Strategic Storage Growth Trust Purchases 840-unit Facility in Massachusetts
August 24, 2017 | James Sprow | Blue Vault
Strategic Storage Growth Trust, Inc. (“SSGT”), a public non-traded real estate investment trust sponsored by SmartStop Asset Management, LLC, announced on August 23 its purchase of an 840-unit self storage facility in Nantucket, Massachusetts.
“The acquisition of this stabilized property strengthens the balance sheet of Strategic Storage Growth Trust, allowing the REIT to expand its development pipeline and acquire additional properties with certificates of occupancy,” said H. Michael Schwartz, chairman and chief executive officer.
Located at 6 Sun Island Road, the 93,000-square-foot facility was constructed in 2002 on 1.7 acres of land. The property was approximately 91 percent occupied at the time of acquisition.
Chief investment officer Wayne Johnson added, “This is the premier self storage facility on Nantucket Island, with many safety features and 17 climate-controlled wine storage units that serve the renowned Nantucket Wine & Food Festival, which draws attendees and participants from throughout New England and across the nation each year.”
About Strategic Storage Growth Trust, Inc. (SSGT)
SSGT is a public non-traded REIT that focuses on the acquisition, development, redevelopment and lease-up of self storage properties. The SSGT portfolio currently consists of 21 operating self storage facilities located in 10 states comprising approximately 13,700 self storage units and approximately 1.6 million net rentable square feet of storage space. Additionally, SSGT owns two development properties in the Greater Toronto Area which will be comprised of approximately 1,700 self storage units and 170,000 net rentable square feet of storage space once completed, and one development property in Asheville, North Carolina which will be comprised of approximately 650 self storage units and 72,000 net rentable square feet of storage space once completed.
About SmartStop Asset Management, LLC (SmartStop)
SmartStop is a diversified real estate company focused on self storage assets, along with student and senior housing. SmartStop has a managed portfolio that currently includes approximately 68,000 self storage units, 7.9 million net rentable square feet and approximately $1.3 billion of real estate assets under management. SmartStop is the asset manager for 108 self storage facilities located throughout the United States and Toronto, Canada and two student housing facilities. SmartStop is the sponsor of Strategic Storage Trust II, Inc., SSGT and Strategic Storage Trust IV, Inc., all public non-traded REITs focusing on self storage assets. Additional information is available at www.smartstopassetmanagement.com.
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