Strategic Storage Acquires Miami-Area Asset
- Mar 25, 2020
Strategic Storage Growth Trust II, a private trust affiliated with SmartShop Self Storage REIT, has acquired a 91,400-net-rentable-square-foot facility in Homestead, Fla. A joint venture between Angelo Gordon and Andover Properties sold the asset, according to public records.
The seller acquired the land in 2017 for $1.2 million from a private investor. Subsequently, American Momentum Bank provided the partnership with a $5.9 million construction loan.
Formerly named Storage King USA Self Storage, the new owner has rebranded the property as SmartShop Self Storage. Located on 3 acres at 1235 NE 12th Ave., the 970-unit property comprises four buildings completed in 2019. The facility features climate-controlled, drive-up access and interior units, as well as RV, auto and boat parking. Situated close to U.S. Route 1, the property is 32 miles southwest of Miami.
In November 2019, Strategic Storage Trust IV acquired a four-property portfolio totaling 326,000 square feet in Florida, North Carolina and Virginia. Eastdil Secured represented the seller, Taylor Theus Holdings.