CubeSmart Buys 2 Safeguard Self Storage Facilities for $24.8M

CubeSmart, a publicly traded self-storage real estate investment trust (REIT), has acquired two Safeguard Self Storage properties in Baldwin, N.Y., and Ridgefield, N.J., for $11.9 million and $12.9 million, respectively.

CubeSmart, a publicly traded self-storage real estate investment trust (REIT), has acquired two Safeguard Self Storage properties in Baldwin, N.Y., and Ridgefield, N.J., for $11.9 million and $12.9 million, respectively.

The Ridgefield facility at 552 Grand Ave. sits on a 1.21-acre parcel and includes 690 storage units. The property also includes a 1,500-square-foot, three-bedroom residence as well as a 1,800-square-foot space that was previously occupied by a dance studio. The source didn’t include information about the property in New York.

The real estate transaction was brokered by Marcus & Millichap, a commercial property-investment firm. The company has more than 1,500 investment professionals in offices throughout the United States and Canada. The company closed more than 7,600 transactions in 2014 with a value of approximately $33.1 billion.

Founded in 1989 and headquartered in Atlanta, Safeguard operates facilities in Florida, Illinois, Louisiana, New Jersey, New York and Pennsylvania. The company is owned and operated by Morgan Stanley’s Prime Property Fund.

CubeSmart owns or manages 615 self-storage facilities across the United States. Its operating portfolio comprises more than 41 million square feet. The company is listed fourth on the 2015 ISS Top-Operators List, which ranks the industry’s top 100 companies based on total net-rentable square footage.  

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