Strategic Storage buys self-storage facility in Pembroke Pines

The 870-unit facility was completed earlier this year

Feb.February 06, 2018 11:30 AM

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.

Related Articles

Andre Agassi and Franklin Academy at 5000 Southwest 207th Terrace (Credit: Getty Images)

Agassi scores again with $61M charter school sale

Jack Owoc and a South Florida Distribution Center Building (Credit: Core5)

Bang: Energy drink company drops $40M on warehouse

701 Northwest 99 Avenue and Bar Invest Group CEO Jacques Barbera (Credit: Google Maps)

Pembroke Pines shopping center sells for $14M

From left: Bastian Laggerbauer and Harry Blyden, with 17720 Pines Boulevard

Argentine investor pays $10M for Pembroke Pines retail/office complex

2965 West Corporate Lakes Boulevard and Black Creek Group CEO Raj Dhanda (Credit: Google Maps, Blue Vault)

TIAA sells Weston warehouse for $33M

Galium Capital managing partner Jacques Bessoudo and Iser Rabinovitz, 9801 Pines Boulevard

Galium Capital pays $21M for Pembroke Pines shopping center

Lloyd Jones’ CEO Chris Finlay with Ventura Pointe

Lloyd Jones pays $56M for Pembroke Pines apartment complex

Raanan Katz and 11460 Pines Boulevard (Credit: Google Maps)

Raanan Katz buys Pembroke Pines shopping center