Strategic Storage Growth Trust III, a private real estate investment trust (REIT) sponsored by SmartStop Self Storage REIT (NYSE:SMA), announced the acquisition of a three-property self-storage portfolio in Spartanburg County, South Carolina.
The portfolio, which totals approximately 179,900 net rentable square feet, includes around 1,580 storage units, the majority of which are climate-controlled, and approximately 120 parking spaces.
The deal was structured through Delaware Statutory Trusts (DSTs).
The facilities, located in high-growth suburban trade areas, benefit from strong household incomes, solid traffic exposure, and favorable population growth trends, making them prime assets in the self-storage market.
The acquisition includes the Boiling Springs facility at 112 McCullugh Road, which spans approximately 53,500 square feet, containing 450 storage units and 66 parking spaces.
The property offers a mix of interior climate-controlled units and exterior drive-up units, with visibility to about 33,000 vehicles daily.
It serves various residential communities in the area, including Boiling Springs, Summit Brown Arrow, and Fingerville.
Another key property is located at 899 E. Main St. in Spartanburg, consisting of five one-story buildings totaling around 50,300 square feet and 410 units.
This facility, benefiting from its proximity to downtown Spartanburg, serves several residential neighborhoods, including Summit Hills and Hillbrook.
The third facility, at 1640 John B. White Sr. Blvd., features a modern three-story building with approximately 76,100 net rentable square feet, offering 720 climate-controlled storage units and 55 parking spaces.
This facility is strategically located to serve the growing neighborhoods of Spartanburg, Arcadia, and Roebuck.