CubeSmart (NYSE: CUBE), a self-administered and managed by their own real estate investment trust focused on storage and storage solutions, announced today that it has entered into a joint venture with a subsidiary of Harrison Street Capital Royal Hacienda Real, LLC ("HSRE").
The facility is located in New York, New Jersey, Pennsylvania, Virginia and Florida. The company recently formed a joint portfolio of nine storage facilities worth $ 90 million. The assets were formerly in the party platform and the company CubeSmart MANAGEMENT continue to operate the assets.
The company contributed approximately $ 14,875,000 in cash in exchange for their participation. The joint venture has approximately $ 60,250,000 of debt that is secured by the property. HSRE contributed nine operations and received approximately $ 14,875,000 in cash in exchange for their participation. CubeSmart HRSE and each has a 50% stake in the joint venture.
"We are building our third party management program as a way to create off-market acquisition opportunities. These properties, which will be renamed with the new logo and signage CubeSmart are another example of high credit standards are investing in the capital as we continue to recycle through our portfolio, "said Christopher Marr, President and Chief Investment CubeSmart. We had an excellent relationship with our new partner and look forward to working with them in the future ".." We are pleased to complete the transaction and distribution activities of joint ventures in our major markets.
The company expects to exceed customer expectations by adding more and more personalized services and technology to some of the best storage spaces around. CubeSmart customization services include care of logistics services, a full service mobile services, organization and administrative support. Storage company facilities are designed to provide storage areas for easy access to affordable, safe and climate controlled storage space for residential and commercial customers, as well as storage and mini storage. According to the 2011 Auto Almanac storage CubeSmart is one of four principal owners and operators of the facilities of the United States self-storage CubeSmart is a self-administered and self-managed real estate investment trust. CubeSmart owns or manages 451 facilities in the United States and operates the CubeSmart, consisting of approximately 813 additional self-storage.
This portfolio is Harrison Street one of the largest managers dedicated to these sectors based on the demographics of real estate. For more information, visit www.harrisonst.com. Harrison Street Real Estate Capital, LLC, a privately held real estate founded in 2005 and has over $ 3.0 billion in assets under management of the products of public and private securities. The company currently has approximately 2700 million real estate portfolio that includes more than 18,000 beds, dormitories, housing for older people 5300 / assisted living units and 62,100 storage units to 1.1 million square feet of office space Medicine Storage and 5000 dry and wet. Segments focus exclusively on education private health funds, and storage of U.S. real estate market.
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