Strategic Storage Buys 900-Unit Facility
The Garden Grove property offers roughly 95,000 rentable square feet and 59 RV storage spaces.
By Ariela Moraru
12321 Western Ave., Garden Grove, Calif.
Los Angeles—Strategic Storage Growth Trust Inc. has purchased a newly converted, 900-unit self-storage facility in Garden Grove, Calif., for $18.4 million. The new owner is a public, non-traded REIT sponsored by SmartStop Asset Management LLC and has a portfolio encompassing 11,000 self-storage units across approximately 1.3 million net rentable square feet.
Located at 12321 Western Ave., the approximately 3-acre property that opened in March includes roughly 95,000 rentable square feet and 59 RV storage spaces. The asset offers easy access to interstates 5, 405 and 605.
“This self-storage facility is well located in a highly populated urban area that we believe has a consistent demand for storage space,” said Chairman & CEO H. Michael Schwartz in prepared remarks.
Image via Google Earth
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