Strategic Storage Trust II, Inc., a publicly registered non-traded real estate investment trust, purchased a Las Vegas self storage facility located at 9890 Pollock Drive for $14.2 million, according to a filing with the Securities and Exchange Commission.
Built in 2000, the 810-unit facility totals 101,400 square feet and offers climate controlled units, drive-up units and RV parking. The 11-building facility sits on approximately 5.5 acres and is 83 percent occupied.
“This Las Vegas facility represents the second half of a two-property transaction,” said H. Michael Schwartz, chairman and CEO of SST II. “The sister facility, which we acquired back in July, is located less than a mile away on E. Silverado Blvd., and contains a complimentary offering of unit types. Now we have a clear opportunity for referral business and co-branding.”
Strategic Storage Trust II, which focuses on acquiring stabilized, income producing self-storage properties, went effective in January 2014 and has raised $422 million in investor equity since inception. The REIT owns a portfolio of 65 self storage facilities totaling 4.8 million rentable square feet.