Strategic Storage Trust II Inc. (SST II), a self-storage real estate investment trust, has acquired Rainbow Mini Storage in Tampa, Fla., for $3.1 million, or $63.16 per net rentable square foot. The property at 9823 W. Hillsborough Ave. comprises 50,070 net rentable square feet of storage space on 3.14 acres. Built in 1985, it has 12 buildings with 514 drive-up and climate-controlled units.
“We will continue to target self-storage assets in this market since Tampa is the second-most populous city in Florida,” said Wayne Johnson, chief investment officer for SST II. “We see value-add possibilities and long-term rate growth opportunities at this Tampa property.”
SST II and the seller, Rainbow Mini-Storage Inc., were represented by Jay J. Crotty, managing partner, and Thomas A. Doyle, senior vice president, of BayView Advisors.
"The property was owned by the original family [who] built it, but they felt the market conditions were strong enough to warrant selling right now,” Crotty said. “It is in a highly sought-after Tampa location, which made the process very competitive. The property also has significant upside opportunities for occupancy and rate increases for the buyer to capitalize on.”
The SST II portfolio includes 18,500 self-storage units and approximately 2 million rentable square feet of storage space.
Headquartered in Tampa, Fla., BayView specializes in self-storage acquisition, development, facility expansion and renovation, refinancing, and sales.