"These facilities represent newer class A properties in prime markets," says H. Michael Schwartz, SSTI's chairman and CEO. "Both properties offer the latest generation of secured climate-controlled self storage featuring convenient access to major roads and interstates."
Built in 2000, the Ft. Lee facility is situated on a 1.2-acre site located at 550 Main St. The three-story property is 88.2% occupied and offers a three-door, drive-in, covered loading/unloading area. Additionally, the property contains a cellular tower, leased to multiple tenants located on the roof.
The Weston facility, meanwhile, was built in 2005 and is situated on a 1.97-acre site located at 16400 State Rd. 84. The four-story building is currently 86.1% occupied and offers 651 climate controlled units.
The City of Weston is located in Western Broward County. Primary access to the facility is provided by Interstates 75 and 595. The Sawgrass Parkway, located just to the north of the facility, connects the area to the Florida Turnpike and Interstate 95. The Weston area is currently undergoing increased development, as evidenced by new construction in the market.
"The Ft. Lauderdale/Miami market is one where we see opportunity," says Wayne Johnson, senior vice president of acquisitions for SSTI. "We are pleased with the high quality storage we can provide to the Ft. Lauderdale/Weston market and surrounding region with this acquisition."
Since the launch of SSTI a year and a half ago, the REITs portfolio has expanded to include 28 properties in 14 states--Georgia, Mississippi, Florida, Virginia, New Jersey, Kentucky, Alabama, Arizona, California, Nevada, Texas, South Carolina, Tennessee and Pennsylvania. The seller of both properties, Chicago Five Properties, LLC, was represented by CB Richard Ellis.
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