PITTSBURGH, PA--(Marketwire - December 14, 2009) - In an all-cash transaction,
Strategic Storage Trust,
Inc. (SSTI) -- a publicly registered non-traded REIT targeting the self
storage market -- recently acquired two facilities located in the
Pittsburgh, PA area for a combined purchase price of $5.7 million.
"Pittsburgh is a great example of a city that has transformed from being
influenced by a single-concentrated industry into a stable and
well-diversified economy that includes large sector employers in
healthcare, finance, technology and energy," said
H. Michael Schwartz, SSTI's chairman and CEO. "This is
why we continue to be interested in self storage facilities in this
market."
Built in 1990, the approximately 470-unit Landings Drive property is 14
miles northwest of downtown Pittsburgh. The 55,200 net rentable
square-foot property is strategically located approximately 100 ft. from
the I-76 toll-road and State Route 28 interchange. The facility sits on
approximately 3.5 acres with six one-story buildings offering drive-up
accessible units, and interior climate control units with security cameras,
a secure code access entry gate, perimeter fencing and new concrete drives.
The approximately 820-unit Lebanon Rd self-storage property is located just
seven miles from downtown Pittsburgh at the intersection of two primary
arterial roads between the Century III Mall and the Allegheny County
Airport on State Route 885. The approximately 100,000 net rentable
square-foot facility sits on approximately 5.7 acres with two two-story
buildings and another two-story building which contains an office and
residence apartment. Built in 1983, the property offers drive-up
accessible units, interior climate control units, security cameras, a
secure code access entry gate, perimeter fencing and asphalt drives.
"This all cash transaction extends the SSTI footprint into the Pittsburgh
market by acquiring two self storage sites offering a great mix of drive-up
& climate-controlled self storage and also RV/boat parking," said Wayne
Johnson, senior vice president of acquisitions for SSTI.
As the second largest city in Pennsylvania, Pittsburgh was named the most
livable city in the United States and 29th most livable city worldwide by
The Economist Magazine. With a population of more than 2.3 million, the
city's downtown area retains substantial economic influence, ranking at
25th in the nation for jobs within the urban core and 6th in job density.
Since the launch of the REIT a year and a half ago, the portfolio has
expanded to include 26 properties in 14 states (Georgia, Mississippi,
Florida, Virginia, New Jersey, Kentucky, Alabama, Arizona, California,
Nevada, Texas, South Carolina, Tennessee and Pennsylvania).
In an effort to unify and establish a national brand, SSTI recently
launched a major re-branding campaign. According to Schwartz, the two
Pittsburgh facilities will be launched under the new flagship brand
Smart Stop(SM) Self Storage.
The seller, Sovran Acquisition Limited Partnership, was represented by
Locke Acquisition Group, LLC.
About Strategic Storage Trust, Inc.
SSTI is a publicly registered ($1 billion of common stock registered)
non-traded REIT with a portfolio that currently includes approximately
17,600 self storage units and 2.3 million rentable square feet of storage
space. SSTI's sponsor is Strategic Capital Holdings, which manages a
growing portfolio of over 5.8 million square feet of commercial properties,
including 4.2 million square feet of self storage facilities, with a
combined market value of over $628 million. For more information about
SSTI, please call 949-429-6600 or visit
www.strategicstoragetrust.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.
Contact Information: Media Contact:
Genevieve Anton
Principal
Anton Communications Inc.
Tel: (714) 544-6503
Fax: (714) 368-3627
Email:
Web: www.antonpr.com