Wentworth Property Sells Newly Converted Chula Vista, CA, Self-Storage Facility to SSGT

March 14, 2018

2 Min Read
Wentworth Property Sells Newly Converted Chula Vista, CA, Self-Storage Facility to SSGT

Update 3/13/18 – Wentworth has sold its newly converted self-storage property in Chula Vista to Strategic Storage Growth Trust Inc. (SSGT), a public, non-traded, self-storage real estate investment trust sponsored by SmartStop Asset Management LLC. The three-story property at 2380 Fenton St. sits on 1.5 acres and comprises 86,000 square feet of space in 900 climate-controlled units. The building is bisected by a covered-loading area and also contains drive-up units lining its exterior.

“The Eastlake location is in a high-growth, high-income area of Chula Vista, in close proximity to major retailers and residential developments,” said Wayne Johnson, chief investment officer for SSGT. “An excellent fit for our strategic acquisition strategy, this newly constructed facility was acquired by Strategic Storage Growth Trust from its developers following the issuance of a Certificate of Occupancy and should add significant value to our portfolio.”

SSGT focuses on the acquisition, development, redevelopment and lease-up of self-storage properties. Its portfolio currently consists of 24 storage facilities in 10 states comprising approximately 1.8 million net rentable square feet in 16,000 storage units.

It’s sponsored by SmartStop Asset Management, a diversified real estate company with a managed portfolio of 112 self-storage facilities in Canada and the United States. Its managed properties comprise approximately 8.2 million rentable square feet.

11/4/2016 Commercial real estate firm Wentworth Property Co. LLC has acquired two industrial properties in Chula Vista, Calif., and San Diego, for $27.8 million with the intent to convert them to self-storage. The facilities are expected to open next year, according to the source.

The property at 12340 World Trade Drive in San Diego’s Carmel Mountain Ranch was purchased for $14.5 million. It includes an 81,980-square-foot building. The second site at 2391 Fenton St. in Chula Vista’s Eastlake neighborhood, acquired for $13.3 million, consists of a 90,000-square-foot building. Both structures will be converted to climate-controlled self-storage with approximately 100,000 net rentable square feet.

Wentworth Property has closed on more than $140 million worth of self-storage projects in the last year, the source reported. It also has 1 million square feet under evaluation or contract.

Based in Phoenix, Wentworth Property has developed more than 7 million square feet of commercial office and industrial space. Its portfolio includes build-to-suit, conversions and ground-up developments.

San Diego Business Journal, Phoenix Firm Plans New Self-Storage Facilities After $27.8M in Building Purchases

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