A private real estate investment trust struck a deal to acquire a newly built self-storage center in Pembroke Pines, which would be its fourth one in Broward County.
Strategic Storage Growth Trust Inc. entered into a contract with an unidentified developer to build a two- and three-story self-storage center with 880 units and 82,000 net rentable square feet. The development site is a three-acre tract at the corner of Pines Boulevard and Southwest 186 Avenue.
Ladera Ranch, California-based Strategic Storage expects construction to commence in May and conclude in the first quarter or second quarter of 2017. The company would acquire the Pembroke Pines property upon issuance of a certificate of occupancy.
“Our firm has a mandate to acquire $300-plus million in certificate of occupancy deals located throughout the United States and Toronto, Canada,” said H. Michael Schwartz, chairman and CEO of Strategic Storage, said in a press release.
SmartStop Asset Management LLC is the sponsor of Strategic Storage. On its website, Strategic Storage lists 10 self-storage centers in Florida including three Broward County locations in Davie, Fort Lauderdale and Weston.