Affiliate companies of California-based Devon Self Storage Holdings LLC recently purchased 10 facilities in Memphis, Tenn., from real estate investment trust CubeSmart for $31.3 million. The properties comprise more than 678,800 square feet and were purchased through nine separate warranty-deed transactions.
The facilities are:
CubeSmart owns or manages more than 500 self-storage facilities across the United States and operates the CubeSmart Network, which consists of more than 700 additional self-storage facilities.
Prior to the acquisitions, Devon Self Storage owned or managed 32 facilities nationwide. The company ranked No. 45 on the Inside Self-Storage 2013 Top-Operator’s List, an annual ranking of the industry’s 100 largest operators based on net rentable square feet. Devon’s entire portfolio comprises more than 2.35 million square feet in 12 states.