Strategic Continues Florida Expansion
- Jul 19, 2010
July 19, 2010
By Allison Landa, News Editor
Self-storage REIT Strategic Storage Trust Inc. continues to emphasize its focus on the Florida market. The company has acquired a 1,040-unit self-storage facility in the Florida city of Davie and will rebrand it under the SmartStop Self Storage trade name.
Located at 3401 South State Rd, the property contains 122,700 rentable square feet on 8.4 acres. It is comprised of 13 single-story buildings and is currently 78 percent occupied. It also includes a manager’s office with a two-story apartment.
“This acquisition represents our growth strategy across the country,” Strategic chairman and CEO H. Michael Schwartz said when announcing the news. He added that the company plans to continue its focus on major metropolitan areas which offer good long-term value at today’s prices.
Strategic owns five other self-storage facilities in Florida: a 1,550-unit facility in Tallahassee, a a 650-unit facility in Weston, a 700-unit facility outside Pensacola, a 290-unit facility outside Pensacola, and a 1,600-unit facility near downtown Fort Lauderdale.
Strategic, which launched two years ago, has a portfolio that includes 24,500 self-storage units and 3 million rentable square feet of storage. The firm has properties in Alabama, Arizona, California, Florida, Georgia, Kentucky, Mississippi, Nevada, New Jersey, Pennsylvania, South Carolina, Tennessee, Texas and Virginia. Its sponsor is Strategic Capital Holdings, which manages a portfolio of 6.3 million square feet, including 4.6 million square feet of self-storage facilities.