Strategic Storage Trust VI to Buy Phoenix-Area Self-Storage Facility
Strategic Storage Trust VI Inc., a publicly-registered real estate investment trust sponsored by an affiliate of SmartStop Self Storage REIT Inc., agreed to purchase a self-storage property in Chandler, Arizona.
Strategic Storage Trust VI Inc., a publicly-registered real estate investment trust sponsored by an affiliate of SmartStop Self Storage REIT Inc., has agreed to purchase a self-storage property in Chandler, Arizona, according to a filing with the Securities and Exchange Commission. The seller is an Arizona partnership.
The facility at 12220 East Riggs Road in the Phoenix suburb consists of approximately 83,000 net rentable square feet of storage space, 590 units, and 123 RV/boat spaces. The purchase price is approximately $25.5 million, plus closing and acquisition costs.
Closing is scheduled to take place in the second quarter of 2022.
Strategic Storage Trust VI, which launched as a private REIT in the first quarter of 2021, has purchased approximately $124 million of self-storage facilities and land parcels to be developed into self-storage units. The company’s $1.1 billion initial public offering was recently declared effective by the Securities and Exchange Commission.
Strategic Storage Trust VI oversees a portfolio of eight operating properties in the United States with approximately 5,190 units and 543,195 rentable square feet, and joint venture interests in two development properties in Toronto, Ontario, as of March 31, 2022.
