Sponsor of non-traded self-storage REITs SmartStop Self Storage recently announced that it has acquired Air Conditioned Self Storage in Tempe, Arizona for $4.4 million.
The facility consists of about 350 units on two floors and 32,400 net rentable square feet. Units are climate controlled and offer drive-up access.
“This facility is in a solid retail location — a growth market with excellent demographics,” said H. Michael Schwartz, SmartStop’s chairman and CEO. “We will continue to focus on major metros like the greater Phoenix market which offer tremendous long term value.”
At the time of purchase, the facility was 89% occupied.
This acquisition adds to SmartStop’s presence in the Phoenix market, which now totals six facilities consisting of 2,800 self-storage units in aggregate.
“The Tempe facility adds a high quality, in-fill, fully air-conditioned store to our growing Phoenix portfolio,” commented Wayne Johnson, SmartStop’s chief investment officer (CIO).
SmartStop sponsors Strategic Storage Trust II, a public non-traded REIT that invests in stabilized self storage facilities, and Strategic Storage Growth Trust, Inc., also a public non-traded REIT, but differs in that its focus is on growth opportunities in the sector.