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CubeSmart Buys Delray Beach, FL, Self-Storage Facility for $17.8M

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CubeSmart, a self-storage real estate investment trust and third-party management firm, has purchased a newly constructed facility in Delray Beach, Fla., from the builder, Kaufman Lynn Construction. The six-story property at 3195 S. Congress Ave. is near the downtown area and comprises 132,000 square feet of space, according to the source. It sold for $17.8 million.

Kaufman paid $3.2 million last year for the nearly 3-acre property, which is next to the company’s new 23,000-square-foot headquarters at 3185 S. Congress Ave. The new facility is also close to a former Office Depot headquarters, which has been vacant 2008, the source reported.

Florida Community Bank provided the $11.08 million construction loan. 

Last fall, CubeSmart acquired Four Seasons Self Storage in Oakland Park, Fla., for $14.5 million. In addition, a multi-story, mixed-use property that will include a CubeSmart-branded facility is under construction in Winter Park, Fla. Part of the Ravaudage Complex, the site will also feature restaurant and retail components.

CubeSmart owns or manages 910 self-storage facilities across the United States. Its operating portfolio comprises more than 60.5 million square feet.

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