Strategic Storage Growth Trust III, Inc. (“SSGT III”), a private real estate investment trust sponsored by an affiliate of SmartStop Self Storage REIT, Inc. (“SmartStop”), announced the acquisition of a storage facility in Tamarac, Florida. The facility spans approximately 69,000 net rentable square feet and features a five-story building with approximately 760 interior, climate-controlled storage units.
The location is surrounded by mainly residential homes and apartments with strong visibility along W. McNab Road. The strategic location boasts significant growth potential, with over 3,000 housing starts in the planning stages within a three-mile radius, making it a prime location for SSGT III’s acquisition strategy. Furthermore, the area experiences a robust seasonal population. This newly acquired location is well-positioned to serve the neighborhoods of North Lauderdale, Sunrise, Margate, Palm Aire, Lauderdale Lakes, Coconut Creek and Coral Springs.
Wayne Johnson, Chief Investment Officer of SSGT III, expressed enthusiasm about the acquisition, stating, “The addition of this Class A property presents a remarkable opportunity for SSGT III to expand its position into the Miami-Fort Lauderdale-Pompano market while offering innovative storage solutions to our customers and providing value to our stockholders.”
About Strategic Storage Growth Trust III, Inc. (SSGT III):
SSGT III is a Maryland corporation that has elected to qualify as a REIT for federal income tax purposes. SSGT III’s primary investment strategy is to invest in growth-oriented self-storage facilities and related self-storage real estate investments in the United States and Canada. As of October 18, 2023, SSGT III has a portfolio of six operating properties in the United States, comprising approximately 5,200 units and 556,400 rentable square feet and one operating property in Canada, comprising approximately 770 units and 81,800 rentable square feet.
About SmartStop Self Storage REIT, Inc. (SmartStop):
SmartStop Self Storage REIT, Inc. (“SmartStop”) is a self-managed REIT with a fully integrated operations team of approximately 500 self-storage professionals focused on growing the SmartStop® Self Storage brand. SmartStop, through its indirect subsidiary SmartStop REIT Advisors, LLC, also sponsors other self-storage programs. As of October 18, 2023, SmartStop has an owned or managed portfolio of 194 operating properties in 22 states and Canada, comprising approximately 137,000 units and 15.4 million rentable square feet. SmartStop and its affiliates own or manage 33 operating self-storage properties in Canada, which total approximately 28,800 units and 3.0 million rentable square feet. Additional information regarding SmartStop is available at www.smartstopselfstorage.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20231018529931/en/
Contacts
David Corak
VP of Corporate Finance
SmartStop Self Storage REIT, Inc.
949-429-3331
IR@smartstop.com
