REIT Nabs 480-Unit Self Storage near Galveston
Strategic Storage Trust IV Inc. (SST IV), a public, non-traded REIT sponsored by SmartStop Asset Management LLC, is now in possession of a 480-unit self-storage facility near Galveston, TX. The Ladera Ranch, CA-based investor acquired the asset from Best Storage Southwest LLC in Houston for $8 million, plus closing and acquisition costs.
The 80,000-square-foot facility is situated on 10.5 acres at 3730 Emmett F. Lowry Expwy. in Texas City, where it opened in 2010. The property is 94.8% occupied. H. Michael Schwartz with SST IV indicated that the Texas City asset fits the REIT’s investment strategy of acquiring a portfolio of both stable and value-add self-storage properties.
The upside for SST IV of the just-closed asset is an adjacent 7.3-acre parcel “that can be potentially developed to provide added value for our investors,” Schwartz said. The facility will operate under the SmartStop Self Storage brand.
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