Strategic Storage Growth Trust Buys CA Facility
The firm has purchased a 900-unit newly constructed self-storage property located in Chula Vista, Calif., a suburb of San Diego.
By Evelyn Jozsa
2380 Fenton Street, Chula Vista, Calif. (as of June 2017)
Strategic Storage Growth Trust Inc., a public non-traded REIT sponsored by SmartStop Asset Management LLC, has acquired an 86,000-square-foot newly constructed self-storage facility in the San Diego suburb of Chula Vista, Calif.
Strategically located at 2380 Fenton St., the facility occupies 1.5 acres in the Eastlake area, near the South Bay Expressway. The region is densely populated, more than 89,000 people live within a three-mile radius, with only 2.2 square feet of storage space available per capita, according to Yardi Matrix. Additionally, the average household income is approximately $91,389. The three-story facility comprises roughly 900 climate-controlled units and features a covered loading area and drive-up units.
“The Eastlake location is in a high-growth, high-income area of Chula Vista, in close proximity to major retailers and residential developments,” said Wayne Johnson, chief investment officer at SmartStop Asset Management LLC, in prepared remarks. “An excellent fit for our strategic acquisition strategy, this newly constructed facility was acquired by Strategic Storage Growth Trust from its developers following the issuance of a certificate of occupancy and should add significant value to our portfolio.”
Image courtesy of Google Street View
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