What is the story about?
What's Happening?
SmartStop Self Storage REIT, Inc. has announced the acquisition of a Class A self-storage facility located at 2255 Elizabeth Avenue in Rahway, New Jersey. The facility spans approximately 53,450 net rentable square feet and includes 550 climate-controlled storage units, 11 RV parking units, and two elevators. Positioned strategically, the facility is located 20 miles from Manhattan and five miles from Staten Island, benefiting from visibility along NJ TRANSIT's Northeast Corridor and North Jersey Coast Line railways. The acquisition aligns with SmartStop's strategy to operate best-in-class self-storage assets in high-demand markets.
Why It's Important?
This acquisition is a strategic move for SmartStop Self Storage REIT, enhancing its presence in the New York Metropolitan Statistical Area (MSA). The facility's proximity to major urban centers and transportation lines positions it to meet growing demand for storage solutions in densely populated areas. The expansion reflects SmartStop's commitment to investing in high-quality assets that offer convenience and accessibility to customers. This development may bolster SmartStop's competitive edge in the self-storage industry, potentially leading to increased revenue and market share.
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