Strategic Storage Growth Trust, Inc., a public non-traded real estate investment trust sponsored by SmartStop Asset Management, LLC, announced today its purchase of a 695-unit self storage facility in the Tampa suburb of Riverview, Florida. Marcus & Millichap, a leading commercial real estate investment services firm with offices throughout the United States and Canada, brokered the sale of the new facility, completed earlier this month.
"A focus of Strategic Storage Growth Trust is to acquire self storage properties that have the opportunity to add value to our portfolio through active management," said Wayne Johnson, chief investment officer. "This newly constructed, Class A property is located in an area with growing demand for self storage and provides an amenities package that we believe will be particularly attractive to our customers."
Located at 9811 Progress Blvd., the approximately 3.4-acre property includes approximately 54,000 square feet of space, including more than 28,000 square feet of climate-controlled space. The multistory facility is situated within the U.S. Highway 301 corridor. The property is monitored by video surveillance and includes a computerized gate or lobby access to units, as well as keypad entry to individual units.
Michael A. Mele and Luke Elliott, self storage investment specialists at Marcus & Millichap represented both parties in the sale.
"This transaction resulted after working with the sellers since the mid-2000s, strategically advising and ultimately coordinating the successful sale to a strong operator, creating a very beneficial scenario for the buyer and seller," said Mele.
Riverview is a part of the Greater Tampa Bay Area, one of fastest-growing metropolitan areas in Florida and the nation, according to U.S. News & World Report. Located South of Brandon, Riverview is near recently constructed apartment complexes and residential homes. Riverview is located in Hillsborough County, where the U.S. Census Bureau reports a population growth of 12 percent between 2010 and 2016.
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 23 operating self storage facilities located in 10 states comprising approximately 15,300 self storage units and approximately 1.7 million net rentable square feet of storage space. Additionally, SSGT owns two development properties in the Greater Toronto Area which will 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 Asheville, North Carolina which will be comprised of approximately 650 self storage units and 72,000 net rentable square feet of storage space once completed.