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Cubesmart acquired repossessed self-storage facility in Lake Worth, FL

CubeSmart owns 611 self-storage facilities across the United States


June 1, 2015:  Cubesmart, a publicly traded self-storage real estate investment trust (REIT) bought a repossessed self-storage facility in Lake Worth for a hair under the value of its foreclosed mortgage.


http://www.insideselfstorage.com reports:

CubeSmart has acquired about a dozen self-storage properties in Palm Beach County, Fla., for at least $67 million since late 2012, according to the “Palm Beach Post.” The exact figure is unknown because the REIT hasn’t disclosed the sales prices for all of its real estate deals. Its portfolio in the county comprises nearly 1.3 million square feet, the newspaper reported.


According to the source, the asset was constructed in the year 2006 on 6.1 acres.


The self-storage facility at 1900 6th Ave. South contains 107,010 square feet in over 700 storage units.


CubeSmart owns 611 self-storage facilities across the United States. It also runs the CubeSmart Network, which has over 800 additional self-storage facilities.


Read complete article in: http://www.insideselfstorage.com