Strategic Storage Growth Trust, Inc. (SSGT) Acquires First Two Facilities in Nevada & Florida for $13.3 Million
Strategic Storage Growth Trust, Inc. (SSGT) — a private REIT targeting the development, redevelopment and lease-up of self-storage properties — recently closed on its first transaction with the purchase of two facilities totaling approximately 2,000 units and 260,000 net rentable square feet located in Las Vegas, Nev. and Ft. Pierce, Fla. Both facilities will be re-branded under the SmartStop® Self Storage trade name.
“Our goal for Strategic Storage Growth Trust is to capitalize on the next wave of development and lease-up properties that will become available over the next five years,” said H. Michael Schwartz, chairman and CEO of SSGT. “We acquired the Las Vegas and Ft. Pierce facilities due to the properties’ low occupancies as compared to properties we currently own and manage in the same trade areas, which have higher occupancy levels.”
The 1,210-unit Las Vegas facility, located at 4866 East Russell Rd., was purchased for approximately $9.45 million. Built in 1999, the 14 building facility encompasses a retail office and a manager’s apartment. The site, which is currently approximately 68 percent occupied, features ground level drive-up and climate control units. The property lies near the cross street of E. Russell Rd and S. Nellis Blvd and is adjacent to Interstate 515. The site is approximately three miles east of the Las Vegas Airport and approximately two miles southeast of the SmartStop® S. Pecos Rd facility owned by Strategic Storage Trust, Inc. (SSTI). This property becomes the ninth property in our Las Vegas portfolio of assets.
The Ft. Pierce, Fla. property was built in 2008 and has approximately 770 units and 88,400 net rentable square feet in a three-story building with a retail office. Currently approximately 42 percent occupied, the site features ground level drive-up and climate control units. Located at 3252 North US Highway 1 in St. Lucie County, the facility lies directly on US Hwy 1 with approximately 280 feet of frontage, near the cross street of St. Lucie Blvd. The site is approximately 1.5 miles east of St. Lucie International Airport, three miles north of downtown Ft. Pierce, 15 miles north of Port St. Lucie and approximately 18 miles north of the SmartStop® Stuart, Fla. facility owned by SSTI.
“These sites are perfect examples of the latest generation of self-storage buildings, especially the Fort Pierce site,” said Wayne Johnson, SVP of acquisitions at SSGT. “This site represents a great opportunity to purchase bank-owned real estate that has been through a management transition over the past two years. By incorporating these sites into the SmartStop management and advertising platform, we expect to grow occupancy to stabilized levels.”
About Strategic Storage Growth Trust, Inc. (SSGT)
Strategic Storage Growth Trust, Inc. (SSGT) is a private real estate investment trust (REIT) that focuses on the acquisition, development, redevelopment and lease-up of self-storage properties. All properties acquired by SSGT will be branded under SmartStop® Self Storage trade name. To view our self storage locations or to find self-storage solutions at a nearby storage facility, visit https://SmartStopSelfStorage.com.