SmartStop Self Storage REIT Inc., which operates facilities in 19 U.S. states and Toronto, announced that Michael McClure will be retiring as CEO, effective April 15. Company founder and executive chairman H. Michael Schwartz will reassume the role, which he last held from 2007 to 2017. McClure will remain available in a consultant capacity for one year following the transition, according to a press release.
During the 13 years that McClure spent with SmartStop and its affiliated companies, the operator’s presence grew to 150 properties totaling 11.4 million rentable square feet throughout North America. He was also instrumental in the subsequent sale of Strategic Storage Trust Inc., also known as SmartStop Self Storage Inc., to Extra Space Storage Inc. in October 2015.
“I would like to thank the entire organization for their dedication and hard work, allowing us to make SmartStop what it is today,” McClure said. “I am proud of the executive team we have built and all we have accomplished, and expect SmartStop to continue expanding and serving customers.”
“Mr. McClure has been an excellent leader and instrumental in SmartStop's success over the last 13 years, utilizing his nearly four decades of real estate and finance experience,” Schwartz said. “We are thankful for Mr. McClure's service as CEO, and look forward to continuing the work of establishing SmartStop as the premier self-storage company in North America."
SmartStop is a self-managed real estate investment trust. Through its indirect subsidiary SmartStop REIT Advisors LLC, it sponsors other self-storage programs, including Strategic Storage Trust IV Inc., a public non-traded REIT. It has approximately $1.7 billion of real estate assets under management.
PR Newswire, SmartStop Self Storage REIT, Inc. Chief Executive Officer Michael McClure to Retire