April 7, 2016 | Inside Self Storage
Strategic Storage Trust II Inc. (SST II), a public, non-traded, self-storage real estate investment trust (REIT) sponsored by SmartStop Asset Management LLC, has agreed to acquire a 27-property portfolio from Mindful Storage for approximately $371 million, based on a March 25 filing with the Securities and Exchange Commission. The deal includes 22 self-storage facilities in three states, as well as land parcels adjacent to four of those properties and one redevelopment site in North Carolina. The active portfolio, which comprises more than 1.5 million square feet, includes 10 facilities in Florida, 11 in North Carolina and one in Maryland.
The deal will be executed through 12 purchase-and-sale agreements with unaffiliated third parties, according to the filing. SST II structured the deal through a subsidiary of Strategic Storage Operating Partnership II LP, the REIT’s operating partnership. The purchase price for the 22 self-storage facilities is about $367 million. The separate land deals will be acquired for approximately $3.65 million. SST II expects to close on the entire portfolio during the second or third quarter.
I had no idea this service existed. I could have used it years ago! Great presentation and service!