Strategic Storage Growth II Expands to Las Vegas
- Nov 05, 2020
Strategic Storage Growth Trust II, a private trust affiliated with SmartStop Self Storage REIT, has made its entry into the Las Vegas market with the acquisition of a newly constructed 950-unit self storage facility. It is the ninth property owned or managed by SmartStop in the Las Vegas area. SmartStop did not release the price or seller.
Wayne Johnson, chief investment officer, said in a prepared statement there is significant multifamily and residential growth in the immediate area that will be beneficial to the asset. Located at 5730 S. Durango Drive south of the Spanish Trail Golf Course, the state-of-the-art air-cooled facility has about 99,300 square feet of space. It is situated at the intersection of Durango Drive and Russell Road near State Route 215 and is well positioned to serve the Spring Valley, Rhodes Ranch, South Summerlin, West Sahara and Sovana areas.
The new property has a sophisticated security system with high-definition camera surveillance, secured and alarmed doors, gated entry, LED lights, ground-floor drive-up units, interior climate-controlled units with two easily accessible large capacity elevators and covered exterior parking for RVs and boats.
SSGT II wholly owns nine self storage facilities comprising approximately 7,000 units and 730,000 square feet of storage space. The REIT also has one operating property in a joint venture in the Toronto area with SmartCentres REIT, one of the largest REITs in Canada.
In September, SSGT II acquired a two-property portfolio totaling 1,580 units and 150,000 square feet in St. Petersburg, Fla., and Lutz, Fla., from Crow Holdings for an undisclosed amount. Crow Holdings had owned the assets in two separate partnerships with private capital firms. The St. Petersburg property is the larger and older of the two with 790 units built in 2018, compared to 750 units at the newly constructed Lutz location.
In March, SSGT II acquired a 970-unit property with 91,400 square feet of space in Homestead, Fla., from a joint venture between Angelo Gordon and Andover Properties. The price was not released. Located on 3 acres across four buildings completed in 2019, the facility was formerly named Storage King USA Self Storage. It now operates as SmartStop Self Storage.
Also in Florida, SmartStop’s Strategic Storage Trust IV REIT, acquired a self storage property in Punta Gorda with 800 units and 106,000 square feet of rentable space from a private investor for an undisclosed price in June.