SOURCE: Strategic Storage Growth Trust

Strategic Storage Growth Trust

December 21, 2015 16:40 ET

Strategic Storage Growth Trust, Inc. (SSGT) Acquires Three Self Storage Facilities Located in Texas and Colorado for Approximately $26.7 Million

SAN ANTONIO, TX and KINGWOOD, TX and AURORA, CO--(Marketwired - Dec 21, 2015) - Strategic Storage Growth Trust, Inc. (SSGT), which is sponsored by SmartStop Asset Management, LLC, has acquired three self storage facilities totaling approximately $26.7 million, 196,300 net rentable square feet of storage space and 1,400 units. This portfolio consists of one self storage facility located in the Alamo Heights area of San Antonio, Texas, one self storage facility located in Kingwood, Texas and one self storage facility located in Aurora, Colorado.

Another San Antonio, Texas property with approximately 101,600 net rentable square feet is in contract and scheduled to close in January 2016.

"We are pleased to announce the closing of these high quality, growth oriented facilities and look forward to acquiring more self storage properties in these markets," said H. Michael Schwartz, chairman and CEO of SSGT. 

The details of the Texas/Colorado portfolio are as follows:

  • 8239 Broadway, San Antonio, TX: approximately 490 units, approximately 76,700 square feet.
  • 1671 North Park Dr., Kingwood, TX: approximately 470 units, approximately 60,100 square feet.
  • 500 Laredo, Aurora, CO: approximately 450 units, approximately 59,500 square feet.
  • (In contract): 875 E. Ashby Place, San Antonio, TX, approximately 440 units, approximately 83,400 square feet.

This portfolio will offer climate controlled units, drive-up units and covered RV spaces.

"These properties have performed very well historically. We plan on expanding several of the facilities to maximize revenue," said Wayne Johnson, CIO of SSGT.

About Strategic Storage Growth Trust, Inc. (SSGT)

SSGT is a public non-traded REIT that focuses on the acquisition, development, redevelopment and lease-up of self-storage properties. The SSGT portfolio currently consists of 12 self storage facilities located in six states comprising approximately 8,020 self-storage units and approximately 896,500 net rentable square feet of storage space. 

About SmartStop Asset Management, LLC
SmartStop Asset Management, LLC is a diversified real estate company with a managed portfolio that currently includes approximately 33,000 self storage units and approximately 3.6 million rentable square feet. The company is the asset manager for 52 self storage facilities located throughout the United States and Canada. SmartStop Asset Management is the sponsor of SSGT and Strategic Storage Trust II, Inc. (SST II), a public non-traded REIT that focuses on stabilized self storage properties. The facilities offer affordable and accessible storage units for residential and commercial customers. In addition, they offer secure interior and exterior storage units as well as outside storage areas for vehicles, RVs and boats.

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.