Update 2/16/18 – SSGT has completed its purchase of the Pembroke Pines development. The final project includes 84,000 square feet of storage space in 870 climate-controlled units, according to a press release from NKF Capital Markets, the real estate firm that brokered the transaction.
The seller was represented in the deal by Aaron Swerdlin, vice chairman, and Kenneth Cox, executive managing director, for NKF. “As we’ve seen on multiple recent transactions, interest levels remain extremely high for quality, institutionally designed and build self-storage assets,” Swerdlin said. “The diversity and depth of the capital deploying into the space is more knowledgeable than ever before about the product type. That, coupled with sustained operational outperformance relative to other real estate sectors, has led to a robust transaction environment for quality, class-A deals.”
“We have seen some tightening within the transaction market where new supply is a legitimate concern. However, assets and locations like the Pembroke Pines transaction continue to demand the highest-quality pool of capital and industry players,” Cox added.
NKF offers investment sales, transaction management, debt placement, proprietary lending, and appraisal and valuation advisory services. The group has completed more than $6 billion in transactions across more than 540 properties.
Update 2/5/18 – SSGT has formally acquired the newly constructed self-storage facility in Pembroke Pines. The SmartStop location is slightly smaller than originally announced, comprising 84,000 square feet in 870 units. The building configuration didn’t change, according to a press release. The project was completed last month.
“[We] expect the property to add significant value to our portfolio as it's leased up in an attractive self-storage market," said Wayne Johnson, chief investment officer.
04/28/16 – Strategic Storage Growth Trust Inc. (SSGT), a public, non-traded real estate investment trust focused on self-storage acquisition and development, has entered into a contract to acquire a ground-up self-storage development in Pembroke Pines, Fla., upon issuance of a certificate of occupancy. The 3-acre tract of land is being constructed by a regional developer, according to a company press release.
The site plan for the property at Pines Boulevard and Southwest 186th Avenue includes a two- and a three-story building totaling 85,000 net rentable square feet in 880 climate-controlled units. Construction begins next month and is expected to be completed in the first or second quarter of 2017, the release said.
"Our firm has a mandate to acquire $300-plus million in certificate-of-occupancy deals throughout the United States and Toronto," said H. Michael Schwartz, CEO and chairman. "Once completed, this new Florida facility will become an excellent addition to our expanding self-storage portfolio."
SSGT focuses on the acquisition, development, redevelopment and lease-up of self-storage properties. Its portfolio currently consists of 13 storage facilities in six states comprising approximately 979,900 net rentable square feet in 8,460 storage units. The company is sponsored by SmartStop Asset Management LLC, a diversified real estate company with a managed portfolio of 68 self-storage facilities in Canada and the United States. Its managed properties comprise approximately 4.7 million rentable square feet.
Sources:
PR Newswire, Strategic Storage Growth Trust, Inc. Acquires 870-Unit Newly Constructed Self Storage Facility Near Miami, Florida
SYS-CON Media, Strategic Storage Growth Trust, Inc. (SSGT) Enters Into a Contract to Acquire a Ground-Up Self Storage Development in Florida
