Strategic Storage Growth Trust Buys Massachusetts Self Storage Facility for $37.5 Million

Strategic Storage Growth Trust Inc., a publicly registered non-traded real estate investment trust, purchased an 840-unit self storage facility in Nantucket, Massachusetts. According to a filing with the Securities and Exchange Commission, the purchase price was $37.5 million, plus closing costs and acquisition fee

“The acquisition of this stabilized property strengthens the balance sheet of Strategic Storage Growth Trust, allowing the REIT to expand its development pipeline and acquire additional properties with certificates of occupancy,” said H. Michael Schwartz, chairman and chief executive officer.

Located at 6 Sun Island Road, the 93,000-square-foot facility was constructed in 2002 on 1.7 acres of land and was approximately 91 percent occupied at the time of acquisition. The facility also includes 17 climate-controlled wine storage units that serve the Nantucket Wine & Food Festival.

Strategic Storage Growth Trust is sponsored by Smartstop Asset Management and focuses on the acquisition, development, redevelopment and lease-up of self storage properties. The company’s portfolio currently consists of 21 operating self storage facilities and three development properties. The REIT went effective in January 2015 and raised more than $279 million in investor equity before closing in March 2017.

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