SmartStop Self Storage has purchased several self-storage facilities from Irvine, CA-based Dahn Corp., operator of Mini U Storage.
The SpareFoot Storage Beat has identified seven former Mini U Storage facilities now being operated by SmartStop Self Storage. As of Jan. 26, the facilities were listed on SmartStop’s website.
The facilities are part of a 26-property portfolio that Ladera Ranch, CA-based SmartStop is under contract to buy from Dahn. The properties are being acquired by SmartStop’s newly launched private REIT fund, called Strategic Storage Trust II Inc.
A SmartStop representative declined to comment.
More to come
The seven facilities were acquired for $25.93 million, according to documents filed with the U.S. Securities and Exchange Commission. The purchase price for the entire portfolio is $128.2 million.
According to a Strategic Storage Trust II filing from August 2014, the portfolio is being purchased in several “tranches.” SmartStop is financing the deal with a combination of proceeds from its public offering for Strategic Storage Trust II, debt financing and other “potential financing sources.”
As of Nov. 7, the REIT fund had raised $12.8 million.
Locations in four states
The seven newly acquired facilities are in California, Colorado, Illinois and Maryland. Dahn developed the properties between 1984 and 1988. The facilities cover a combined 349,800 rentable square feet and feature 3,830 units.
Colorado and Maryland are new markets for SmartStop.
Following the recent sale, Mini U Storage operates 59 facilities. The company will operate 40 locations once SmartStop buys the remaining 19 facilities.
The seven newly purchased facilities are:
- 2234 Arrow Highway, La Verne, CA
- 3860 Benatar Way, Chico, CA
- 6667 Van Buren Blvd., Riverside, CA
- 2998 Rockville Road, Fairfield, CA
- 3757 Norwood Drive, Littleton, CO
- 4747 W. Calumet-Sag Road, Crestwood, IL
- 4100 Forestville Road, Forestville, MD