Strategic Storage Growth Trust Inc. (SSGT), a public, non-traded real estate investment trust focused on self-storage acquisition and development, has purchased a recently converted self-storage property in Garden Grove, Calif., for $18.4 million. The former industrial building sits on 3 acres at 12321 Western Ave. and comprises about 95,000 rentable square feet in 900 units, according to a press release. It also has 59 RV-storage spaces.
"This self-storage facility is well-located in a highly populated urban area that we believe has a consistent demand for storage space," said H. Michael Schwartz, chairman and CEO. "We couldn't be more pleased to expand the Strategic Storage Growth Trust portfolio with this attractive acquisition."
The facility opened for business earlier this month, the release stated. The property address was previously listed on the Lighthouse Self Storage website. Lighthouse has several locations in California and Florida. It’s operated by Trico Investments, a real estate fund manager specializing in the acquisition and development of self-storage properties. The company and its affiliates have designed, developed or owned nearly 100 storage facilities across the United States and managed more than 20,000 storage units in California and Florida.
SSGT focuses on the acquisition, development, redevelopment and lease-up of self-storage properties. Its portfolio currently consists of 16 storage facilities in seven states comprising approximately 1.3 million net rentable square feet in 11,000 storage units. The company is sponsored by SmartStop Asset Management LLC, a diversified real estate company with a managed portfolio of 104 self-storage facilities in Canada and the United States. Its managed properties comprise approximately 7.7 million rentable square feet.