Strategic Storage Trust II Buys 11-Property Portfolio
- Jun 07, 2016
Ladera Ranch, Calif.–Strategic Storage Trust II, which is sponsored by SmartStop Asset Management LLC, has purchased 11 self storage facilities located in Florida and Maryland totaling approximately 9,540 units and approximately 985,500 rentable square feet.
“The Mindful acquisition is accretive to our portfolio in many categories — including asking rents and occupancy,” Michael Schwartz, chairman & CEO of SST II, said in a prepared statement. “At 96 percent occupancy, these 11 properties represent a proven income stream with imbedded operational upside.”
Ten facilities are located in Florida and one facility is located in Baltimore, Md. All properties provide easy access with grade level drive-up units, climate controlled units and RV units.
“We like the diversity of these assets across the southern half of Florida,” added Wayne Johnson, CIO for SST II. “There are 10 stores spread amongst five counties, each in dense and established markets. The Baltimore property is in a region that we know well from a historical perspective and fits within our future growth plans.”
The 10 Florida properties included in the portfolio are:
- 189 Linton Blvd., Delray: 900 units, 121,500 square feet.
- 2320 NE 5th Ave., Pompano Beach: 870 units, 114,500 square feet.
- 10719 Southern Blvd., Royal Palm Beach: 850 units, 92,700 square feet.
- 10325 W. Broward Blvd., Plantation: 910 units, 89,800 square feet.
- 2581 Jupiter Park Dr., Jupiter: 820 units, 87,400 square feet.
- 1341 State Rd. 7, Wellington: 730 units, 81,700 square feet.
- 8135 Lake Worth Rd., Lake Worth: 830 units, 78,100 square feet.
- 7755 Preserve Ln., Naples: 800 units, 75,900 square feet.
- 501 NW Business Center Dr., Port St. Lucie: 720 units, 71,800 square feet.
- 10451 NW. 33rd, Doral: 1,030 units, 71,500 square feet.
The Maryland facility is located at 7989 Rossville Blvd. in Baltimore and offers 1,080 units and 100,600 square feet.
Strategic Storage Trust II recently expanded with the acquisition of a portfolio of 27 facilities totaling more than 1.5 million square feet in North Carolina, Florida and Maryland, as well as the purchase of a 530-unit self-storage property in Port St. Lucie, Fla. Earlier this year in February, the public, non-traded REIT acquired three facilities in Greater Toronto. In March, Strategic Storage Trust II bought two additional properties in the same area of Canada, one made up of 460 units in Burlington and one consisting of 740 units in Oakville.
Image courtesy of Security Self-Storage