Bill Freehling is a business writer for The Free Lance-Star and Fredericksburg.com. This blog is on Fredericksburg-area business. Send an e-mail to Bill Freehling.
Strategic Storage Trust Inc. plans to purchase a 630-unit self-storage facility in Spotsylvania County for $4.18 million, according to an SEC filing from last week. The real estate investment company, which focuses on self-storage assets, has entered into a purchase and sale agreement to buy the 59,600-square-foot Extra Space Storage facility at 5219 Plank Road. The acquisition is part of a deal for SSTI to buy 11 self-storage facilities in Georgia, New Jersey, New York, Pennsylvania and Virginia for a total of about $44 million, according to the filing. The only other Virginia facility involved in the deal is in Henrico County. All of the facilities being sold appear to be currently owned by Extra Space Storage. The transaction is expected to close in the second quarter.