Strategic Storage Trust IV Buys Self Storage Facility Near Tacoma

Strategic Storage Trust IV Inc., a publicly registered non-traded real estate investment trust sponsored by SmartStop Asset Management LLC, has purchased a 780-unit self storage facility in the Tacoma suburb of Puyallup, Washington. According to a filing with the Securities and Exchange Commission, the purchase price was approximately $13.6 million, plus closing and acquisition costs.

“This self storage facility is prominently located between the area’s two primary highway corridors, through which thousands of commuters travel each day,” said Wayne Johnson, chief investment officer. “Adding to its visibility and accessibility, the facility is situated just 200 yards away from a major grocery-anchored retail center. This acquisition is well-aligned with our investment criteria, and we expect it to be an excellent addition to our growing portfolio of self storage assets.”

With approximately 85,000 net rentable square feet, the property features 13 single-story drive up buildings and a two-story leasing office with an onsite manager’s apartment. Constructed in 1990, the facility was 94 percent leased at the time of acquisition.

Strategic Storage Trust IV is sponsored by SmartStop Asset Management and primarily invests in self storage assets consisting of both income-producing and growth properties located in the United States and Canada. SST IV owns five properties with approximately 2,900 self storage units. The offering was declared effective by the SEC in March 2017 and has raised $52 million in investor equity as of the first quarter of 2018.

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