Strategic Storage Growth Trust III, Inc. Acquires Self Storage Property in San Diego’s Chula Vista, California Market
LADERA RANCH, Calif.–(BUSINESS WIRE)–Strategic Storage Growth Trust III, Inc. (“SSGT III”), a private company that intends to qualify as a real estate investment trust sponsored by an affiliate of SmartStop Self Storage REIT, Inc. (“SmartStop”), announced today the acquisition of an approximately 1,000-unit self storage facility in Chula Vista, California. The Chula Vista location is the third acquisition for SSGT III since it launched in May 2022.
“The acquisition of this brand new, Class A property located in a densely populated area with dated product brings strong value to the SSGT III portfolio and is expected to positively impact stockholders,” said Wayne Johnson, Chief Investment Officer of SSGT III. “We look forward to leveraging the SmartStop brand and our local experience in the greater San Diego market.”
Located at 970 Industrial Blvd., the facility consists of one three-story building and two single-story buildings with approximately 110,000 square feet of rentable space. The unit mix includes interior climate-controlled units and large exterior non-climate-controlled drive-up units. The property has excellent visibility along heavily trafficked Interstate 5 and is well-positioned to serve the neighborhoods of Castle Park, Harbor Side, Sunny Vista and Lynwood Hills.
About Strategic Storage Growth Trust III, Inc. (SSGT III):
SSGT III is a Maryland corporation that intends to qualify as a REIT for federal income tax purposes. SSGT III’s primary investment strategy is to invest in growth-oriented self storage facilities and related self storage real estate investments in the Unites States and Canada. As of December 21, 2022, SSGT III has a portfolio of three operating properties in the United States comprising approximately 2,900 units and 340,000 rentable square feet.
About SmartStop Self Storage REIT, Inc. (SmartStop):
SmartStop Self Storage REIT, Inc. (“SmartStop”) is a self-managed REIT with a fully integrated operations team of approximately 450 self storage professionals focused on growing the SmartStop® Self Storage brand. SmartStop, through its indirect subsidiary SmartStop REIT Advisors, LLC, also sponsors other self storage programs. As of December 21, 2022, SmartStop has an owned or managed portfolio of 179 operating properties in 22 states and Ontario, Canada, comprising approximately 124,800 units and 14.2 million rentable square feet. SmartStop and its affiliates own or manage 22 operating self storage properties in the Greater Toronto Area, which total approximately 19,800 units and 1.9 million rentable square feet. Additional information regarding SmartStop is available at www.smartstopselfstorage.com.
VP of Corporate Finance
SmartStop Self Storage REIT, Inc.