Strategic Storage Trust acquires Newark facility

Strategic Storage Trust IV Inc., a real estate investment trust sponsored by SmartStop Asset Management LLC, announced Thursday it has acquired a 1,900-unit self storage facility in Newark.

“This well-occupied facility is comprised of approximately 100,000 net rentable square feet as well as 58,000 net rentable square feet of warehouse space, and is situated on 6.25 acres of land. The trade area is densely populated with a lower square foot supply per capita,” Wayne Johnson, chief investment officer, said.

“We intend to significantly upgrade the offices, the interiors and exteriors of the facility and implement an aggressive marketing campaign. This facility aligns well with our investment criteria and we expect it to be a valuable addition to Strategic Storage Trust IV’s rapidly growing portfolio.”

Financial and other terms were not disclosed.