Strategic Storage Trust IV Acquires Self Storage Facility in Newark, New Jersey
March 28, 2019 | James Sprow | Blue Vault
Strategic Storage Trust IV, Inc. (SST IV), a public non-traded real estate investment trust sponsored by SmartStop Asset Management, LLC (SmartStop), announced on March 28 the acquisition of an approximately 1,900-unit self storage facility located in Newark, New Jersey.
“This well-occupied facility is comprised of approximately 100,000 net rentable square feet, as well as 58,000 net rentable square feet of warehouse space, and is situated on 6.25 acres of land. The trade area is densely populated with a lower square foot supply per capita,” said Wayne Johnson, chief investment officer. “We intend to significantly upgrade the offices, the interiors and exteriors of the facility and implement an aggressive marketing campaign. This facility aligns well with our investment criteria and we expect it to be a valuable addition to Strategic Storage Trust IV’s rapidly growing portfolio.”
As of December 31, 2018, Strategic Storage Trust IV owned 14 self storage properties with a total of approximately 8,430 units and approximately 1,037,800 square feet of net storage space, located in five states in the U.S. The units were 88% occupied and were purchased for an aggregate cost of approximately $141,060,000. The REIT acquired seven properties in Q4 2018.
On January 8, 2019, the REIT purchased a self storage facility in Plant City, Florida for approximately $14.5 million, containing approximately 820 self storage units and 110,000 net rentable square feet.
On January 9, 2019, the REIT entered into a share purchase agreement with a company wholly owned by Strategic Storage Trust II, Inc., to purchase two companies, which together held a 50% interest in a limited partnership in the Greater Toronto Area of Canada for a purchase price of approximately $4.7 million CAD.
Sources: SEC, SmartStop Asset Management, Inc.
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