CubeSmart has entered into an agreement to acquire a portfolio of eight self-storage properties in New York City from Storage Deluxe for $540 million. The portfolio, currently professionally managed by and branded CubeSmart, consists of 780,425 rentable square feet located in Brooklyn, Queens, and the Bronx, N.Y.
“This exciting transaction represents the culmination of our ten-year strategic plan to establish our leading market position in New York City,” commented Christopher Marr, president and CEO. “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.”
Steven Guttman, founder and chairman of Storage Deluxe, commented, “When I began investing in self-storage in 1998, I identified New York City as the best market in the
