Strategic Storage Growth Trust II, Inc. Acquires 660-Unit Self Storage Facility in Seattle Suburb
November 22, 2019
SEATTLE (Nov. 21, 2019) – Strategic Storage Growth Trust II, Inc. (“SSGT II”), a private real estate investment trust sponsored by an indirect subsidiary of SmartStop Self Storage REIT, Inc., announced today its acquisition of a 660-unit self-storage facility in Mill Creek, a suburb of Seattle, Washington.
Located at 16618 Bothell Everett Highway, adjacent to extensive retail services and restaurants, the facility is situated on 7.5 acres of land and comprises approximately 65,400 net rentable square feet of self-storage units and six RV spaces. Positioned south of the Mill Creek retail shops and immediately across from the Laurels at Mill Creek apartment complex, this location has excellent customer accessibility.
Chief Investment Officer Wayne Johnson said they also have the opportunity to significantly expand the facility on the adjacent parcel, and look forward to this being a valuable addition to their expanding portfolio.
About SmartStop Self Storage REIT, Inc.
SmartStop Self Storage REIT, Inc. owned 113 properties as of September 30, with 72,145 storage units. Twelve properties were in the Greater Toronto area, with 9,540 units. The remaining properties were located in 17 different states in the U.S.
On June 26, 2019, the board of directors approved an estimated value per share of common stock of $10.66 for Class A Shares and Class T shares, calculated as of March 31, 2019.
On October 29, 2019, the Company entered into a preferred stock purchase agreement with Extra Space Storage LP, a subsidiary of Extra Space Storage Inc. (NYSE: EXR), where EXR committed to purchase up to $200 million in shares of the Company’s new Series A Convertible Preferred Stock. EXR purchased an initial amount of $150 million on October 29, 2019. The Company intends to use these proceeds to payoff indebtedness, to finance self storage acquisition, development, and improvement pipelines, and for working capital or other general corporate purposes.
Sources: SmartStop Self Storage REIT, Inc., Blue Vault
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