Home Alts News Strategic Storage Growth Trust Buys New Self Storage Facility Near Miami

Strategic Storage Growth Trust Buys New Self Storage Facility Near Miami

Strategic Storage Growth Trust Inc., a public non-traded real estate investment trust, has purchased an 870-unit self storage facility in the Miami suburb of Pembroke Pines, Florida.

Strategic Storage Growth Trust Inc., a public non-traded real estate investment trust, has purchased an 870-unit self storage facility in the Miami suburb of Pembroke Pines, Florida. The purchase price was approximately $15.7 million, plus closing costs and acquisition fees, according to a filing with the Securities and Exchange Commission.

The Pembroke Pines property was built in 2018 and includes a two-story building and a three-story building situated on three acres of land. The facility totals 84,000 square feet of fully climate-controlled space.

“This acquisition meets the growth-oriented investment strategy of Strategic Storage Growth Trust,” said Wayne Johnson, chief investment officer. “Newly constructed, we acquired the facility from the developer following the issuance of its certificate of occupancy and expect the property to add significant value to our portfolio as it’s leased up in an attractive self storage market.”

Strategic Storage Growth Trust is sponsored by Smartstop Asset Management and focuses on the acquisition, development, redevelopment and lease-up of self storage properties. The company’s portfolio consists of 22 operating self storage facilities and three development properties. The offering launched in January 2015 and raised more than $279 million in investor equity before closing in March 2017.

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