Strategic Storage Trust II Expands in Metro Miami
- May 05, 2016
Port St. Lucie, Fla.–Strategic Storage Trust II, which is sponsored by SmartStop Asset Management LLC, has expanded into the Miami-Fort Lauderdale-West Palm Beach metropolitan statistical area with the acquisition of a four-building self-storage facility in Port St. Lucie, Fla.
Luke Elliott, director of the Marcus & Millichap’s National Self Storage Group, along with Michael Mele, senior vice president of investments, both in the firm’s Tampa office, represented the seller, a private investor, and procured the buyer.
“This client success marks 18th transaction for the Mele Group since the beginning of the year,” Elliott said in prepared remarks. “It also shows the continued increase in larger buyers purchasing well-located secondary and tertiary market facilities.”
The property, which totals approximately 530 units and 53,100 rentable square feet, was built in 1999 and was approximately 97 percent occupied at the time of publication. Located at 525 SW South Macedo Blvd., the facility sits on approximately 3.56 acres and offers drive-up, RV spaces and climate controlled units.
“We targeted this self storage facility due to its high occupancy level and solid location,” Michael Schwartz, chairman & CEO of SST II, said in a prepared statement.
Strategic Storage Trust II is a public non-traded REIT that focuses on stabilized self-storage properties. The SST II portfolio includes approximately 27,600 self-storage units and approximately 3 million rentable square feet of storage space.
The REIT’s recent expansions include the $371 million acquisition of a portfolio of 27 facilities totaling more than 1.5 million square feet in North Carolina, Florida and Maryland or the purchase of a facility in the Gulf Coast city of Foley, Ala. in Baldwin County.
Strategic Storage Growth Trust, another affiliate self-storage REIT of SmartStop Asset Management, recently agreed to purchase an upcoming development consisting of 880 climate-controlled storage units in Pembroke Pines, Fla.
Image courtesy of Strategic Storage Trust II