Strategic Storage Growth Trust to Convert Vacant Industrial Building into Self Storage Facility

Strategic Storage Growth Trust Inc., a publicly registered non-traded REIT sponsored by SmartStop Asset Management, 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. The purchase price was not disclosed.

“Asheville has been experiencing steady growth in population and per capita income 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 enhances the already strong demand for self storage.”

The property at 3175 Sweeten is located in the Asheville Metropolitan Statistical Area, and once converted, will feature grade level drive-up units and climate controlled units.

Strategic Storage Growth Trust focuses on the acquisition, development, redevelopment and lease-up of self storage properties. The REIT’s portfolio currently consists of 14 operating self storage facilities located in seven states comprising approximately 9,300 self storage units and approximately 1.1 million rentable square feet of storage space. The portfolio also includes three development properties.

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