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CubeSmart, a self-storage real estate investment trust, recently acquired three self-storage facilities in Palm Beach County, Fla., for a combined total of $35 million. The facilities were purchased from companies led by Bruce D. Manley of Blue Bell, Pa., according to the source. Manley owned the facilities for six years and sold them at a 71 percent premium to their combined purchase price, the source reported.
July 10, 2014
1 Min Read
CubeSmart, a self-storage real estate investment trust, recently acquired three self-storage facilities in Palm Beach County, Fla., for a combined total of $35 million. The facilities were purchased from companies led by Bruce D. Manley of Blue Bell, Pa., according to the source. Manley owned the facilities for six years and sold them at a 71 percent premium to their combined purchase price, the source reported.
CubeSmart paid $15 million to Storage Partners of Delray East, $11 million to Storage Partners of Royal Palm and $9 million to Storage Partners of Boynton.
The properties are:
2512 N. Federal Highway, Del Ray Beach, Fla. – Built in 2006, the facility encompasses 141,758 square feet of storage space.
8970 Belvedere Road, West Palm Beach, Fla. – Built in 2003, the property includes 135,439 square feet of storage space.
3010 S. Congress Ave., Boynton Beach, Fla. – The facility encompasses 95,478 square feet of storage space and was built in 2005.
CubeSmart owns or manages 545 self-storage facilities across the United States and operates the CubeSmart Network, which consists of more than 800 additional self-storage facilities. Since 2012, the company has acquired 24 properties in South Florida, the source reported.
Sources:
South Florida Business Journal: CubeSmart Buys Palm Beach County Self-Storage Facilities
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