Strategic Storage Growth Trust Inc. (SSGT), a public, non-traded, self-storage real estate investment trust sponsored by SmartStop Asset Management LLC, has acquired Custer Storage & Business Center in McKinney, Texas. The 4.1-acre property at 2280 N. Custer Road is in the Dallas-Fort Worth Metropolitan Statistical Area, according to a press release.
Constructed in 2015, the facility contains 10 single-story buildings comprising 95,000 square feet of storage space in 730 units. Security measures include gated entry, electronic building access and security cameras.
“This property is located directly in the population growth path of McKinney and Far North Dallas,” said Wayne Johnson, chief investment officer. “There are numerous mixed-use and planned developments surrounding the facility, bringing thousands of new single-family homes and major retailers to the area. It fits well with our acquisition strategy to strategically acquire properties with the potential for revenue growth and add value through active management.”
SSGT focuses on the acquisition, development, redevelopment and lease-up of self-storage properties. Its portfolio currently consists of 26 storage facilities in 10 states comprising approximately 1.9 million net rentable square feet in 17,300 storage units.
SmartStop is a diversified real estate company with a managed portfolio of 115 self-storage facilities in Canada and the United States. Its managed properties comprise approximately 8.4 million rentable square feet.
Source:
PR Newswire, Strategic Storage Growth Trust, Inc. Acquires 730-Unit Self Storage Facility in The Dallas-Fort Worth Metroplex
