CubeSmart acquires Storage West platform for $1.69b
CubeSmart has entered into an agreement to acquire 100 percent of the outstanding partnership units of LAACO, the owner of the Storage West platform, for approximately $1.69 billion.
“The Storage West portfolio represents a very strategic transaction that will enhance our portfolio and further diversify our geographic exposure,” said Christopher Marr, president and CEO of CubeSmart. “This immediately accretive transaction is a unique opportunity to acquire a sizable portfolio of high-quality assets across the Southwest. The properties are all in top-40 MSAs that represent key growth markets with strong demographics that perfectly fit our external growth strategy and complement our existing portfolio.”
Storage West is the owner and operator of 59 self-storage assets in the highly desired western markets of Southern California (22), Phoenix (17), Las Vegas (13) and Houston (seven). Two of these properties are owned by two separate joint ventures, each owned 50 pe