Strategic Storage Trust II, Inc. — a public non-traded REIT that focuses on stabilized self storage properties –recently closed on three self storage properties in the Detroit market totaling about 1,720 units and about 197,400 net rentable square feet for approximately $11.9 million. These facilities will be re-branded under the SmartStop Self Storage trade name.
The 730-unit Troy, Michigan, property is located at 262 East Maple Road. The facility sits on about 4.62 acres and contains about 82,200 rentable square feet of self storage space. Built in 1988 and located about 28 miles from Detroit, the eight-building facility was 90 pecent occupied at acquisition. SST II purchased the property for about $4.8 million.
Built in 1996, the 500-unit Warren, Michigan, property is located at 27203 Groesbeck Highway. The facility sits on 4.82 acres and contains 63,100 rentable square feet of self storage space. SST II purchased the property for $3.4 million.
The second acquisition in Warren is a 490-unit facility located at 24623 Ryan Road. The facility sits on 3.77 acres and contains 52,100 rentable square feet of self storage space. SST II purchased the property for $3.6 million.
