Strategic Storage Trust II to Buy 27 Property Portfolio for $371 Million

Strategic Storage Trust II Inc., a publicly registered non-traded real estate investment trust, signed multiple agreements to purchase a portfolio of 27 properties for approximately $371 million, plus closing costs and acquisition fees.

The portfolio consists of 22 self storage facilities (10 in Florida, 11 in North Carolina and one in Maryland), totaling 1.5 million square feet with 14,000 units. In addition, the REIT is purchasing four parcels of land adjacent to facilities in North Carolina and one redevelopment property in North Carolina.

The REIT paid approximately $9 million in earnest money, and the acquisition is expected to close in the second and/or third quarter of 2016.

Strategic Storage Trust II commenced its $1 billion public offering in January 2014 and broke escrow in May of the same year. As of December 31, 2015, the company had raised approximately $211.9 million from the sale of both class A and class T shares. Strategic Storage Trust II currently owns a 2 million square-foot portfolio comprised of 33 self storage properties located in 11 states with a total of 18,540 units.