Self-storage real estate investment trust CubeSmart has purchased two self-storage facilities in southern New Jersey. Both will rebranded as CubeSmart Self Storage.
Lumberton Self Storage of Lumberton, N.J., consists of 88,000 square feet in a single story. It contains 723 storage units plus 63 RV parking spaces. Opened in 2004, the facility has undergone multiple expansions based on steady market demand for space.
Mansfield Self Storage of Bordentown, N.J. includes 54,000 square feet and 388 units. The facility has benefited from excellent visibility on busy Route 206.
The seller of the two properties was represented in the transaction by John Barry and John Gilliland of Investment Real Estate LLC, an advisory firm that provides self-storage brokerage, construction, feasibility and consulting services in the northeast and mid-Atlantic states.
CubeSmart owns or manages 508 self-storage facilities nationwide and operates the CubeSmart Network, which consists of approximately 800 additional facilities. According to the Inside Self-Storage Top-Operators List, the company is the fourth largest operator of self-storage facilities in the U.S.