Crow Holdings Sells Tampa-Area Storage Portfolio
- Sep 25, 2020
Strategic Storage Growth Trust II, a private trust affiliated with SmartStop Self Storage REIT, has completed the acquisition of a two-property portfolio totaling 1,580 units spread across 150,000 square feet in St. Petersburg and Lutz, Fla. The seller, Crow Holdings, had owned the assets in two separate partnerships with private capital firms, according to public records.
The St. Petersburg facility was completed in 2018 on 2 acres at 289 34th St. N. The 790-unit property has a mix of climate-controlled units ranging between 25 and 260 square feet. A joint venture between Crow Holdings and Broome Capital sold the asset, Pinellas County records show. In 2017, Republic Bank & Trust originated a $6.5 million construction loan for the property.
Located on 5 acres at 16900 State Road 54, the Lutz facility was delivered earlier this year. The 750-unit property provides indoor, climate-controlled units with sizes from 25 to 300 square feet, as well as 50,400-square-foot parking spaces for RVs, boats and cars. A partnership between Crow Holdings and Steadfast Capital sold the property, according to Pasco County records. Veritex Community Bank backed the project with a $6 million development loan in 2019.
In June, SmartStop Self Storage finalized the $16.9 million purchase of a 106,169-square-foot facility in Punta Gorda, Fla. The sold asset was a retail building converted into self storage space in 2017.