Strategic Storage Growth Trust Buys New Self Storage Facility in South Carolina

Strategic Storage Growth Trust Inc., a publicly registered non-traded real estate investment trust, purchased a 500-unit, newly-constructed self storage facility in the Charleston, South Carolina suburb of Mount Pleasant for $5.7 million.

“The property presents an opportunity to add significant value to the portfolio of Strategic Storage Growth Trust as our professional management team leases up the facility, which is currently approximately 16 percent leased,” said H. Michael Schwartz, chairman and chief executive officer. “This acquisition fits our investment strategy, which is to acquire attractive value-add opportunities.”

Located at 701 Wando Park Blvd., the three-story climate controlled facility is situated on approximately 1.5 acres of land and includes roughly 48,000 rentable square feet.

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 20 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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