Strategic Storage Growth Trust, Inc., a public non-traded real estate investment trust sponsored by SmartStop Asset Management, LLC, announced today its purchase of an approximately 900-unit self storage facility in the San Diego suburb of Chula Vista, California.
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, located at 2380 Fenton St., 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."
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 24 operating self storage facilities located in 10 states comprising approximately 16,000 self storage units and approximately 1.8 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.