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Strategic Storage Growth Trust Buys Self Storage Facility Near Chicago

Strategic Storage Growth Trust Inc., a publicly registered non-traded real estate investment trust, purchased an 82-000-square-foot self storage facility located at 1600 Busse Road in Elk Grove Village, Illinois near Chicago. The purchase price was not disclosed.

The self storage facility includes approximately 760 units plus 40 RV spaces and sits on approximately five acres of land. The facility, which was converted from an industrial building, opened in May of 2016 and had occupancy of approximately 24 percent at the time of acquisition.

“This facility is an ideal fit for our acquisition strategy, allowing for additional economies of scale for operations and future expansion into Illinois,” said H. Michael Schwartz, chairman and CEO of SSGT.

Strategic Storage Growth Trust focuses on the acquisition, development, redevelopment and lease-up of self storage properties. The REIT’s portfolio currently consists of 15 operating self storage facilities located in seven states comprising approximately 10,100 units and approximately 1.5 million rentable square feet of storage space. The portfolio also includes three development properties.

For more Strategic Storage Growth Trust news, please visit their directory page here.