Strategic Storage Trust Buys 5 Across the Sun Belt

Strategic Storage Growth Trust III Inc. has acquired five self storage facilities across Florida, Texas and Arizona in Delaware Statutory Trusts. Westport Properties sold three of the assets and Strategic Asset Management the other two, according to Yardi Matrix information.

Units range between 25 and 1,600 square feet across the five properties, all currently operating under the U.S. Storage Centers brand.  

In January there were 3,240 self storage properties in all stages of development nationwide, a recent Yardi Matrix self storage report shows. Out of that total, 783 were under construction, totaling some 60.1 million square feet.

Phoenix had the largest amount of supply underway as of January, representing 6.7 percent of stock. SSGT III’s current acquisition in the market is a 2006-completed property totaling 82,600 net rentable square feet. The 730-unit facility is at 4860 N. 83rd Ave.

The Florida properties

Completed in 1988, the facility in Longwood, Fla., is at 460 Florida Central Parkway, spanning approximately 68,800 net rentable square feet. The property features approximately 560 ground-level, climate-controlled units across eight single-story buildings. The facility is one of 14 within 3 miles, offering residents 9.94 net rentable square feet per capita.  

The second Florida asset is in Orlando, a 101,000-net-rentable-square-foot self storage property located at 6707 Narcoossee Road. Delivered in two phases, in 2003 and 2005, the four single-story buildings encompass a combined 690 ground-level, climate-controlled units. It’s one of 11 self storage facilities within a 3-mile radius, offering residents almost 13 net rentable square feet per capita.  

Last year, Orlando was one of the top 10 markets for self storage deliveries, according to Yardi Matrix data, with more than 1.7 million rentable square feet of storage space completed.

The Texas assets

The facility in Corinth, Texas, is at 3701 Farm to Market Road 2181, featuring 98,100 net rentable square feet. The property consists of 17 single-story buildings and another two two-story buildings comprising a total of 770 units. Completed in two phases, in 2000 and 2005, the facility is one of six available within 3 miles, offering residents some 7.4 net rentable square feet per capita.

The 150,000-net-rentable-square-foot facility in Pasadena, Texas, came online in multiple phases, from 2003 to 2007, at 7906 Spencer Highway. The seven-building property has 860 self storage units and 80 RV units. There are 16 other self storage facilities within a 3-mile radius, offering residents almost 18 net rentable square feet per capita.