Strategic Storage Trust II Inc. (SST II), a public, non-traded, self-storage real estate investment trust (REIT) sponsored by SmartStop Asset Management LLC, has completed its purchase of the 10 Florida facilities and single Maryland facility from Mindful Storage. The acquisition comprises 985,500 rentable square feet of storage space in about 9,540 units.
Update 6/6/16 – SST II has completed its purchase of the 10 Florida facilities and single Maryland facility from Mindful Storage. The acquisition comprises 985,500 rentable square feet of storage space in about 9,540 units. The Maryland facility is Fullerton Self Storage in Baltimore, which contains 100,600 square feet in 1,080 units. The Florida properties are:
- Abby Self Storage, 10451 N.W. 33rd St., Doral—71,500 square feet, 1,030 units
- Cypress Self Storage, 7755 Preserve Land, Naples—75,900 square feet, 800 units
- Mindful Storage, 189 Linton Blvd., Delray—121,500 square feet, 900 units
- Security Self Storage, 2581 Jupiter Park Drive, Jupiter—87,400 square feet, 820 units
- Security Self Storage, 8135 Lake Worth Road, Lake Worth—78,100 square feet, 830 units
- Security Self Storage, 10325 W. Broward Blvd., Plantation—89,800 square feet, 910 units
- Security Self Storage, 2320 N.E. 5th Ave., Pompano Beach—114,500 square feet, 870 units
- Security Self Storage, 501 N.W. Business Center Drive, Port St. Lucie—71,800 square feet, 720 units
- Security Self Storage, 10719 Southern Blvd., Royal Palm Beach—92,700 square feet, 850 units
- Security Self Storage, 1341 State Road 7, Wellington—81,700 square feet, 730 units
“The Mindful acquisition is accretive to our portfolio in many categories, including asking rents and occupancy,” said H. Michael Schwartz, CEO and chairman of SST II. “At 96 percent occupancy, these 11 properties represent a proven income stream with imbedded operational upside.”
“We like the diversity of these assets across the southern half of Florida,” said Wayne Johnson, chief information officer for SST II. “There are 10 stores spread among five counties, each in dense and established markets. The Baltimore property is in a region that we know well from a historical perspective and fits within our future growth plans.”
Update 6/6/16 – SST II has completed its purchase of the 10 Florida facilities and single Maryland facility from Mindful Storage. The acquisition comprises 985,500 rentable square feet of storage space in about 9,540 units. The Maryland facility is Fullerton Self Storage in Baltimore, which contains 100,600 square feet in 1,080 units. The Florida properties are:
- Abby Self Storage, 10451 N.W. 33rd St., Doral—71,500 square feet, 1,030 units
- Cypress Self Storage, 7755 Preserve Land, Naples—75,900 square feet, 800 units
- Mindful Storage, 189 Linton Blvd., Delray—121,500 square feet, 900 units
- Security Self Storage, 2581 Jupiter Park Drive, Jupiter—87,400 square feet, 820 units
- Security Self Storage, 8135 Lake Worth Road, Lake Worth—78,100 square feet, 830 units
- Security Self Storage, 10325 W. Broward Blvd., Plantation—89,800 square feet, 910 units
- Security Self Storage, 2320 N.E. 5th Ave., Pompano Beach—114,500 square feet, 870 units
- Security Self Storage, 501 N.W. Business Center Drive, Port St. Lucie—71,800 square feet, 720 units
- Security Self Storage, 10719 Southern Blvd., Royal Palm Beach—92,700 square feet, 850 units
- Security Self Storage, 1341 State Road 7, Wellington—81,700 square feet, 730 units
“The Mindful acquisition is accretive to our portfolio in many categories, including asking rents and occupancy,” said H. Michael Schwartz, CEO and chairman of SST II. “At 96 percent occupancy, these 11 properties represent a proven income stream with imbedded operational upside.”
“We like the diversity of these assets across the southern half of Florida,” said Wayne Johnson, chief information officer for SST II. “There are 10 stores spread among five counties, each in dense and established markets. The Baltimore property is in a region that we know well from a historical perspective and fits within our future growth plans.”
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