Strategic Storage Trust IV Inc. (SST IV), a public, non-traded, real estate investment trust (REIT) sponsored by SmartStop Asset Management LLC, has acquired a self-storage facility in the Port St. Lucie, Fla., suburb of Jensen Beach. The former Jensen Mini-Bay Storage was built on nearly 4 acres at 1105 N.E. Industrial Blvd. It comprises about 48,000 square feet in 504 units and 96 boat/RV spaces, according to a press release.
The purchase is the first for SST IV, which launched an initial public offering of approximately $1.095 billion in common stock last month to pursue acquisitions in Canada and the United States.
"This property is an excellent initial acquisition for Strategic Storage Trust IV, as it suits our selective acquisition criteria to a tee," said H. Michael Schwartz, chairman and CEO. "The self-storage facility is 99 percent leased, equipped with interior climate control, well-located near State Route 1, and provides easy access to the St. Lucie River and Jensen Beach to Jupiter Inlet Aquatic Preserve."
Based in Maryland, SST IV intends to invest in self-storage and qualify as a REIT. SmartStop is the asset manager for 104 facilities in Toronto and the United States. Its portfolio comprises approximately 7.7 million rentable square feet.