News
The South Will Store Again
November 14, 2012
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| Now is the time to hunt for self-storage properties, Ladera Ranch-based Strategic Storage Trust (SSTI) CEO Michael Schwartz tells us. As housing markets nationwide recover, demand for self-storage will rise, too (unless people are watching Hoarders as self-help, rather than guilty pleasure). Recently SSTI paid $75M for a 16-property portfolio of more than 1.1M SF storage space and 8,560 self-storage units in South Carolina, Florida, and Georgia, which will be rebranded SmartStop Self Storage. "It’s a lease-up growth opportunity of a portfolio, with about 73% occupancy,” Michael says. “We’re going to drive occupancy higher under our brand.” |
