Strategic Storage Growth Trust Inc., a publicly registered non-traded real estate investment trust sponsored by SmartStop Asset Management, acquired vacant land that will be developed into a 780-unit self storage facility in Hamilton, Ontario.
The 3.7-acre site will house a two-story storage facility totaling approximately 81,600 square feet. The building, which will offer interior loaded and 100 percent climate controlled units, is expected to be completed in late 2017.
In other Strategic Storage Growth Trust news, the REIT signed an agreement to purchase a soon-to-be-developed self storage facility in Pembroke Pines, Florida for $15.7 million, plus closing costs and acquisition fees.
The Pembroke Pines property currently consists of a 3-acre tract of land that will be developed by the seller into an 84,750-square-foot self storage with 879 rental units. The purchase is expected to close in the fourth quarter of 2016, or the first quarter of 2017, after construction is complete and a certificate of occupancy has been issued.
Strategic Storage Growth Trust focuses on the acquisition, development, redevelopment and lease-up of self storage properties. The REIT’s portfolio currently consists of 13 operating self storage facilities located in six states comprising approximately 8,460 self storage units and approximately 979,900 net rentable square feet of storage space.
SmartStop Asset Management, LLC is a diversified real estate company with a managed portfolio that currently includes approximately 37,000 self storage units and approximately 4.1 million rentable square feet. The company is the asset manager for 59 self storage facilities located throughout the United States and Toronto, Canada.