CubeSmart buys 26 self-storage assets for $223m
CubeSmart has agreed to acquire 26 storage facilities in seven states from Maryland-based HSRE REIT I and HSRE REIT II, managed by Harrison Street Real Estate Capital, for $223 million, according to a Form 8-K filing with the Securities and Exchange Commission. Harrison Street Real Estate Capital declined to comment on the transaction.
The self-storage facilities are located in California, Florida, Illinois, Nevada, New York state, Ohio and Rhode Island, along with related real and personal property.
The properties will be allocated to two groups, with the sales closing in two tranches.
Group one properties contains 22 properties, totaling $195.5 million in sales price, which will be completed by Oct. 31. The purch