Strategic Storage Buys 900-Unit Facility
- Mar 27, 2017
Los Angeles—Strategic Storage Growth Trust Inc. has purchased a newly converted, 900-unit self-storage facility in Garden Grove, Calif., for $18.4 million. The new owner is a public, non-traded REIT sponsored by SmartStop Asset Management LLC and has a portfolio encompassing 11,000 self-storage units across approximately 1.3 million net rentable square feet.
Located at 12321 Western Ave., the approximately 3-acre property that opened in March includes roughly 95,000 rentable square feet and 59 RV storage spaces. The asset offers easy access to interstates 5, 405 and 605.
“This self-storage facility is well located in a highly populated urban area that we believe has a consistent demand for storage space,” said Chairman & CEO H. Michael Schwartz in prepared remarks.
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