Self-storage properties are constantly changing hands, and Inside Self-Storage is regularly notified of these market transactions. Here’s an overview of activity happening in January 2025.
SmartStop Self Storage REIT Inc., a self-managed real estate investment trust (REIT), acquired two facilities that were previously managed and branded by CubeSmart, an industry REIT and management company. The property at 30 Terrace Road in Ladera Ranch, California, comprises 136,300 net rentable square feet in 1,300 units and 18 vehicle-storage spaces. It contains six buildings: three single-story structures, two with two stories, and a four-story structure that’ll serve as SmartStop’s new headquarters. The five-story facility at 1401 22nd St. S.E. in Washington, D.C., comprises 74,300 net rentable square feet in 830 climate-controlled units. SmartStop owns or manages 209 properties in 22 states, the District of Columbia and Canada, comprising 16.7 million rentable square feet in approximately 148,500 units.
A Federal Way, Washington, facility branded and managed by REIT Extra Space Storage was sold for $25.1 million. The four-building property at 33620 21st Ave. S.W. was previously owned by LV 8250 LLC, which acquired it in 2020 for $21.7 million. The seller was associated with REIT Life Storage, which was acquired by Extra Space in 2023…