Strategic Storage Growth Trust Converts Industrial Building to Self-Storage in Asheville, NC

April 10, 2018

2 Min Read
Strategic Storage Growth Trust Converts Industrial Building to Self-Storage in Asheville, NC

Update 4/9/18 – SSGT has opened its two-story self-storage facility at 3173 Sweeten Creek Road in Asheville. The property features all climate-controlled units, covered loading and unloading areas, computerized lobby access, elevators, and video cameras for security.

"We are pleased to open this new self-storage facility in the heart of Asheville, the largest city in Western North Carolina," said H. Michael Schwartz, chairman and CEO.

The property is centrally located on the alternate route of U.S. Highway 25, just south of Mills Gap Road.

1/13/17 – Strategic Storage Growth Trust Inc. (SSGT), a public, non-traded real estate investment trust focused on self-storage acquisition and development, has purchased a vacant industrial building in Asheville, N.C., that it intends to convert to self-storage. The property at 3175 Sweeten is in the Asheville Metropolitan Statistical Area. Once complete, the facility will comprise 72,000 net rentable square feet of storage space in 650 climate-controlled and drive-up units.

"Asheville has been experiencing steady growth in population for the past 40 years," said H. Michael Schwartz, CEO and chairman. "A recent boom in construction projects from apartments, hotels and retail properties has fueled job growth and wages, which is a good indicator of broadening economic health. The constant flow of people moving to the area also enhances the already strong demand for self-storage facilities."

The company currently owns 11 storage facilities in the Asheville area totaling 4,850 units, 76 buildings and 553,500 net rentable square feet, according to a press release.

SSGT focuses on the acquisition, development, redevelopment and lease-up of self-storage properties. Its portfolio currently consists of 14 storage facilities in seven states comprising approximately 1.1 million net rentable square feet in 9,300 storage units. The company is sponsored by SmartStop Asset Management LLC, a diversified real estate company with a managed portfolio of 102 self-storage facilities in Canada and the United States. Its managed properties comprise approximately 7.4 million rentable square feet.

PR Newswire, Strategic Storage Growth Trust, Inc. Opens New Self Storage Facility in Asheville, North Carolina
Yahoo Finance, Strategic Storage Growth Trust, Inc. (SSGT) Acquires Vacant Industrial Building in Asheville, North Carolina with Plans to Convert into a Self Storage Facility

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