Strategic Storage Growth Trust Inc. (SSGT), a public, non-traded real estate investment trust focused on self-storage acquisition and development, has acquired a newly constructed facility in the Tampa, Fla., suburb of Riverview. The multi-story property is near U.S. Route 301, which runs across the South Atlantic states, according to a press release.
The 3.4-acre site at 9811 Progress Blvd. comprises 54,000 square feet of storage space, including 28,000 square feet of climate-controlled space, in 695 units. Security measures include keypad entry, individual unit alarms and video cameras.
“A focus of Strategic Storage Growth Trust is to acquire self-storage properties that have the opportunity to add value to our portfolio through active management,” said Wayne Johnson, chief investment officer. “This newly constructed, class-A property is in an area with growing demand for self-storage, and provides an amenities package that we believe will be particularly attractive to our customers.”
The buyer and the seller were represented in the transaction by Luke Elliott and Michael A. Mele, investment specialists for Marcus & Millichap, a real estate investment firm with offices in Canada and the United States.
SSGT recently completed its purchase of a ground-up self-storage development in Pembroke Pines, Fla. The site includes 84,000 square feet of storage space in 870 climate-controlled units. The company is also converting a former industrial building in Asheville, N.C., to self-storage, and has two properties under development in the Greater Toronto Area.
SSGT focuses on the acquisition, development, redevelopment and lease-up of self-storage properties. Its portfolio currently consists of 23 storage facilities in 10 states comprising approximately 1.7 million net rentable square feet in 15,300 storage units. The company is sponsored by SmartStop Asset Management LLC, a diversified real estate company with a managed portfolio of 111 self-storage facilities in Canada and the United States. Its managed properties comprise approximately 8.1 million rentable square feet.