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LADERA RANCH, Calif. – Strategic Storage Trust X (SST X), backed by SmartStop Self Storage REIT (NYSE: SMA), has made its first acquisition: a self-storage facility in Murfreesboro, Tennessee. SST X, a private company aiming to qualify as a real estate investment trust (REIT), purchased the property from SmartStop, which had acquired it earlier in February 2025 specifically for this transaction.
The Murfreesboro facility boasts approximately 62,100 net rentable square feet, comprising roughly 470 storage units. This includes around 380 drive-up units and six RV storage spaces, spread across 12 single-story buildings. Situated along NW Broad St., the location benefits from heavy traffic, with an estimated 21,390 vehicles passing by daily, ensuring high visibility and accessibility.
Located in a high-growth area, the facility is projected to see a 9.1% population increase within a three-mile radius between 2022 and 2027. This expansion is expected to drive significant demand for self-storage solutions, serving the surrounding communities including Blackman Farm, and Providence Pointe.
SST X distinguishes itself with a perpetual net asset value (NAV) REIT structure. This model aims to provide investors with long-term exposure to a diversified and professionally managed self-storage portfolio. The monthly NAV-based valuations and the absence of a predetermined liquidation timeline are designed to offer stable income, mitigate market-timing risks, and foster long-term value appreciation.
“The acquisition of this Murfreesboro property represents a significant milestone as the inaugural asset in the SST X portfolio,” stated H. Michael Schwartz, President and CEO of SST X. “This facility is strategically positioned in a vibrant and expanding market, reflecting the type of sustained growth opportunities we actively seek. We are proud to launch SST X with an asset that embodies our disciplined investment approach and our unwavering commitment to delivering value through strategically located, high-quality self-storage properties.”
Strategic Storage Trust X (SST X):
Strategic Storage Trust X (“SST X”) is a recently formed Maryland statutory trust that intends to qualify as a REIT for federal income tax purposes commencing no later than our taxable year ending December 31, 2025. SST X’s primary investment strategy is to invest in income-producing and growth self-storage facilities and related self-storage real estate investments in the United States and Canada. As of November 21, 2025, SST X has a portfolio of one operating property in the United States comprising approximately 470 units and 62,100 rentable square feet (including parking).
SmartStop Self Storage REIT, Inc. (SmartStop):
SmartStop Self Storage REIT, Inc. (NYSE: SMA) operates as a self-managed REIT with an integrated operations team focused on expanding the SmartStop Self Storage brand. The company not only manages its own properties but, through subsidiaries like SmartStop REIT Advisors, LLC, sponsors other self-storage programs. Argus Professional Storage Management, LLC, another subsidiary, provides third-party management services in both the U.S. and Canada. As of November 21, 2025, SmartStop has an owned or managed portfolio of more than 460 operating properties in 34 states, the District of Columbia, and Canada, comprising approximately 270,000 units and more than 35 million rentable square feet.
CNBC Analysis: The acquisition highlights the continued robust demand for self-storage solutions, particularly in rapidly growing suburban markets like Murfreesboro. SST X’s strategic focus on NAV-based valuations could prove attractive to investors seeking stable, long-term returns in a potentially volatile real estate market. The REIT’s structure aims to mitigate risks associated with traditional real estate investment timelines, offering a more liquid and adaptable investment vehicle. SmartStop’s role as both seller and sponsor underscores the growing sophistication and financial engineering within the self-storage sector, as companies explore innovative ways to optimize their portfolios and access capital. This move could signal a trend towards more structured transactions and the emergence of specialized REITs focused on specific segments of the self-storage market.
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