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SurePoint Self Storage, a regional self-storage operator based in San Antonio, is under contract to buy nearly 3.3 acres in the Houston area for a self-storage facility. The company expects to start building the three-story, 110,000-square-foot facility in late 2014. The site is on Spring Cypress Road in Cypress, TX, a suburb of Houston. SurePoint…

CubeSmart CubeSmart

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…

A+ Storage Hendersonville A+ Storage Hendersonville

Orlando, FL-based storage operator Simply Self Storage has purchased five self-storage facilities in the Nashville, TN, metro area. Simply bought the portfolio from local operator A+ Storage, which still has seven facilities in the area. The deal marks Simply’s entry into the Tennessee self-storage market. Simply is the industry’s ninth largest operator, with more than…

SmartStop SmartStop

Strategic Storage Trust, a private REIT that operates the SmartStop Self Storage brand, has posted the first profitable quarter in its five-year history. “Our top-line growth in same-store revenues and NOI has continued to increase and contributed to our first quarter with positive net income,” said H. Michael Schwartz, chairman, president and CEO of Strategic…

money shaped like an airplane money shaped like an airplane

Three of the four publicly traded self-storage REITs are embracing a special type of development deal that enables them to assume less risk in expanding their portfolios. In what’s called a “certificate of occupancy” deal, or “C/O” for short, a REIT agrees to buy a newly built facility from a developer. The developer assumes the financial burdens…