LAS VEGAS, NV--(Marketwire - December 22, 2010) - Strategic Storage Trust, Inc. (SSTI) -- a publicly registered non-traded REIT targeting the self-storage market -- recently acquired a downtown Las Vegas property totaling approximately 540 units for $6.875 million. This is SSTI's fourth self-storage purchase in Las Vegas.
The site will be rebranded under the SmartStop(SM) Self Storage trade name.
"This adds significantly to our Las Vegas portfolio which is ripe to take advantage of high growth for the market over the long-term," said H. Michael Schwartz, SSTI's chairman and CEO. "All of our locations here are newer builds that extend the quality of our growing brand."
The property is located at 1120 South Las Vegas Boulevard in Las Vegas and contains approximately 81,600 rentable square feet on approximately 1.7 acres of land. It is in downtown Las Vegas, about one mile south of central Las Vegas. Built in 1996, it consists of two three-story buildings. Amenities include surveillance cameras, individual locks, climate control, keypad entry and a retail rental office.
"Occupancy at this high traffic location has remained strong and should continue to perform well as the Las Vegas market recovers," said Wayne Johnson, senior vice president of acquisitions for SSTI. "We expect the same success here as with our other acquisitions."
The Las Vegas-Paradise metropolitan area consists solely of Clark County. With 1.9 million residents in 2009, it is one of the fastest growing areas in the nation. Primary economic drivers include tourism, gaming and conventions, which in turn drive its retail and dining industries. The city serves as headquarters for the world's two largest Fortune 500 gaming companies, Harrah's Entertainment and MGM Mirage.
SSTI currently owns three other locations in the Las Vegas metropolitan area:
- 8501 West Charleston Blvd. in Las Vegas: Two one-story buildings with 190 units.
- 3825 South Durango Drive in Las Vegas: One two-story building with 520 units.
- 3155 West Ann Road in North Las Vegas: One two-story building with 700 units.
Since the launch of SSTI two years ago, SSTI's portfolio of wholly-owned properties has expanded to include 44 properties in 15 states (Alabama, Arizona, California, Florida, Georgia, Illinois, Kentucky, Mississippi, Nevada, New Jersey, Pennsylvania, South Carolina, Tennessee, Texas and Virginia) and Toronto, Canada.
About Strategic Storage Trust, Inc.
Strategic Storage Trust, Inc. (SSTI) is the first and only self-storage REIT in the public non-traded REIT marketplace. SSTI is one of five publicly registered self-storage REITs in the United States and is one of the fastest growing REITs nationwide. The Strategic Storage Trust management team is comprised of industry veterans with extensive institutional experience in the acquisition and property management of self-storage properties. The REIT's storage facilities are branded as SmartStop(SM) Self Storage throughout the country. Its portfolio includes approximately 31,000 self-storage units and 3.9 million rentable square feet of storage space. SSTI's sponsor is Strategic Capital Holdings LLC, which manages a growing portfolio of over 7 million square feet of commercial properties, including 5.4 million square feet of self-storage facilities, with a combined market value of over $751 million.
For more information about SSTI, please call 949-429-6600 or visit www.strategicstoragetrust.com
To view our properties and locations or to find a nearby storage facility, visit www.smartstopselfstorage.com
This press release may contain certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements can generally be identified by our use of forward-looking terminology such as "may," "will," "expect," "intend," "anticipate," "estimate," "believe," "continue," or other similar words. Because such statements include risks, uncertainties and contingencies, actual results may differ materially from the expectations, intentions, beliefs, plans or predictions of the future expressed or implied by such forward-looking statements. These risks, uncertainties and contingencies include, but are not limited to: uncertainties relating to changes in general economic and real estate conditions; uncertainties relating to the implementation of our real estate investment strategy; uncertainties relating to financing availability and capital proceeds; uncertainties relating to the closing of property acquisitions; uncertainties relating to the public offering of our common stock; uncertainties related to the timing and availability of distributions; and other risk factors as outlined in the Company's prospectus, as amended from time to time. This is neither an offer nor a solicitation to purchase securities.
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