The property has been acquired for $14.5 million
October 26, 2017: CubeSmart, a self-storage real estate investment trust and third-party management firm, acquired Four Seasons Self Storage in Oakland Park, Fla.
According to the source, the seller was Warehouse Thirteen LLC, a Fort Lauderdale, Fla.-based firm led by Layne Lott.
The four-story facility has 97,140 total square feet, of which 63,430 square feet is leasable. It includes 542 climate-controlled units, gated entry, individual unit alarms and a drive-in loading area.
Warehouse Thirteen purchased the vacant property in 2007 for $2.4 million, and broke ground on the storage development four years later, the source reported. Lott secured a $4.65 million construction loan from Branch Banking and Trust Co.
CubeSmart owns or manages 910 self-storage facilities across the United States. Its operating portfolio comprises more than 60.5 million square feet.