Strategic Storage Growth Trust Inc., a public non-traded REIT sponsored by SmartStop Asset Management LLC, has purchased a newly constructed, 510-unit self-storage facility in Sarasota, FL. Located at 1027 N. Washington Blvd., the Class A, three-story structure includes approximately 48,000 rentable square feet.
“This newly constructed self-storage facility is easily accessible via well-trafficked thoroughfares in Sarasota, including US Route 301,” says H. Michael Schwartz, chairman and chief executive officer. “This modern facility is 100% climate controlled and an attractive addition to our growing portfolio of operating properties, which now includes more than 12,400 self-storage units in eight states.”
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 19 operating self-storage facilities located in eight states comprising approximately 12,400 self-storage units and approximately 1.4 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 rental square feet of storage space once completed, and one development property in Asheville, NC, which will be comprised of approximately 650 self-storage units and 72,000 net rentable square feet of storage space once completed.
This is the second big purchase this month. In other recent Strategic Storage Growth Trust news, as The REIT Wire recently reported, the REIT acquired an 850-unit self-storage portfolio in Asheville, NC for $10.25 million. The two properties in that portfolio offer a combined 115,000 rentable square feet of space, including 40 RV/boat spaces. The portfolio includes:197 Deaverview Rd., a 370-unit self-storage facility equipped with drive-up entrances, interior climate control, a gated fence and surveillance cameras; and 75 Highland Center Blvd., a 480-unit self-storage facility equipped with drive-up entrances, a gated fence and surveillance cameras.