California REIT to Acquire $371M Worth of Assets from Mindful Storage

April 22, 2016

April 20, 2016 | by Adriana Pop | Commercial Property Executive

In a $371 million deal, Strategic Storage Trust II has agreed to purchase a portfolio of 27 facilities totaling more than 1.5 million square feet in North Carolina, Florida and Maryland.

Ladera Ranch, Calif.Strategic Storage Trust II, a public, non-traded REIT which is sponsored bySmartStop Asset Management LLC, has agreed to acquire a 27-property self-storage portfoliofrom Mindful Storage. The total value of the transaction amounts to $371 million, Inside Self-Storage reported based on a March 25 filing with the Securities and Exchange Commission.

Security Self Storage, Royal Palm Beach, Fla.

The portfolio comprises 22 properties in three states, offering a total of more than 1.5 million square feet. Ten facilities are located in Florida, 11 in North Carolina (eight of which are in Asheville) and one in Maryland. The transaction also includes land parcels adjacent to four of the properties and one redevelopment site in North Carolina.

According to the filing, the deal will be executed through 12 purchase-and-sale agreements with unaffiliated third parties. Strategic Storage Trust II structured the transaction through a subsidiary of Strategic Storage Operating Partnership II LP, the REIT’s operating partnership. The purchase price for the 22 self-storage facilities is about $367 million, while the separate parcels of land will be acquired for approximately $3.6 million. Strategic Storage Trust II expects to close on the entire portfolio during this year’s second or third quarter.

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