CubeSmart, a self-storage real estate investment trust, recently purchased a four-property portfolio in the Houston area. The self-storage facilities comprise 235,793 square feet. Financial terms were not disclosed. HFF (Holliday Fenoglio Fowler LP) announced the sale and represented sellers Private Mini Storage and Clarion Partners in the joint-venture deal.
Two of the self-storage facilities are in Houston. The Katy Freeway facility has 52,488 square feet and offers 440 self-storage units, 45 wine storage units and 12 RV spaces. The Bellaire Boulevard facility has 52,020 square feet and offers 411 self-storage units, 11 office/warehouse units and eight RV spaces.
The Cypress, Texas, facility has 58,761 square feet and offers 437 self-storage units and nine office/warehouse spaces. The largest of the four properties is in Pearland, Texas. This facility has 72,524 square feet and offers 450 self-storage units and eight office/warehouse spaces.
CubeSmart owns or manages 511 self-storage facilities nationwide and operates the CubeSmart Network, which consists of approximately 850 additional facilities.
Private Mini Storage is a Texas-based self-storage operator with several facilities in Texas and one in North Carolina. The company specializes in climate-controlled units, boat and RV self-storage, small-office warehouses and wine storage.
Based in New York, Clarion Partners is a real estate investment manager. The firm has more than $24 billion in total assets under management for more than 200 international and domestic institutional investors.
HFF, a provider of commercial real estate and capital-markets services, operates out of 21 offices nationwide. The company and its affiliate, HFF Securities LP, are owned by HFF Inc. Together they offer debt placement, investment sales, advisory services, structured finance, private equity, loan sales, and commercial loan servicing.