Strategic Storage Trust II Inc. (SST II) locked up the largest self storage property sale so far this year with the $275 million purchase of 11 facilities in Florida and Maryland totaling approximately 9,540 units and approximately 985,500 rentable square feet.
The sale is just the first phase of SST II’s acquisition of a 27-property portfolio from Mindful Storage of Delray Beach, FL.
SST II, which is sponsored by SmartStop Asset Management of Ladera Ranch, CA, funded the purchase with a combination of proceeds from its public stock offering and a drawdown of approximately $100 million under its credit facility with KeyBank.
Blue Vault is just what advisors need to size up the different offerings in the nontraded REIT market. Just as importantly, it’s what the industry needs to encourage best practices among REITs.