Strategic Storage Growth Trust Inc., a publicly registered non-traded REIT, purchased a newly constructed, 510-unit self storage facility in Sarasota, Florida. The purchase price was not disclosed.
“This newly constructed self storage facility is easily accessible via well-trafficked thoroughfares in Sarasota, including U.S. Route 301,” said H. Michael Schwartz, chairman and chief executive officer. “This modern facility is 100 percent climate controlled and an attractive addition to our growing portfolio of operating properties, which now includes more than 12,400 self storage units in eight states.”
Located at 1027 N. Washington Blvd., the Class A, three-story structure includes approximately 48,000 rentable square feet.
Last week, The DI Wire reported that the REIT purchased two self storage facilities in Asheville, North Carolina for $10.3 million.
Strategic Storage Growth Trust focuses on the acquisition, development, redevelopment and lease-up of self storage properties. The company’s portfolio currently consists of 19 operating self storage facilities located in eight states and three development properties. The REIT went effective in January 2015 and has raised more than $279 million in investor equity before closing in March 2017.