06 Jun Strategic Storage Trust II Acquires 11 Self Storage Facilities
By Alex Hassel, Storage.com
Strategic Storage Trust II, Inc. (SST II), a public non-traded REIT sponsored by SmartStop Asset Management, LLC, is strengthening its presence in Maryland and Florida. The REIT has acquired a new self storage facility in Baltimore, as well as ten other facilities throughout Florida. These acquisitions bring approximately 9,540 units and 985,500 rentable square feet to SST II’s portfolio.
“The mindful acquisition is accretive to our portfolio in many categories, including asking rents and occupancy,” says H. Michael Schwartz, Chairman and CEO of SST II. “At 96% occupancy, these 11 properties represent a proven income stream with embedded operational upside.”
The company also chose the locations due to the amenities they provide like easy access drive-up units, climate-controlled units, and RV parking spaces.
“We like the diversity of these assets across the southern half of Florida,” says Wayne Johnson, CIO for SST II. “There are ten stores spread among 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 new additions include:
- 1,080 units with 100,600 square feet at 7989 Rossville Blvd., Baltimore.
- 900 units with 121,500 square feet at 189 Linton Blvd., Delray
- 1,030 units with 71,500 square feet at 10451 NW. 33rd St., Doral
- 820 units with 87,400 square feet at 2581 Jupiter Park Dr., Jupiter
- 830 units with 78,100 square feet at 8135 Lake Worth Rd., Lake Worth
- 800 units with 75,900 square feet at 7755 Preserve Ln., Naples
- 910 units with 89,800 square feet at 10325 W. Broward Blvd., Plantation
- 870 units with 114,500 square feet at 2320 NE 5th Ave., Pompano Beach
- 720 units with 71,800 square feet at 501 NW Business Center Dr., Port St. Lucie
- 850 units with 92,700 square feet at 10719 Southern Blvd., Royal Palm Beach
- 730 units with 81,700 square feet at 1341 State Rd. 7, Wellington
SST II main effort is to acquire established self storage properties. The company’s portfolio includes around 39,630 storage units with approximately 4.3 million square feet of storage space.