NEW YORK CITY-Wayne, Pennsylvania-based CubeSmart has signed a contract to purchase a group of Class A self-storage properties totaling 1.6 million square feet in metropolitan New York City for $560 million from Storage Deluxe. The deal also includes the assumption of debt that amounts to $88 million.
Among the 22 properties, 16 are spread out among three boroughs, 3 are located in suburban Westchester County and 2 are located in Connecticut. The first phase of the deal will be closed during Q4. For the full story, go to Commercial Property Executive .
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