LADERA RANCH, Calif.--(BUSINESS WIRE)--Strategic Storage Growth Trust III, Inc. (“SSGT III”), a private company sponsored by an affiliate of SmartStop Self Storage REIT, Inc. (“SmartStop”) that intends to qualify as a real estate investment trust, announced the acquisition of an approximately 78,000 net rentable square foot storage facility located at 18301 N. Tamiami Trail in North Fort Myers, Florida. The property consists of approximately 780 interior, climate-controlled storage units.
Initially constructed in 1955 as a single-tenant industrial warehouse, the facility was converted to storage in October 2022. With strong visibility along N. Tamiami Trail, the single-building, single-story property sees a high traffic volume, with approximately 33,000 vehicles passing by daily. Additionally, more than 3,500 housing starts are in the planning stages within three miles of the store's location, making it a prime location for SSGT III's acquisition strategy.
Commenting on the acquisition, Wayne Johnson, Chief Investment Officer of SSGT III, said, "We are thrilled to expand the SSGT III platform with this acquisition in North Fort Myers. This property is a great addition to our portfolio, providing high-quality storage units in a prime location with excellent visibility and access to the surrounding communities."
The facility is located in proximity to several neighborhoods within five miles, including Porto Vista, Lake Fairways, Coral Lakes, and Sabal Springs. The storage facility is expected to attract many customers from these neighborhoods with its convenient location and high-quality units.
About Strategic Storage Growth Trust III, Inc. (SSGT III):
SSGT III is a Maryland corporation that intends to qualify as a REIT for federal income tax purposes. SSGT III’s primary investment strategy is to invest in growth-oriented self-storage facilities and related self-storage real estate investments in the United States and Canada. As of March 9, 2023, SSGT III has a portfolio of four operating properties in the United States, comprising approximately 3,700 units and 421,600 rentable square feet.
About SmartStop Self Storage REIT, Inc. (SmartStop):
SmartStop Self Storage REIT, Inc. (“SmartStop”) is a self-managed REIT with a fully integrated operations team of approximately 450 self-storage professionals focused on growing the SmartStop® Self Storage brand. SmartStop, through its indirect subsidiary SmartStop REIT Advisors, LLC, also sponsors other self-storage programs. As of March 9, 2023, SmartStop has an owned or managed portfolio of 183 operating properties in 22 states and Canada, comprising approximately 127,600 units and 14.5 million rentable square feet. SmartStop and its affiliates own or manage 25 operating self-storage properties in Canada, which total approximately 22,000 units and 2.2 million rentable square feet. Additional information regarding SmartStop is available at www.smartstopselfstorage.com.
