Strategic Storage Trust II Buys Florida Self Storage Facility for $9.8 Million

Strategic Storage Trust II Inc., a publicly registered non-traded real estate investment trust, purchased a 530-unit self storage facility in Port St. Lucie, Florida for approximately $9.8 million, plus closing costs and acquisition fees.

“We targeted this self storage facility due to its high occupancy level and solid location,” said H. Michael Schwartz, chairman and chief executive officer of SST II.

Located in the Miami-Fort Lauderdale-West Palm Beach Metropolitan Statistical Area, the 53,100-square-foot, four-building facility sits on nearly 3.6 acres and offers drive-up, RV spaces and climate controlled units. The property was built in 1999 and is approximately 97 percent occupied.

Strategic Storage Trust II focuses on stabilized self storage properties and owns a portfolio of approximately 27,600 self storage units totaling 3 million square feet. The REIT went effective in January 2014 and has raised $327 million since inception, according to the April issue of the Stanger Market Pulse.