Strategic Storage Trust II Acquires Florida Self Storage Facility for $3.2 Million

Strategic Storage Trust II Inc., a publicly registered non-traded real estate investment trust that focuses on stabilized self storage properties, purchased a self storage facility from Rainbow Mini-Storage for $3.2 million in Tampa, Florida.

“The Florida market is ripe with opportunity,” said H. Michael Schwartz, chairman and chief executive officer of SST II. “We are pleased with the high quality of storage we can provide to the Tampa market and surrounding region with this acquisition.”

Built in 1985, the property consists of 514 units across approximately 50,070 rentable square feet. The 12 building facility is 89 percent leased and provides easy access with grade level drive-up and climate control units.

Tampa is a four-county area composed of roughly 2.9 million residents, making it the second largest metropolitan statistical area in the state and the fourth largest in the southeastern United States.

“We will continue to target self storage assets in this market since Tampa is the second most populous city in Florida,” said Wayne Johnson, chief investment officer for SST II. “We see value-add possibilities and long-term rate growth opportunities at this Tampa property.”

Bayview Advisors represented the buyer and the seller.

Strategic Storage Trust II’s portfolio includes approximately 18,500 self storage units and approximately 2 million rentable square feet of storage space.