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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
- ◦Sale/Acquisition

