Strategic Storage Trust VI to Buy Two Self-Storage Properties
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 two self-storage properties located in Delaware and Pennsylvania.
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 two self-storage properties located in Delaware and Pennsylvania for a combined $40.7 million, according to a recent filing with the Securities and Exchange Commission.
The Newark, Delaware property is comprised of approximately 80,700 rentable square feet of storage space and 830 units. The purchase price is approximately $19.7 million, plus closing and acquisition costs.
The Levittown, Pennsylvania property contains approximately 78,100 net rentable square feet and 810 units. The purchase price is approximately $21 million, plus closing and acquisition costs.
Both properties are expected to close 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. 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.
