Strategic Storage Growth Trust Inc. (SSGT), a public, non-traded, self-storage real estate investment trust (REIT) sponsored by SmartStop Asset Management LLC, has acquired Nantucket Storage Center in Nantucket, Mass. The property at 6 Sun Island Road comprises 93,000 square feet in 840 storage units, according to a press release.
Built in 2002 on 1.7 acres, the facility was 91 percent occupied at the time of purchase. "The acquisition of this stabilized property strengthens the balance sheet of Strategic Storage Growth Trust, allowing the REIT to expand its development pipeline and acquire additional properties with certificates of occupancy," said H. Michael Schwartz, chairman and CEO of SSGT.
"This is the premier self-storage facility on Nantucket Island, with many safety features and 17 climate-controlled wine-storage units that serve the renowned Nantucket Wine & Food Festival, which draws attendees and participants from throughout New England and across the nation each year," added Wayne Johnson, chief investment officer for SSGT.
SSGT focuses on the acquisition, development, redevelopment and lease-up of self-storage properties. Its portfolio currently consists of 21 storage facilities in 10 states comprising approximately 1.6 million net rentable square feet in 13,700 storage units.
It’s sponsored by SmartStop Asset Management, a diversified real estate company with a managed portfolio of 108 self-storage facilities in Canada and the United States. Its managed properties comprise approximately 7.9 million rentable square feet.