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South Florida

Self-storage REIT scoops up newly built Tamarac facility for $20M

Buyer Strategic Storage Growth Trust III is sponsored by affiliate of SmartStop

Blue Vista, SouthWestern Sell Tamarac Self-Storage
(L-R) SouthWestern Property Corp.’s Mark Campbell, Blue Vista Capital Management’s Robert Byron and SmartStop Self Storage REIT’s H. Michael Schwartz with a SmartStop Self Storage Facility (SmartStop Self Storage REIT, SouthWestern Property Corp., Blue Vista Capital Management, )

Strategic Storage Growth Trust III bought a newly built self-storage facility in Tamarac for $19.5 million. 

The private real estate investment trust, sponsored by Ladera Ranch, California-based SmartStop Self Storage REIT, bought the five-story building at 8251 West McNab Road from Blue Vista Capital Management and SouthWestern Property, according to records and real estate database Vizzda. 

Completed this year, the 69,000-square-foot climate-controlled facility has 760 units and 20 parking spaces, Vizzda records show. Blue Vista and SouthWestern bought the 1.4-acre development site in 2020 for $3.5 million, according to records. 

The purchase breaks down to $230 per square foot. 

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The buyer, Strategic Storage Growth Trust III, has a portfolio spanning seven facilities in North America with a combined 5,970 units, according to a release announcing the Tamarac purchase. Led by H. Michael Schwartz, SmartStop Self Storage sponsors self-storage investments through its SmartStop REIT Advisors affiliate and has a portfolio spanning 194 properties with 137,000 units in North America, according to the release and SmartStop’s website. 

Chicago-based Blue Vista is a real estate equity and credit investment firm, as well as a student housing investor, according to its website. It is led by Robert Byron. 

Denver-based SouthWestern is a development firm focused on multifamily, self-storage and other asset classes, according to its website. It’s led by Mark Campbell. 
South Florida’s self-storage market has experienced some investment sales in recent years. Last year, Merit Hill Capital picked up Pines West Storage Center at 400 Northwest 172nd Avenue in Pembroke Pines for $17 million. Also last year, TPG Real Estate Partners and Value Store paid $18.5 million for the facility at 2400 Glades Circle in Weston.

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Broward CountyIndustrialSelf StorageSouth Florida Industrial MarketTamarac