Strategic Storage Growth Buys $26.7M Assets
- Dec 22, 2015
By Adriana Pop, Associate Editor
San Antonio; Kingwood, Texas and Aurora, Co.–In a $26.7 million deal, Strategic Storage Growth Trust Inc., which is sponsored by SmartStop Asset Management LLC, has acquired three self-storage facilities totaling approximately 196,300 net rentable square feet of storage space and 1,400 units.
Two of the properties are situated in Texas, in the Alamo Heights area of San Antonio and Kingwood, respectively, while the third is located in Aurora, Co.
“We are pleased to announce the closing of these high quality, growth oriented facilities and look forward to acquiring more self-storage properties in these markets,” Michael Schwartz, chairman & CEO of SSGT, said in prepared remarks.
The Texas/Colorado portfolio acquisition included:
- An approximately 76,700-square-foot facility with 490 units located at 8239 Broadway, San Antonio, Texas;
- An approximately 60,100-square-foot facility with 470 units located at 1671 N. Park Dr., Kingwood, Texas;
- An approximately 59,500-square-foot facility with 450 units located at 500 Laredo, Aurora, Co.
The company also has a fourth asset under contract, which is located at 875 E. Ashby Place in San Antonio and offers approximately 440 units across more than 83,400 square feet. The transaction is expected to close in January 2016.
All properties will offer climate controlled units, drive-up units and covered RV spaces.
“These properties have performed very well historically. We plan on expanding several of the facilities to maximize revenue,” added Wayne Johnson, CIO of SSGT.
SSGT is a public non-traded REIT that focuses on the acquisition, development, redevelopment and lease-up of self-storage properties. The company’s portfolio currently consists of 12 self-storage facilities located in six states comprising approximately 8,020 units and approximately 896,500 net rentable square feet of storage space.
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