Strategic Storage Trust X (SST X), a private company that intends to qualify as a real estate investment trust by the end of the year and is sponsored by an affiliate of SmartStop Self Storage REIT Inc., acquired its first self-storage facility, in Murfreesboro, Tennessee. The asset was purchased from SmartStop, which bought the property in February with the intention of selling it to SST X, according to a press release.
The property at 1323 N.W. Broad St. contains 12 single-story buildings comprising 62,100 net rentable square feet in 470 units. It also offers six vehicle-storage spaces. SST X plans to invest in income-producing and growth self-storage facilities across Canada and the U.S., the release stated.
“The acquisition of this Murfreesboro property marks a milestone as the first addition to the SST X portfolio,” said H. Michael Schwartz, CEO of both SST X and SmartStop. “This facility is well-positioned within a dynamic and expanding market that reflects the type of long-term growth opportunities we target. We’re proud to introduce SST X with an asset that exemplifies our disciplined approach to investing and our continued commitment to delivering value through well-located, high-quality self-storage properties.”
Related:Creative Connections: A Self-Storage Investor’s Unique Approach to Acquisitions
SmartStop owns or manages 236 self-storage facilities in 23 states, comprising 19.1 million rentable square feet. The company and its affiliates also own or manage 49 storage properties in Canada totaling 4.2 million rentable square feet. SmartStop was added to the Russell 3000 Index in June and launched its initial public offering on the New York Stock Exchange in April.
Source: BusinessWire, Strategic Storage Trust X Makes Initial Acquisition With Property in the Greater Nashville Metropolitan Area
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