Strategic Storage Trust IV Inc., a publicly registered non-traded real estate investment trust sponsored by SmartStop Asset Management, has purchased an approximately 1,900-unit self-storage facility located in Newark, New Jersey for approximately $30 million, plus closing and acquisition costs. The acquisition was funded with net proceeds from the REIT’s public offering.
The 100,000-square-foot facility is situated on 6.3 acres of land and includes 58,000 rentable square feet of warehouse space.
“We intend to significantly upgrade the offices, the interiors and exteriors of the facility and implement an aggressive marketing campaign,” said Wayne Johnson, chief investment officer. “This facility aligns well with our investment criteria and we expect it to be a valuable addition to Strategic Storage Trust IV’s rapidly growing portfolio.”
Strategic Storage Trust IV invests in stabilized and growth self storage properties and owns 16 properties comprising approximately 11,000 self storage units, as well as two parcels of land under development. The REIT’s offering was declared effective by the SEC in March 2017 and had raised $151.6 million in investor equity, as of March 22, 2019.
SmartStop sponsors three non-traded REITs: Strategic Storage Trust IV, Strategic Storage Trust II, and Strategic Student & Senior Housing Trust, and is also a national sponsor of Section 1031 exchange offerings using a Delaware statutory trust structure and private placement offerings using a REIT structure.