Strategic Storage Growth Trust, Inc. (SSGT), which is sponsored by SmartStop Asset Management, LLC, recently purchased a vacant industrial building in Asheville, North Carolina with the intention of converting it into a self storage facility with approximately 650 units and 72,000 net rentable square feet.
"Asheville has been experiencing steady growth in population for the past 40 years," said H. Michael Schwartz, chairman and CEO of SSGT. "A recent boom in construction projects from apartments, hotels and retail properties has fueled job growth and wages, which is a good indicator of broadening economic health. The constant flow of people moving to the area also enhances the already strong demand for self storage facilities."
The property at 3175 Sweeten is located in the Asheville Metropolitan Statistical Area (MSA) and once converted will provide easy access with grade level drive-up units and climate controlled units.
Strategic Storage Trust II, Inc., which is also sponsored by SmartStop Asset Management -- owns 11 self storage facilities in the Asheville area totaling approximately 4,850 units, 76 buildings and 553,500 net rentable square feet.
About Strategic Storage Growth Trust, Inc. (SSGT)
SSGT is a public non-traded REIT that focuses on the acquisition, development, redevelopment and lease-up of self storage properties. The SSGT portfolio currently consists of 14 operating self storage facilities located in seven states comprising approximately 9,300 self storage units and approximately 1,100,00 net rentable square feet of storage space, two development properties in the Greater Toronto Area to be comprised of approximately 1,700 self storage units and 170,000 net rentable square feet of storage space once completed and one development property in North Carolina to be comprised of approximately 650 self storage units and 72,000 net rentable square feet of storage space once completed.
About SmartStop Asset Management, LLC (SmartStop)
SmartStop is a diversified real estate company with a managed portfolio that currently includes approximately 65,255 self storage units and approximately 7.4 million rentable square feet and approximately $1 billion of real estate assets under management. The company is the asset manager for 102 self storage facilities located throughout the United States and Toronto, Canada. SmartStop is the sponsor of both Strategic Storage Trust II, Inc. and SSGT, both public non-traded REITs focusing on self storage assets. The facilities offer affordable and accessible storage units for residential and commercial customers. In addition, they offer secure interior and exterior storage units as well as outside storage areas for vehicles, RVs and boats. Additional information is available at www.smartstopassetmanagement.com