CubeSmart adds nearly three dozen stores to the self storage company’s Texas footprint
I’m Lauren Gores for StorageMart News. It may be this year’s biggest deal in self-storage.
Cubesmart is buying three dozen mini storage facilities for a total of $326.2 million from Texas-based Private Mini Storage Inc.
Per Inside Self Storage, the company has more than 20,000 units — about 3 million sq. ft. in all.
The Storage Facilitator reports Cubesmart will acquire one of the facilities in North Carolina, the other 35 are in Texas. All will reportedly keep their Private Mini Storage branding.
In its recent third quarter earnings report, CubeSmart reported growth in revenues.
President Christopher Marr said in a statement: “Organic growth remains robust, as highlighted by a continuation of double-digit same-store NOI growth and all-time-high occupancy levels.” (Via Marketwatch)
Cubesmart is the fourth largest self-storage operator in the U.S. It owns or manages nearly 500 self-storage facilities across the country.