SSGT Reaches $50 Million Equity Mark
- Jul 26, 2016
By Adriana Pop
Ladera Ranch, Calif.—Strategic Storage Growth Trust (SSGT), which is sponsored by SmartStop Asset Management LLC, has raised more than $50 million in capital from investors across the U.S., and is now accepting investments from Pennsylvania residents. While most states require a relatively small amount of investor funds be held in escrow (e.g. $1.5 million), Pennsylvania has a formulaic escrow requirement based on the maximum offering amount, which resulted in a $50 million escrow for SSGT. For this reason, SSGT has not permitted investments by Pennsylvania residents in its offering until now.
“We are pleased to have reached the $50 million equity mark so that interested investors from Pennsylvania can now participate,” Michael Schwartz, SSGT chairman & CEO, said in prepared remarks.
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 14 operating self-storage facilities located in seven states comprising approximately 9,300 self-storage units and approximately 1,100,000 net rentable square feet of storage space.
The REIT has recently closed on its first “certificate of occupancy” transaction for a newly-constructed self-storage facility. The project is situated in the South Mountain Village area of Phoenix and totals approximately 94,000 net rentable square feet and 840 units.
Image courtesy of SmartStop Asset Management