A joint venture between CubeSmart and Heitman has sold a 50-facility self-storage portfolio, according to CubeSmart’s second-quarter earnings report.
The sales price is estimated to be $293.5 million. The new owner is SROA Capital Fund VII, managed by West Palm Beach, Fla.–based real estate investment firm SROA Capital.
The 50 facilities — in Florida, Georgia, Michigan, North Carolina, South Carolina and Tennessee — contains 21,787 units across more than 3.15 million net rentable square feet. They’ll now operate under SROA’s Storage Rentals of America brand. Georgia, Michigan, North Carolina and Tennessee are new markets for SROA.
“We had a very active and productive second quarter. Our HVP III venture came full circle, as we and our partner each achieved our strategic objectives for the investment. The venture sold 50 of its 68 stores to an unaffiliated third-party buyer, enabling us to unlock our promoted interest and buy out our partner in t
