Strategic Storage Trust II Buys Florida Property for $17.9 Million
Strategic Storage Trust II Inc., a publicly registered non-traded real estate investment trust sponsored by SmartStop Asset Management LLC, purchased a self storage facility in Boynton Beach, Florida for $17.9 million.
Built in 2004, the three-story Florida facility consists of 940 units totaling approximately 74,800 rentable square feet. The property sits on nearly two acres and is 92 percent occupied.
“We will continue to build income producing portfolios located in top markets like Florida,” said H. Michael Schwartz, chairman and chief executive officer of SST II. “We believe in long-term demographic growth as seen in Boynton Beach, which is key to acquiring self storage properties.”
Located in Palm Beach County, Boynton Beach is a principal city of the Miami-Fort Lauderdale-West Palm Beach, Florida Metropolitan Statistical Area.
In other Strategic Storage Trust II news, the company amended its credit facility with KeyBank. The amended revolving credit facility has a maximum borrowing capacity of $105 million that may be increased to up to $500 million. The initial term is three years, maturing on December 22, 2018, with two one-year extension options.
Strategic Storage Trust II focuses on stabilized self storage properties, and oversees a portfolio of approximately 19,500 self storage units totaling 2 million rentable square feet of storage space.
