REIT acquires local self-storage centers

Cubesmart L.P., a Pennsylvania-based real estate investment trust, recently closed on the purchases of two self-storage centers in Westchester as part of its $560 million acquisition of the metropolitan New York portfolio of Storage Deluxe.

Cubesmart paid some $19.15 million for the Storage Deluxe facility at 3277 Crompond Road in Yorktown and approximately $10.66 million for the self-storage facility at 40 Marbledale Road in Tuckahoe.

Cubesmart in late October announced its agreement to acquire 22 class-A storage facilities in the metro area from Manhattan-based Storage Deluxe. The deal makes the Wayne, Penn.-based REIT the largest owner of self-storage facilities in New York City. The new owner will assume about $88 million of existing secured debt.

The portfolio contains some 1.6 million rentable square feet, including a recently opened 50,000-square-foot property in the Bronx. Excluding that Bronx development, the self-storage portfolio was 84 percent occupied as of June 30, according to Cubesmart.