Strategic Storage Growth Trust Inc., a publicly registered non-traded real estate investment trust, has purchases a 900-unit self storage facility in the San Diego suburb of Chula Vista, California. The purchase price was not disclosed.
Situated on approximately 1.5 acres of land, the property features a three-story building bisected by a covered loading area and has drive-up units lining its exterior. The approximately 86,000-square-foot facility is 100 percent climate controlled.
“The Eastlake location is in a high growth, high income area of Chula Vista, in close proximity to major retailers and residential developments,” said Wayne Johnson, chief investment officer. “An excellent fit for our strategic acquisition strategy, this newly constructed facility was acquired by Strategic Storage Growth Trust from its developers following the issuance of a certificate of occupancy and should add significant value to our portfolio.”
In related news, last month the REIT purchased a 695-unit self storage facility in the Tampa suburb of Riverview, Florida.
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 consists of 23 operating self storage facilities and three development properties. The offering launched in January 2015 and raised more than $279 million in investor equity before closing in March 2017.