By Alex Hassel, Storage.com
Self Storage Growth Trust Inc. (SSGT) is ringing in the new year with four new properties. With three acquisitions in Texas and one in Colorado, 2016 seems to have upcoming potential for the company.
It was just before the end of 2015 in late December that SSGT first announced the acquisition of three facilities for $26.7 million. One was in Aurora, Colo., and the other two were in Kingwood and San Antonio, Texas.
The first was an Arrington’s Self-Storage, located at 500 Laredo St. in Aurora, Colo. It has approximately 59,500 square feet in 450 units.
The second was another Arrington’s Self-Storage, this one at 1671 N. Park Dr. in Kingwood, Texas. It offers about 60,100 feet with 470 units.
The third was a Star Storage at 8239 Broadway St. in San Antonio. You’ll find 490 units with around 76,700 square feet there.
In mid-January, SSGT acquired another Star Storage property. SSGT closed on the additional San Antonio facility at 875 E. Ashby Pl. for $12.3 million. This comes with 5,800 square feet of cold storage, 8,300 square feet of rentable office space, and even 9,000 rentable square feet of flex-warehouse space.
The properties will include climate control, drive-up units, and covered RV spaces. The four acquisitions add about 219,400 square feet to SSGT’s portfolio.
“We are pleased to announce the closing deal of these high-quality, growth-oriented facilities and look forward to acquiring more self storage properties in these markets,” says H. Michael Schwartz, Chairman and CEO of SSGT.
“These properties have performed very well historically,” says Wayne Johnson, Chief Investment Officer for SSGT. “We plan on expanding several of the facilities to maximize revenue.”
Johnson adds that the Ashby property is near the city’s historic Pearl Brewery. It’s an area seeing a lot of development, which includes multi-family projects. “We look forward to providing our services to this active community,” he says.
SSGT focuses on the acquisition, development, redevelopment, and leasing of self storage properties. Its portfolio currently consists of 13 storage facilities in six states, comprising approximately 979,000 net-rentable square feet. The company is sponsored by SmartStop Asset Management LLC, a diversified real estate company with facilities in Canada and the United States. Its managed properties comprise approximately 3.6 million rentable square feet.
Source: Inside Self-Storage
Alex Hassel is News Reporter for Storage.com. If you’d like to pitch Alex a self storage industry news story, email alex.hassel@storage.com or call 402-779-7328.
