Strategic Storage Trust IV Inc. (SST IV), a public non-traded real estate investment trust sponsored by SmartStop Asset Management LLC, has purchased a self-storage facility in Naples, Fla. Olde Naples Self Storage at 275 Goodlette-Frank Road comprises 77,900 net rentable square feet in about 700 units. It includes climate-controlled, drive-up units, vehicle and wine storage, remote-control gate access and two elevators, according to a press release.
"This facility is strategically located close to the heart of Downtown Naples, adjacent to several newly opened and under-construction condominium projects," said Wayne Johnson, chief investment officer. "We believe this will continue to enhance demand for the facility and generate greater value for our investors. Additionally, the facility has served the Naples community for many years, and we look forward to continuing the high level of service that our tenants have enjoyed."
SST IV has been actively acquiring property this year. Recent deals include a 66,400-square-foot property in North Las Vegas, purchased last month, and a 85,000-square-foot facility in Puyallup, Wash., acquired in May.
Based in Maryland, SST IV owns seven self-storage properties comprising about 481,800 net rentable square feet. It intends to invest in a portfolio of self-storage properties in Canada and the United States.
SmartStop is the asset manager for 118 facilities in Canada and the U.S. Its portfolio comprises approximately 8.7 million rentable square feet.
Source:
PR Newswire, Strategic Storage Trust IV Acquires Approximately 700-Unit Self Storage Facility in Naples, Florida
