California REIT buys Punta Gorda self-storage property

A California-based affiliate of one of the largest self-storage real estate investment trusts in the U.S. has acquired a Punta Gorda storage property for $16.85 million, according to Charlotte County property records.

Strategic Storage Trust IV Inc., an affiliate of SmartShop Self Storage REIT Inc., bought the 800-unit property in mid-June.

The seller was an entity controlled by Stockhausen Investments LLC, state records indicate. The property since 2018 had been operating as a Comfort Storage.

Stockhausen converted the property to a self-storage facility from its former use as a Walmart discount store. To convert the 3811 Tamiami Trail building, on 7.9 acres, Stockhausen added a mezzanine level, an interior drive-thru, computerized keypad access, electronic locks, a video surveillance system and a covered recreational vehicle area. Most of the units also are climate controlled.

“It also benefits from its strategic location near the intersection of Tamiami Trail and Jones Loop Road, with very high traffic counts,” says Wayne Johnson, Strategic Storage Trust’s chief investment officer.

Self-storage properties have risen in value in Florida in recent years as an asset class as more residents turn to apartment living and often require additional storage capacity.

And unlike some areas around the U.S., Charlotte County has not experienced an overabundance of self-storage development over the past seven years — further enhancing the value of existing properties to investors and operators.

SkyView Advisors helped negotiate the sale of the 106,169-square-foot property to the REIT.

Strategic Storage Trust currently owns 24 self-storage properties containing roughly 18,000 units nationwide and totaling about two million square feet of space.

SmartShop, the 10th-largest self-storage landlord in the U.S., owns 112 properties in 17 states and Canada valued in excess of $1.6 billion, according to company material.

It also manages another 32 properties in 10 states and Canada that are owned by affiliates or sponsored programs such as Strategic Storage Trust.

In all, SmartShop and its affiliates’ portfolios contain roughly 96,000 self-storage units totaling nearly 11 million square feet, according to the company.