Attached files
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EX-10.1 - EX-10.1 - Strategic Storage Growth Trust, Inc. | d236628dex101.htm |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
Current Report
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 24, 2016
Strategic Storage Growth Trust, Inc.
(Exact name of registrant as specified in its charter)
Commission File Number: 000-55616
Maryland | 46-2335760 | |
(State or other jurisdiction of incorporation) | (IRS Employer Identification No.) |
10 Terrace Road, Ladera Ranch, California 92694
(Address of principal executive offices, including zip code)
(877) 327-3485
(Registrants telephone number, including area code)
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 1.01. Entry into a Material Definitive Agreement.
On August 24, 2016, a subsidiary of Strategic Storage Growth Trust, Inc. (the Registrant) executed a purchase and sale agreement (the San Antonio Sale Agreement) with an unaffiliated third party (the Buyer) for the sale of a self storage facility and industrial warehouse/office space included therein located in San Antonio, Texas (the San Antonio Property). The information in this Item 1.01 description is qualified in its entirety by the full San Antonio Sale Agreement which is attached as Exhibit 10.1 hereto.
The sale price for the San Antonio Property is approximately $15.65 million, less closing costs and disposition fees payable to the Registrants advisor. The Buyer is obligated to make a deposit of $250,000 in connection with the execution of the San Antonio Sale Agreement. The San Antonio Sale Agreement provides for a due diligence period of approximately three months during which the Buyer may terminate the San Antonio Sale Agreement (with a full return of the earnest money), for any reason. The current outside closing date is during the fourth quarter of 2016, although such closing may occur earlier upon satisfaction of certain conditions. The San Antonio Sale Agreement is subject to various contingencies and the Registrant cannot provide assurance whether or when this transaction will occur.
The San Antonio Property was purchased by the Registrant in the first quarter of 2016 as part of a portfolio of four properties. Pursuant to the purchase agreement for the portfolio of properties, the Registrant allocated approximately $12.3 million of the total purchase price of the four properties to the San Antonio Property, excluding acquisition costs. The Registrant will use a portion of the proceeds of the sale of the San Antonio Property to pay down a portion of the Amended KeyBank Credit Facility. The Registrant will use the remainder of the proceeds of the sale of the San Antonio Property (1) to redeem a portion of the Preferred Units of its operating partnership currently outstanding, and/or (2) for other corporate purposes such as to pay distributions and acquire properties.
Item 9.01. Financial Statements and Exhibits
(d) | Exhibits. |
10.1 | San Antonio Sale Agreement |
Signature(s)
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
STRATEGIC STORAGE GROWTH TRUST, INC. | ||||||
Date: August 29, 2016 | By: | /s/ Michael S. McClure | ||||
Michael S. McClure | ||||||
Executive Vice President and Chief Financial Officer |