Strategic Storage Trust IV Buys Self Storage Facility in Southwest Florida
Strategic Storage Trust IV Inc., a publicly registered non-traded real estate investment trust sponsored by an affiliate of SmartStop Self Storage REIT Inc., has purchased a recently converted self-storage facility in Punta Gorda, Florida.
Strategic Storage Trust IV Inc., a publicly registered non-traded real estate investment trust sponsored by an affiliate of SmartStop Self Storage REIT Inc., has purchased a recently converted 800-unit self-storage facility in Punta Gorda, Florida. The purchase price was approximately $17.5 million, plus closing and acquisition costs, according to a filing with the Securities and Exchange Commission.
“This facility was recently converted to self-storage and has a unique drive-thru lane that runs the entire length of the building providing tenants fully climate-controlled access to their units,” said Wayne Johnson, chief investment officer.
Completed in September 2018, the self-storage facility totals approximately 106,000 rentable square feet on nearly eight acres of land. Amenities include computerized keypad access, electronic locks, ground-level units, a video surveillance system and covered RV spaces.
In late April 2020, the REIT suspended the primary portion of its public offering, citing uncertainty relating to the ongoing COVID-19 outbreak and its potential economic impact.
Strategic Storage Trust IV owns 24 properties comprising approximately 18,000 self-storage units, as well as one operating property and three parcels of land under development. The REIT’s offering was declared effective in March 2017 and raised approximately $243.2 million in investor equity, as of April 17, 2020.
