Strategic Storage Growth Trust has closed on the purchase of a recently completed self-storage facility in Pembroke Pines for $15.7 million. Located on the southwest corner of Pines Boulevard and Southwest 186th Avenue, the 870-unit asset traded for $18,050 per lock-up unit. The 84,000 square foot, climate-controlled property is made up of a two-and a three-story building. The seller, Storage Partners of Pembroke Pines, paid $2.9 million for the 3-acre property in 2016. Records show the company secured $8.2 million in construction financing from Stonegate Bank in October. Strategic Storage, which is sponsored by SmartStop Asset Management LLC, entered into a contract to buy the facility from the developer in 2016.
