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.