade name.
“We acquired this facility for its newer construction and due to the growing military market in Hampton,” said H. Michael Schwartz, chairman and CEO of Strategic Storage Trust, in a statement. “This acquisition is a perfect complement to our other multi-story self-storage building located five miles away in Hampton.”
Since its launch in 2008, Strategic Storage Trust has acquired 123 properties in 17 states and Canada. Its portfolio includes about 78,000 self-storage units and 10.3 million square feet of storage space. In Virginia, the company now owns six facilities with 3,800 units and 415,000 square feet of space.
Strategic Storage Trust’s Virginia portfolio also includes:
- LaSalle Avenue in Hampton (640 units, 70,100 square feet of storage space);
- Lee Road in Chantilly (860 units/83,400 square feet);
- Williamsburg Road in Sandston (675 units/78,000 square feet);
- Plank Road in Fredericksburg (610 units/59,600 square feet);
- Colonial Court in Manassas (495 units/52,800 square feet).
Photo credit: Google Maps.