CubeSmart, a self-storage real estate investment trust (REIT) and third-party management firm, has purchased two self-storage proprieties in St. Petersburg and Tampa, Fla., for $34.2 million. The acquisition was made by CubeSmart LP, the company’s limited partnership that owns its assets and conducts its operations.
The St. Petersburg property is at 2501 22nd Ave. N. The Tampa property is at 31100 U.S. Highway 19 N. The seller was New York-based Tampa Storage 17 (FL) LLC, according to the source. The company purchased the properties for $17.2 million in November 2012.
CubeSmart now owns nearly 80 properties in Florida, the source reported. The majority are in and around Jacksonville, Miami and Orlando. Prior to the recent acquisitions, the REIT owned four properties in Hillsborough and Pinellas Counties.
CubeSmart owns or manages 708 self-storage facilities across the United States. Its operating portfolio comprises 47.3 million square feet.
- Business Observer: Storage Firm Makes $34 Million Tampa Play