Self-Storage REIT CubeSmart Sells Memphis Facility for $7.9M

Self-storage real estate investment trust CubeSmart recently sold a facility at 2700 Poplar Ave. in Memphis, Tenn., for $7.9 million. The company sold the 119,085-square-foot, Class C storage facility to WCP/DSSH Holdings 16 LLC, an affiliate of Emeryville, Calif.-based Devon Self Storage Holdings LLC.

Built in 1966, the multi-building facility sits on 9.2 acres along the north side of Poplar Avenue at its intersection with Collins Street. The Shelby County Assessor of Propertys 2013 appraisal is $4.5 million.

The sale follows last months flurry of transactions in which CubeSmart sold 10 local storage facilities to affiliates of Devon Self Storage Holdings. The REIT sold the facilities in nine separate Oct. 15 warranty deeds for a combined total of $31.3 million.

Based in Wayne, Pa., CubeSmart owns or manages 518 self-storage facilities across the United States and operates the CubeSmart Network, which consists of more than 700 additional self-storage facilities.

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