Strategic Storage Growth Trust Inc., a publicly registered non-traded real estate investment trust, signed a purchase agreement to buy four self storage facilities for approximately $39 million, plus closing costs and acquisition fees. The sellers, Alamo Heights/Star Storage LP, Borden Park LP, Kingwood Self-Storage LP, and Arrington’s Self Storage of Aurora LP, are unaffiliated third parties.
The four-property portfolio, which totals 279,700 square feet and 1,840 self-storage units, consists of two properties in San Antonio, one in Kingwood, Texas, and one in Aurora, Colorado. The acquisitions are expected to close in the fourth quarter of 2015, and funding will likely be from a combination of net proceeds from the company’s public offering and a credit facility or other debt financing.
Strategic Storage Growth Trust focuses on the acquisition, development, redevelopment and lease-up of self-storage properties. As of June 30, 2015, their portfolio consisted of nine self-storage facilities located in five states comprising approximately 6,620 self-storage units and approximately 700,200 net rentable square feet of storage space.