SmartStop Self Storage Affiliate Buys Florida Facility

The property comprises 780 climate-controlled units.

Image of storage units

Image by Adam Winger via Unsplash

Strategic Storage Growth Trust III Inc., a company sponsored by SmartStop Self Storage REIT, has acquired Extra Space Storage, a 78,000-square-foot facility in North Fort Myers, Fla. The previous owner was a private individual, according to Yardi Matrix data. The asset now operates under the SmartStop brand.

Originally built as a warehouse in 1995 and converted to self storage use in 2022, the facility has 780 climate-controlled units ranging from 24 to 352 square feet. On-site amenities include video surveillance, drive-up access and moving carts.

Located at 18301 N. Tamiami Trail, the 4.5-acre property is roughly 8 miles from Fort Myers and 14 miles from Cape Coral. Yardi Matrix information shows this is one of five self storage facilities in a 3-mile radius, totaling 11 rentable square feet per capita.

According to the same data provider, the Southwest Florida Coast supply pipeline features 105 properties which will add some 7.8 million rentable square feet to the region’s inventory. Nationally, 4,626 facilities were under development as of January while street rates continued to decelerate on a year-over-year basis, though at a slower pace.

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