LAS VEGAS, NV--(Marketwired - Oct 3, 2014) - Storage Growth Trust, Inc. (SSGT) -- a private REIT targeting the development, redevelopment and lease-up of self-storage properties -- recently closed on its third transaction with the purchase of the Las Vegas facility totaling approximately 1,040 units and 92,000 net rentable square feet. This facility will be re-branded under the SmartStop® Self Storage trade name.
"The Las Vegas facility is located in a strong traffic corridor between Flamingo Road and Tropicana Avenue in a market where SmartStop has a strong footprint," said Wayne Johnson, SVP of acquisitions for SSGT. "This acquisition adds another high quality, infill location to our growing Las Vegas portfolio. We look forward to significantly expanding occupancy through our SmartStop brand of management."
Located at 4349 South Jones Blvd., this facility was purchased for approximately $6.1 million. Built in 1996, the four-building facility encompasses one two-story and three one-story self-storage buildings and one two-story office/manager's apartment. The site, which is approximately 55 percent occupied, features drive-up access at the ground level and climate control units. This facility is located approximately nine miles from SSGT's recent acquisition on Russell Road. In addition, eight other self-storage facilities are owned and operated by SmartStop Self Storage, Inc. in the Las Vegas market within a 15 mile radius of the Jones Blvd. location.
"This asset is a premier self-storage facility located near high traffic-generating retailers," said Nicholas Walker, associate director with the National Self Storage Group at Marcus Millichap. "Thanks to the SSGT team, negotiating this transaction, from start to finish, was seamless."
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. The SSGT portfolio includes approximately 3,000 self-storage units and 352,000 rentable square feet of storage space. All properties acquired by SSGT will be branded under SmartStop® Self Storage trade name.
About SmartStop® Self Storage, Inc. (formerly Strategic Storage Trust Inc. (SSTI))
SmartStop Self Storage, Inc. (SmartStop) is now a fully integrated, self-administered and self-managed self-storage company, owning and/or operating 131 self-storage properties in 17 states and Canada. SmartStop is a diversified real estate company that focuses on acquisition, advisory, asset management and property management services for self-storage properties. SmartStop is the sponsor of Strategic Storage Growth Trust, Inc. (SSGT) and Strategic Storage Trust II, Inc. (SSTI-II), a public non-traded REIT that focuses on stabilized self-storage properties. SmartStop facilities offer affordable, accessible and secure storage units for residential and commercial customers. In addition, SmartStop offers secure interior and exterior storage units as well as outside storage areas for vehicles, RVs and boats.
To view SmartStop's self storage locations or to find self-storage solutions at a nearby storage facility, visit https://SmartStopSelfStorage.com.
This press release may contain certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements can generally be identified by our use of forward-looking terminology such as "may," "will," "expect," "intend," "anticipate," "estimate," "believe," "continue," or other similar words. Because such statements include risks, uncertainties and contingencies, actual results may differ materially from the expectations, intentions, beliefs, plans or predictions of the future expressed or implied by such forward-looking statements. These risks, uncertainties and contingencies include, but are not limited to: uncertainties relating to changes in general economic and real estate conditions; uncertainties relating to the implementation of our real estate investment strategy; uncertainties relating to financing availability and capital proceeds; uncertainties relating to the closing of property acquisitions; uncertainties related to the timing and availability of distributions; and other risk factors as outlined in the Company's public filings with the Securities and Exchange Commission. This is neither an offer nor a solicitation to purchase securities.