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CubeSmart Pays $540M for Three-Borough Portfolio

CubeSmart agreed to acquire an eight-property self-storage portfolio in New York City for $540 million from Storage Deluxe. The portfolio, already managed by and branded as CubeSmart, consists of 780,425 rentable square feet in Brooklyn, Queens, and the Bronx.

“This exciting transaction represents the culmination of our 10-year strategic plan to establish our leading market position in New York City,” said CubeSmart CEO Christopher P. Marr. “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.”

Payment will include approximately $201.7 million in cash, $183.7 million in Class B operating partnership units, and the assumption of $154.6 million in debt. The deal is expected to close in two tranches, both in the fourth quarter. 

For comments, questions or concerns, please contact Paul Bubny

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition
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