Strategic Storage Trust II Inc., a publicly registered non-traded real estate investment trust, purchased a self storage facility in Lancaster, California for approximately $4.7 million.
The 10-building facility, which was built in 1991, is comprised of approximately 550 units totaling 71,900 rentable square feet. The property sits on approximately 4.8 acres and contains drive-up units, interior units and RV spaces. The occupancy rate is 88 percent.
“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 chief executive officer of SST II. “Also, the unit mix of the two properties is mutually complimentary, so it’s 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, the REIT owns eight self storage properties in the Los Angeles Metropolitan Statistical Area.
Strategic Storage Trust II focuses on stabilized self storage properties and oversees a portfolio of approximately 20,000 units totaling roughly 2.2 million square feet.