Self-Storage REIT Buys Newly Developed Phoenix Facility
- Jun 01, 2016
Phoenix–Strategic Storage Growth Trust (SSGT), which is sponsored by SmartStop Asset Management LLC, has closed on its first “certificate of occupancy” transaction for a newly-constructed self-storage facility located in the South Mountain Village area of Phoenix.
Built by Phoenix-based Glacier Development, the two-story building is located at 1500 East Baseline Road and totals approximately 94,000 net rentable square feet and 840 units. SSGT will lease up the facility, which will be 80 percent climate-controlled, with drive-up units and covered RV spaces.
“We are excited to complete our first top-of-the-line, brand-new facility in a prime market like Phoenix,” Michael Schwartz, chairman & CEO of SSGT, said in prepared remarks. “We are already receiving a high degree of interest from local customers, so we expect our opening to be a huge success.”
“This newly built facility will provide Class A storage to the growing retail and residential community surrounding the site,” added Wayne Johnson, SSGT’s chief investment officer.
South Mountain Village is one of 14 planning areas as designated by the Phoenix City Council. The area is geographically bordered by The Salt River to the North, South Mountain Park to the South, 27th Avenue to the West and 48th Street to the East. Significant employment centers are located just north of the Village, including downtown Phoenix and Sky Harbor International Airport.
The REIT’s recent expansion also includes an upcoming development in Pembroke Pines, a 900-unit project in Ontario, Canada, as well as the acquisition of three self-storage facilities in San Antonio, Kingwood, Texas and Aurora, Colo., and the purchase of a San Antonio property.
Image courtesy of Strategic Storage Growth Trust