CubeSmart Agrees to Acquire New York City Self-Storage Portfolio for $540M
NEW YORK CITY — Pennsylvania based self-storage REIT CubeSmart (NYSE: CUBE) has entered into an agreement to acquire a portfolio of eight properties in New York City from locally based developer Storage Deluxe for $540 million. The portfolio totals 780,425 net rentable square feet and consists of properties in Brooklyn, Queens and The Bronx that are already managed by CubeSmart. The deal is expected to close during the fourth quarter. CubeSmart will finance approximately 28 percent ($154.6 million) of the sales price with fixed-rate debt.