SmartStop Buys South Carolina Self Storage Asset

SmartStop Self Storage REIT Inc. has acquired a Class A self storage facility in Spartanburg, S.C. encompassing roughly 109,500 net rentable square feet across 950 climate-controlled units. RealtyLink sold the asset for $13.2 million, according to Spartanburg County records.

Completed in 2020, the three-story facility has floorplans ranging from 40 to 400 square feet. Amenities include 29 drive-up climate-controlled units, two elevators, moving carts and video surveillance, among others. Furthermore, the property has RV & boat storage space.

Located on 10.6 acres at 2119 E. Main St., the property is less than 1 mile from U.S. Route 29, while downtown Spartanburg is roughly 4 miles southwest. Within a 3-mile radius, there are seven other self-storage facilities providing residents 14.3 net rentable square feet per capita, Yardi Matrix shows.

At national level, the advertised self-storage street rental rates per square foot increased by 0.2 percent from May to June, according to a recent Yardi Matrix report. Last year’s growth in June was double, while the pre-pandemic years—2017 to 2019—registered a growth four times bigger.

However, storage REITs spiked their national advertised self-storage asking rental rates by 0.4 percent month-over-month in June, 20 basis points lower than last year’s growth during the same interval, the same report shows.