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."

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

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.