CubeSmart, a publicly traded self-storage real estate investment trust (REIT), has acquired the former Signature Self Storage in Boynton Beach, Fla., for $10.5 million, or $142 per square foot. The property at 7960 Venture Center Way was owned by Herbert F. Kahlert of West Palm Beach, Fla. Kahlert and his family’s estate built the facility in 2007. Situated on 4.85 acres of land, the property is comprised of 73,848 square feet of storage space and is just south of Boynton Beach Boulevard on the east side of the Florida Turnpike.
Kahlert entered into a legal battle with his former wife, the late Patricia Kahlert, in 2010, according to one source. Patricia Kahlert filed a series of lawsuits aimed at her ex-husband’s property holdings, including the self-storage facility. The couple amicably resolved their differences in 2014, and Patricia Kahlert filed releases dismissing the lawsuits. She passed away on June 18 at the age of 68.
The acquisition will be CubeSmart’s fifth facility in Boynton Beach. The REIT also owns a property less than a mile away at 7358 Boynton Beach Boulevard. It has acquired six properties in Palm Beach County, Fla., in less than two years, according to the source. Most recently, it purchased a foreclosed property in Lake Worth, Fla., for $7.3 million.
CubeSmart owns or manages 611 self-storage facilities across the United States and operates the CubeSmart Network, which consists of more than 800 additional self-storage facilities.
- South Florida Business Journal: Journal, CubeSmart Buys Self-Storage Facility in Palm Beach for $10.5M
- The Real Deal: CubeSmart Picks up Boynton Beach Facility for $10.5M