Venkatesh Jartarkar | Investing.com
Strategic Storage Growth Trust III (SSGT), a private real estate investment trust sponsored by H. Michael Schwartz-led SmartStop Self Storage REIT, has expanded its portfolio with a $19.5 million acquisition of a self-storage facility in Tamarac, Florida. The acquisition took place on Friday, from Blue Vista Capital Management and SouthWestern Property.
The newly built, climate-controlled facility is located at 8251 West McNab Road. Offering 69,000 square feet of space, the site features 760 units and 20 parking spaces. This addition takes SSGT’s portfolio to seven facilities with a total of 5,970 units across North America.
The Tamarac facility is strategically positioned amidst residential properties and is expected to benefit from over 3,000 planned housing starts within a three-mile radius. The local area’s robust seasonal population further contributes to its potential appeal.
Meanwhile, SmartStop Self Storage oversees a much larger collection of 194 properties with 137,000 units. In related news within the same sector, South Florida has seen other significant transactions recently. Merit Hill Capital purchased Pines West Storage Center at 400 Northwest 172nd Avenue in Pembroke Pines for $17 million. Similarly, TPG Real Estate Partners joined forces with Value Store for the joint acquisition of a storage facility at 2400 Glades Circle in Weston.
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