CubeSmart, a self-storage real estate investment trust, recently purchased 495 Storage in Tewksbury, Mass., for $11.1 million. The three-story facility at 545 Clark Road encompasses 90,000 square feet of storage space. The property is near Interstate 495 and across from a community shopping center. It will be rebranded under the CubeSmart name.
The Tewksbury acquisition—CubeSmart’s fifth in the Greater Boston market—fits with the company’s plan to increase its presence in New England, according to a press release from the Argus Self Storage Sales Network, which brokered the deal. Other purchases include facilities in Boston, Brighton, Medford and Stoneham, Mass. CubeSmart also has facilities under management in southern New Hampshire.
Joseph Mendola, an Argus broker affiliate and senior vice president of NAI Norwood Group in Bedford, N.H., represented the seller, 495 Storage LLC, and assisted CubeSmart in the transaction.
NAI Norwood Group is an affiliate of NAI Global, a managed network of independently owned commercial real estate brokerage firms. The company assists corporations with negotiating leases, sales, business brokerage, investments, relocation, site selection and development.
Argus is a Denver-based network of real estate brokers who specialize in storage properties. Formed in 1994, the company has 36 broker affiliates covering nearly 40 markets.
CubeSmart owns or manages 538 self-storage facilities across the United States and operates the CubeSmart Network, which consists of more than 800 additional self-storage facilities.