Update 1/11/16 – Strategic Storage Growth Trust Inc. (SSGT) has closed on the fourth property that was part of the Arrington Self-Storage portfolio acquired last month. The San Antonio facility at 875 E. Ashby Place was purchased for $12.3 million and comprises approximately 49,250 net rentable square feet in 385 units. The asset also contains 5,800 net rentable square feet of cold storage, 8,300 net rentable square feet of office space and 9,000 net rentable square feet of flex-warehouse space, according to a company press release.
The transaction brings the acquisition total for all four properties to approximately $39 million. “We are pleased with our continued acquisition growth and our ability to find high-quality self-storage properties with strong growth potential,” Schwartz said.
The Ashby property is near the historic Pearl Brewery, in an area that has seen development growth including multi-family projects, according to Johnson. “We look forward to providing our services to this active community,” he said.
The SSGT portfolio now consists of 13 self-storage facilities in six states comprising approximately 979,000 rentable square feet.
12/23/15 – Strategic Storage Growth Trust Inc. (SSGT), a public, non-traded real estate investment trust (REIT) focused on self-storage acquisition and development, has acquired three facilities for $26.7 million. The properties in Aurora, Colo., and Kingwood and San Antonio, Texas, comprise a combined 196,300 square feet in 1,400 storage units, according to a press release. They are:
- Arrington’s Self-Storage, 500 Laredo St. in Aurora, comprising approximately 59,500 square feet in 450 units
- Arrington’s Self-Storage, 1671 N. Park Drive in Kingwood, comprising about 60,100 square feet in 470 units
- Star Storage, 8239 Broadway in San Antonio, comprising approximately 76,700 square feet in 490 units
“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,” said H. Michael Schwartz, chairman and CEO of SSGT.
A fourth facility at 875 E. Ashby Place in San Antonio, also operated by Arrington’s, is under contract to be acquired by SSGT. The transaction on the 83,400-square-foot facility is expected to close in January, according to the release.
“These properties have performed very well historically,” said Wayne Johnson, chief investment officer for SSGT. “We plan on expanding several of the facilities to maximize revenue.” The properties will include climate control, drive-up units and covered RV spaces.
SSGT focuses on the acquisition, development, redevelopment and lease-up of self-storage properties. Its portfolio currently consists of 12 storage facilities in six states comprising approximately 796,500 net rentable square feet in 8,020 units. The company is sponsored by SmartStop Asset Management LLC, a diversified real estate company with a managed portfolio of 52 self-storage facilities in Canada and the United States. Its managed properties comprise approximately 3.6 million rentable square feet.