SST PURCHASE TWO SELF-STORAGE PROPERTIES FOR $23 MILLION

FORT LEE, N.J., AND WESTON, FLA. Ń Strategic Storage Trust (SST) has acquired two Class A self-storage properties in New Jersey and Florida for approximately $23 million. The Fort Lee property contains 965 units and is located on 1.2 acres at 550 Main St. Occupancy was 88.2 percent at the time of closing. In addition to the three stories of climate-controlled units, the property contains a cellular tower on the roof. The other property is a four-story, 651-unit building located at 16400 State Road 84 in Weston. Occupancy was 86.1 percent at the time of closing. The seller in the transaction, Chicago Five Properties, was represented by CB Richard Ellis. Since its launch a year-and-a-half ago, SST has acquired 28 properties in 14 states. Ń Coleman Wood.