Self-storage REIT CubeSmart has signed a deal to buy 26 self-storage facilities from Chicago-based real estate investment firm Harrison Street Real Estate Capital for $223 million.

In June, Harrison Street tapped self-storage broker Aaron Swerdlin of NGKF Capital Markets to find a buyer for the seven-state portfolio. Harrison Street is a Chicago-based real estate investment management firm.

A representative of Harrison Street declined to comment on the deal. Swerdlin couldn’t be reached for comment.

The facilities are in California, Florida, Illinois, Nevada, New York, Ohio and Rhode Island. CubeSmart already manages part of the portfolio; two other companies manage the rest.

Harrison Street has more than $7 billion in real estate assets under management, according to its website. Aside from self-storage, the firm invests in student housing, medical offices and senior housing. In a separate deal announced this week, Harrison Street sold a 12-asset portfolio of medical properties for $283 million.

Harrison Street has taken advantage of the seller’s market for self-storage facilities over the past year. Last October, the company sold a 43-property portfolio it co-owned with Morningstar Properties to Public Storage for $315 million. The following month, Harrison Street sold a 19-facility portfolio.

Deal scheduled to close by next March

CubeSmart will buy the Harrison Street portfolio in two separate transactions, according to a filing with the U.S. Securities and Exchange Commission. The first round will consist of 22 facilities at a price of $195.5 million. That sale is scheduled to close by Oct. 31, 2014. The deal for the remaining four properties is set to close by March 31, 2015.

CubeSmart said it will finance the 26-facility acquisition with cash on hand as well as advances from its $300 million line of unsecured credit.

Before the Harrison Street deal, CubeSmart already had spent $246.6 million on acquisitions this year. With the latest deal, the REIT is on track to more than double the amount it spent last year: $189.8 million.

The deal with Harrison Street stands to be the second largest self-storage acquisition this year, right behind the $240 million purchase of 25 facilities by Public Storage.

Alexander Harris