NEW YORK CITY-In a transaction that spans New York to Connecticut, HFF has closed the sale of a 16-property self-storage portfolio on behalf of Manhattan-based seller Storage Deluxe. CubeSmart purchased the entire portfolio for $357.31 million, which features prime properties in the Bronx, Brooklyn, Queens, Westchester and Fairfield counties.

Under the terms of the contract, HFF says this was the first of two closings involving CubeSmart and Storage Deluxe. The second closing, with a purchase price of approximately $202.7 million, will consist of six assets encumbered with $88 million of secured debt to be assumed by CubeSmart. This closing will take place immediately following the completion of the loan-assumption process and should occur in the first quarter of 2012. The second closing is subject to customary closing conditions, including lender consent with respect to the debt that will be assumed, according to HFF.

The bulk of the sites are located in the Bronx, including 200 E. 135^th St., 1880 Bartow Ave., 255 Exterior St., 1376 Cromwell Ave., 1810 Southern Blvd., 1816 Boston Rd., 955 Bronx River Ave., 1425 Bruckner Blvd. and 1980-1990 White Plains Rd., SEC filings show. The portfolio also includes three properties in nearby Westchester County such as 111 Cedar St., New Rochelle, NY; 3277 Crompond Rd., Yorktown, NY; and 40 Marbledale Rd., Tuckahoe, NY.