Strategic Storage Expands in Southeast Florida
- Jan 14, 2016
By Adriana Pop, Associate Editor
Strategic Storage Trust II, which is sponsored by SmartStop Asset Management, paid $17.9 million ($240 per square foot) to acquire the property, which consists of 940 climate-controlled units across approximately 74,800 rentable square feet.
Built in 2004, the three-story facility is 92 percent occupied and sits on approximately 1.99 acres. As of a 2015 demographic report, the population within a five-mile radius of the property was 170,271, and the average household income was $65,742.
“This is an institutional quality building at a great location in a densely populated trade area,” Wayne Johnson, CIO for SST II, said in prepared remarks. “We look forward to working with this asset.”
Part of Palm Beach County, Boynton Beach is a principal city of the Miami-Fort Lauderdale-West Palm Beach Metropolitan Statistical Area.
Michael Mele, senior vice president investments, and Luke Elliott, senior associate, both in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the sellers, who are local private investors. Mele and Elliott also represented the buyer.
“The buyer pool from this asset strayed somewhat from the usual suspects, with strong interest from private 1031 buyers and private equity groups that our platform is uniquely positioned to attract,” Mele said in a statement.
“Ultimately, we had multiple, very aggressive buyers bidding. The buyer won with the asset trading for $240 per square foot, a number we can proudly say is a record in the Florida market,” added Elliott.
Image courtesy of Marcus & Millichap