In an all-cash transaction, Strategic Storage Trust Inc., a publicly registered non-traded real estate investment trust targeting the self storage market, acquired a 1,600-unit self-storage facility in Oakland Park, Fla.
“Our fifth Florida acquisition adds to our presence in Broward County, one of the fastest growing areas in the nation,” said H. Michael Schwartz, chairman and CEO. “We’re excited to build our own growing brand here.”
The property, located at 4950 N. Dixie Highway, was developed in 1987 and contains approximately 93,700 net rentable square feet on 2.95 acres. The four-level building is five miles north of downtown Fort Lauderdale, 26 miles north of Miami and adjacent to several freeways. The property has 21 RV parking spaces, a cell tower, digital surveillance, freight elevators, and five units offer storefront retail space.
“The Florida market has significant opportunity,” said Wayne Johnson, senior vice president of acquisitions Strategic Storage Trust Inc. “We are pleased with the high quality of storage we can provide to the Ft. Lauderdale market and surrounding region with this acquisition.”
Strategic Storage Trust Inc. currently owns four other self-storage facilities in Florida:
- 1396 Capital Circle N.E. in Tallahassee. The facility has 23 buildings with 1,550 units.
- 16400 State Road 84 in Weston. The four-story building has 650 units.
- 15 McClure Drive in Gulf Breeze. Includes eight single-story buildings with 700 units.
- 4761 Gulf Breeze Parkway in Gulf Breeze: The four single-story buildings have 290 units.
Since the launch of Strategic Storage Trust Inc. two years ago, the company’s portfolio of wholly-owned properties has expanded to include 30 properties in 14 states. The company’s sponsor is Strategic Capital Holdings, which manages a growing portfolio of over 6.2 million square feet of commercial properties.