SSGT II acquires two self storage facilities near Tampa, Florida
Strategic Storage Growth Trust II (SSGT II), a private real estate investment trust sponsored by one of the affiliates of SmartStop Self Storage REIT, has acquired two recently built self storage facilities in St. Petersburg and Lutz in Florida.
The financial terms of the deals were not revealed.
The two self storage facilities comprise a total of around 150,000 square feet of space and 1,580 units.
The St. Petersburg self storage facility, which is located just north of Walmart and near Seminole Park, consists of nearly 790 climate-controlled units.
On the other hand, the Lutz self storage facility houses nearly 750 climate-controlled units and exterior parking for 50 recreational vehicles or boats.
The facilities provide multiple amenities such as interior climate-controlled units, elevators with keypad access for each floor, video surveillance, LED lighting, exterior parking, and others.
Wayne Johnson – chief investment officer of SSGT II said: “These acquisitions represent Strategic Storage Growth Trust II’s continued expansion in the highly attractive Florida market. The Class A facilities are highly visible and located in growth paths adjacent to community retail centers and residential developments.
“These properties are the type of high-quality self storage facilities that Strategic Storage Growth Trust II seeks to acquire on behalf of its investors and we anticipate significant revenue growth from the completion of their lease-up.”