Call them a satisfied customer.
CubeSmart has acquired a newly constructed self-storage facility at 809 Neptune Avenue in Coney Island from New York-based operator Storage Deluxe.
The 139,000-square-foot facility cost the Malvern, PA-based REIT $49 million, according to The Real Deal.
The purchase isn’t the two operators first transaction together; CubeSmart became New York City’s largest self-storage operator back in 2011 when it acquired a portfolio of 21 facilities from Storage Deluxe, 15 of those in New York, for $560 million.
With the latest acquisition, CubeSmart now has 35 facilities in the Big Apple.
Storage Deluxe started developing the Neptune Avenue facility in 2013 after buying the site for $15 million. According to its website, the company has six other locations under development in the city.
Al Harris
Alexander Harris is a reporter covering the business of self-storage. He obtained his degree in journalism from Virginia Commonwealth University. He loves reading Elmore Leonard novels and listening to classic country music. You can call him Al.