What's Happening?
Strategic Storage Growth Trust III, Inc. (SSGT III), a private real estate investment trust, has acquired a portfolio of three self-storage facilities in Spartanburg County, South Carolina. The acquisition includes approximately 179,900 net rentable square feet and 1,580 storage units, with most units being climate-controlled. These facilities are located in well-populated suburban areas with strong household incomes and favorable population growth trends. The acquisition aligns with SSGT III's strategy to invest in high-quality self-storage assets in secondary markets.
Why It's Important?
The acquisition reflects the growing demand for self-storage facilities, driven by demographic growth and residential development in suburban areas. SSGT III's investment in these
properties highlights the potential for long-term value creation in the self-storage sector. The strategic location of these facilities in areas with strong economic indicators suggests a positive outlook for continued operational performance.
