Strategic Storage Grows Southwest Florida Portfolio

Originally built in 1992 as a retail property, the facility was recently converted into self storage space.
3811 Tamiami Trail. Image via Google Street View

Strategic Storage Trust IV, a private trust affiliated with SmartStop Self Storage REIT, has purchased a 106,000-net-rentable-square-foot self storage property in Punta Gorda, Fla. A private investor sold the asset, according to Yardi Matrix.

The building last changed hands in 2017 for $4.3 million. The then-owner used a $5.2 million acquisition and development loan from First Bank Financial Centre for the adaptive reuse project, which transformed the 1992-built retail property into an 800-unit self storage facility.

Located on 8 acres at 3811 Tamiami Trail, the two-story building has climate-controlled units ranging from 35 to 300 square feet. The property features an on-site manager, interior drive-thru, security cameras, digital locks and covered RV parking. There are at least four other self storage facilities within a 3-mile radius. Additionally, the building is 3 miles from downtown Punta Gorda.

Skyview Advisors Senior Vice President Richard Riddle negotiated the deal on behalf of the seller.

In March, Strategic Storage Growth Trust II completed the $14.4 million acquisition of a 91,400-net-rentable-square-foot facility in Homestead, Fla. A partnership between Andover Properties and Angelo Gordon sold the asset.