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Strategic Storage Growth Trust Acquires Ground-Up Self-Storage Development in Pembroke Pines, FL

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Update 2/5/18 – SSGT has formally acquired the newly constructed self-storage facility in Pembroke Pines. The SmartStop location is slightly smaller than originally announced, comprising 84,000 square feet in 870 units. The building configuration didn’t change, according to a press release. The project was completed last month.

“[We] expect the property to add significant value to our portfolio as it's leased up in an attractive self-storage market," said Wayne Johnson, chief investment officer.


4/28/16 – Strategic Storage Growth Trust Inc. (SSGT), a public, non-traded real estate investment trust focused on self-storage acquisition and development, has entered into a contract to acquire a ground-up self-storage development in Pembroke Pines, Fla., upon issuance of a certificate of occupancy. The 3-acre tract of land is being constructed by a regional developer, according to a company press release.

The site plan for the property at Pines Boulevard and Southwest 186th Avenue includes a two- and a three-story building totaling 85,000 net rentable square feet in 880 climate-controlled units. Construction begins next month and is expected to be completed in the first or second quarter of 2017, the release said.

"Our firm has a mandate to acquire $300-plus million in certificate-of-occupancy deals throughout the United States and Toronto," said H. Michael Schwartz, CEO and chairman. "Once completed, this new Florida facility will become an excellent addition to our expanding self-storage portfolio."

SSGT focuses on the acquisition, development, redevelopment and lease-up of self-storage properties. Its portfolio currently consists of 13 storage facilities in six states comprising approximately 979,900 net rentable square feet in 8,460 storage units. The company is sponsored by SmartStop Asset Management LLC, a diversified real estate company with a managed portfolio of 68 self-storage facilities in Canada and the United States. Its managed properties comprise approximately 4.7 million rentable square feet.

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