Strategic Storage Growth Trust Inc. (SSGT), a public, non-traded real estate investment trust focused on self-storage acquisition and development, has purchased a newly constructed, two-story facility in Phoenix in what is the company’s first certificate-of-occupancy transaction. The asset at 1500 E. Baseline Road comprises about 94,000 net rentable square feet in 840 units, according to a press release.
The facility will be SSGT’s first in Arizona. It offers climate-controlled and drive-up units, as well as covered RV spaces. The asset was built by Phoenix-based Glacier Development in the South Mountain Village area.
"We are excited to complete our first top-of-the-line, brand-new facility in a prime market like Phoenix," said H. Michael Schwartz, chairman and CEO of SSGT. "We are already receiving a high degree of interest from local customers, so we expect our opening to be a huge success."
"This newly built facility will provide class-A storage to the growing retail and residential community surrounding the site," added Wayne Johnson, chief investment officer for SSGT. The property is also near employment centers, downtown Phoenix and Sky Harbor International Airport.
SSGT focuses on the acquisition, development, redevelopment and lease-up of self-storage properties. Its portfolio currently consists of 14 storage facilities in seven states comprising approximately 1.1 million net rentable square feet in 9,300 storage units. The company is sponsored by SmartStop Asset Management, a diversified real estate company with a managed portfolio of 74 self-storage facilities in Canada and the United States. Its managed properties comprise approximately 5.2 million rentable square feet.