HPI Real Estate Purchases 752-Unit Self-Storage Facility in Palm Beach County
LANTANA, FLA. — HPI Real Estate Services & Investments has purchased a 752-unit, 72,910-square-foot CubeSmart self-storage facility in Lantana. CubeSmart manages the property, which is situated at 420 N. Fourth St., 11 miles south of downtown West Palm Beach. The asset was delivered in 2018 and offers 24-hour video surveillance, climate-controlled units and elevator access. The sales price was not disclosed, though Texas-based HPI says this is the first transaction of its new self-storage acquisition fund, which will acquire more than $125 million of assets over the next 12 months. According to Jon Erickson and Jonathan Vollinger of HPI, the all-cash deal closed in 37 days. Zack Urow and Richard Riddle of SkyView Advisors represented the seller, Florida-based Acorn Mini Storage, in the transaction.