CubeSmart has agreed to acquire a portfolio of eight self-storage properties in New York City from Storage Deluxe for $540 million.
The portfolio, managed by CubeSmart, consists of 780,425 rentable square feet located in Brooklyn, Queens and the Bronx, NY.
"This exciting transaction represents the culmination of our ten-year strategic plan to establish our leading market position in New York City," Christopher P. Marr, President and CEO, said in an announcement. "The acquisition of this portfolio expands our presence in attractive submarkets within each outer-borough that have positive demographic trends and a strong growth outlook. The timing of this opportunity allows us to take advantage of strong fundamental trends for self-storage in the boroughs."
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Leslie Shaver
Les Shaver has been covering commercial and residential real estate for almost 20 years. His work has appeared in Multifamily Executive, Builder, units, Arlington Magazine in addition to GlobeSt.com and Real Estate Forum.
