Strategic Storage Trust II, Inc. (SST II) Acquires Southeast Florida Self Storage Facility for $17.9 Million
BOYNTON BEACH, FL–(Marketwired – Jan 12, 2016) – Strategic Storage Trust II, Inc. (SST II) — which is sponsored by SmartStop Asset Management, LLC — recently purchased a self storage facility consisting of approximately 940 units across approximately 74,800 rentable square feet for approximately $17.9 million located at 3101 South Federal Hwy in Boynton Beach, Fla.
“We will continue to build income producing portfolios located in top markets like Florida,” said H. Michael Schwartz, chairman and CEO of SST II. “We believe in long-term demographic growth as seen in Boynton Beach, which is key to acquiring self storage properties.”
Built in 2004, the three-story Florida facility is approximately 92% occupied and sits on approximately 1.99 acres. The facility offers 100% climate control units.
“This is an institutional quality building at a great location in a densely populated trade area,” said Wayne Johnson, CIO for SST II. “We look forward to working with this asset.”
Located in Palm Beach County, Boynton Beach is a principal city of the Miami-Fort Lauderdale-West Palm Beach, Florida Metropolitan Statistical Area (MST).
About Strategic Storage Trust II, Inc. (SST II)
Strategic Storage Trust II, Inc. (SST II) is a public non-traded REIT that focuses on stabilized self storage properties. The SST II portfolio includes approximately 19,500 self storage units and approximately 2 million rentable square feet of storage space.
About SmartStop Asset Management, LLC
SmartStop Asset Management, LLC is a diversified real estate company with a managed portfolio that currently includes approximately 34,000 self storage units and approximately 3.8 million rentable square feet. The company is the asset manager for 54 self storage facilities located throughout the United States and Canada. SmartStop Asset Management is the sponsor of SST II and Strategic Storage Growth Trust, Inc. (SSGT), a public non-traded REIT focused on opportunistic self storage assets. The facilities offer affordable and accessible storage units for residential and commercial customers. In addition, they offer secure interior and exterior storage units as well as outside storage areas for vehicles, RVs and boats.
This press release may contain certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements can generally be identified by our use of forward-looking terminology such as “may,” “will,” “expect,” “intend,” “anticipate,” “estimate,” “believe,” “continue,” or other similar words. Because such statements include risks, uncertainties and contingencies, actual results may differ materially from the expectations, intentions, beliefs, plans or predictions of the future expressed or implied by such forward-looking statements. These risks, uncertainties and contingencies include, but are not limited to: uncertainties relating to changes in general economic and real estate conditions; uncertainties relating to the implementation of our real estate investment strategy; uncertainties relating to financing availability and capital proceeds; uncertainties relating to the closing of property acquisitions; uncertainties relating to the public offering of our common stock; uncertainties related to the timing and availability of distributions; and other risk factors as outlined in the Company’s prospectus, as amended from time to time. This is neither an offer nor a solicitation to purchase securities.
Strategic Asset Management I, LLC
10 Terrace Rd.
Ladera Ranch, CA 92694
T: (949) 429.6600
F: (949) 429.6606