Strategic Storage Trust II, a non-traded REIT, recently purchased a self storage facility in Tampa $3.2 million or a little over $6,225 per unit. Built in 1985 on a 3.14 acre site, the 514 unit property is located at 9823 West Hillsborough Ave. The 12 building facility was approximately 89% occupied at the time of the sale. Bayview Advisors represented the buyer, SST-II, and the seller, Rainbow Mini-Storage. The SST II portfolio includes approximately 18,500 self storage units and approximately 2 million rentable square feet of storage space.
“We will continue to target self storage assets in this market since Tampa is the second most populous city in Florida,” said Wayne Johnson, chief investment officer for SST II. “We see value-add possibilities and long-term rate growth opportunities at this Tampa property.”
