The Real Deal Miami

Strategic Storage buys self-storage facility in Pembroke Pines

The 870-unit facility was completed earlier this year
By Amanda Rabines | February 06, 2018 11:30AM

18804 Pines Blvd Pembroke Pines and Hampshire Real Estate Companies principal Mark S. Rosen (Credit: Hampshire Companies, Strategic Storage)

Real estate investment trust Strategic Storage Growth Trust just paid $15.7 million for a recently completed self-storage facility in Pembroke Pines, property records show.

The 870-unit facility is on the southwest corner of Pines Boulevard and Southwest 186th Avenue. The trade breaks down to about $18,000 per unit.

Records show the seller is Storage Partners of Pembroke Pines, a Delaware limited liability company represented by New Jersey-based Hampshire Real Estate Companies. The seller paid $2.9 million for the 3-acre property in 2016. Records show it scored $8.2 million in construction financing from Stonegate Bank in October.

Strategic Storage, which is sponsored by SmartStop Asset Management LLC, entered a contract to buy the facility from the developer in 2016, according to published reports.

The 84,000-square-foot, climate-controlled facility was completed earlier this year and is made up of two buildings – one two-story building and one three-story building.

Records show the facility was previously leased to HGF Pembroke Pines LLC, which is also represented by Hampshire Companies. Mark S. Rosen signed on behalf of the tenant in an assignment and assumption of ground lease agreement.

Strategic Storage lists 18 self-storage centers in Florida including locations in Delray Beach, Plantation, Doral, Wellington, Royal Palm Beach, Jupiter and Pompano Beach. A spokesperson was not immediately available to comment.

CubeSmart, a Pennsylvania-based self-storage REIT, also recently bought properties in Delray Beach and Oakland Park and will manage a facility under construction near Coral Gables.