Strategic Storage Growth Trust Acquires Phoenix Self Storage Development for $7 Million
Strategic Storage Growth Trust Inc., a publicly registered non-traded real estate investment trust, closed on its first “certificate of occupancy” transaction for $7 million. The newly-constructed facility is located in the South Mountain Village area of Phoenix, Arizona.
“We are excited to complete our first top-of-the-line, brand-new facility in a prime market like Phoenix,” said H. Michael Schwartz, chairman and chief executive officer of SSGT. “We are already receiving a high degree of interest from local customers, so we expect our opening to be a huge success.”
The two-story facility, which was built by Phoenix-based Glacier Development, totals 94,000 square feet and includes 840 self storage units, which will be leased by the REIT. Located at 1500 East Baseline Rd, the new building will be 80 percent climate-controlled and also offers drive-up units and covered RV spaces.
“This newly built facility will provide class A storage to the growing retail and residential community surrounding the site,” said SSGT’s chief investment officer, Wayne Johnson.
Strategic Storage Growth Trust focuses on the acquisition, development, redevelopment and lease-up of self storage properties. The company’s portfolio currently consists of 14 operating self storage facilities located in seven states with approximately 9,300 units.
