LADERA RANCH, Calif.--(BUSINESS WIRE)--Strategic Storage Growth Trust III, Inc. (“SSGT III”), a private company sponsored by an affiliate of SmartStop Self Storage REIT, Inc. (“SmartStop”) that intends to qualify as a real estate investment trust, announced the acquisition of an approximately 65,800 net rentable square foot storage facility located at 97 State Route 35 in Eatontown, New Jersey. The three-story building consists of approximately 730 interior, climate-controlled storage units.
The Class A building, completed in 2022 on the site of a former roller rink, has strong visibility along State Route 35 with a vehicle count of nearly 30,000 vehicles per day. Additionally, there are multiple large retail anchor tenants in the immediate area, and the Monmouth Mall is within a half-mile drive.
“This facility will provide residents with a safe and secure place to store their belongings, and it will also offer a variety of amenities that are not available at other storage facilities in the area, including climate-controlled units, 24-hour security, video surveillance, and online account access,” said Wayne Johnson, Chief Investment Officer of SSGT III. “We believe this new facility will be a valuable asset to the community and provide value to our stockholders."
The facility is located in proximity to several neighborhoods within five miles, including Tinton Woods, Eaton Brook, West Long Branch, Ocean Port and Shrewsbury. The storage facility is expected to attract many customers from these neighborhoods with its convenient location and high-quality units.
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 United States and Canada. As of May 18, 2023, SSGT III has a portfolio of five operating properties in the United States, comprising approximately 4,400 units and 487,400 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 May 18, 2023, SmartStop has an owned or managed portfolio of 185 operating properties in 22 states and Canada, comprising approximately 128,600 units and 14.7 million rentable square feet. SmartStop and its affiliates own or manage 26 operating self-storage properties in Canada, which total approximately 22,400 units and 2.4 million rentable square feet. Additional information regarding SmartStop is available at www.smartstopselfstorage.com.