Strategic Storage Growth Trust Expands FL Portfolio

The firm has purchased a 695-unit storage facility in Review, Fla. Marcus & Millichap brokered the sale of on behalf of both parties.

SmartStop Self Storage, Review, Fla.
SmartStop Self Storage, Review, Fla. (as of May 2017)

Strategic Storage Growth Trust Inc., a public, non-traded REIT sponsored by SmartStop Asset Management LLC, has acquired a 695-unit self-storage facility in Review, Fla., a suburb of Tampa. Marcus & Millichap represented the seller and buyer.

The recently completed facility is located at 9811 Progress Blvd., and occupies 3.4 acres, alongside Highway 301, approximately 15 minutes from downtown Tampa. The three-building, multistory facility comprises roughly 54,000 square feet. According to the website of SmartStop Self Storage, the facility includes units ranging from 25 to 200 square feet. Characteristics include climate control, video surveillance, computerized gate or lobby access and keypad entry to individual units.

“A focus of Strategic Storage Growth Trust is to acquire self-storage properties that have the opportunity to add value to our portfolio through active management,” said Wayne Johnson, chief investment officer at SmartStop Self Storage, in prepared remarks. “This newly constructed, Class A property is located in an area with growing demand for self storage and provides an amenities package that we believe will be particularly attractive to our customers.”

Marcus & Millichap’s brokerage team included Michael Mele and Luke Elliott, self-storage investment specialists.

Image courtesy of Google street view