SSGT to Lease up Metro Miami Self-Storage Facility in 2017
Strategic Storage Growth Trust agreed to purchase an upcoming Pembroke Pines development consisting of 880 climate-controlled units upon issuance of a certificate of occupancy.
By Adriana Pop, Associate Editor
Pembroke Pines, Fla.– Strategic Storage Growth Trust Inc., which is sponsored by SmartStop Asset Management LLC, is planning to acquire a ground-up self-storage development located in Pembroke Pines, Fla., upon issuance of a certificate of occupancy.
Strategic Storage Growth Trust Facility in Pembroke Pines
“Our firm has a mandate to acquire $300 million [or more] in certificate of occupancy deals located throughout the United States and Toronto, Canada,” Michael Schwartz, chairman & CEO of SSGT, said in prepared remarks. “Once completed, this new Florida facility will become an excellent addition to our expanding self storage portfolio.”
The property currently consists of a 3-acre tract of land where a self-storage facility will be built by a regional developer. The project will bring a two-story and a three-story building with approximately 880 units and approximately 85,000 net rentable square feet. Construction is expected to begin in May 2016. Scheduled for completion in the first or second quarter of 2017, the new facility will be located at Pines Blvd. & SW 186th Ave. and will offer 100 percent climate-controlled units.
“This will be an outstanding facility with great curb-appeal providing easy access storage to this high end community,” added SSGT’s CIO Wayne Johnson.
The company’s recent portfolio additions include the acquisition of three self-storage facilities in San Antonio; Kingwood, Texas and Aurora, Co. in December, as well as the purchase of a San Antonio property with 385 self-storage units in January.
Rendering courtesy of Strategic Storage Growth Trust
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