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14 Dec 2021

CubeSmarts Latest Acquisition

Jack Raistrick

Union Realtime

CubeSmart is a self-administered and self-managed real estate corporation specializing in self-storage facility ownership, management, acquisition, and development in the United States. CubeSmart owns or manages over 1,250 self-storage properties across the United States, and they have recently added to their portfolio having completed the acquisition of Storage West Self Storage.

CubeSmart, previously known as U-Store-It up until 2011, was founded in 2004 and has over 1,250 facilities across the U.S., making them one of the top operators of self-storage facilities in the United States. CubeSmart announced that the acquisition of LAACO, LTD., the owner of the Storage West self-storage platform, had recently been completed. Consequently, meaning that CubeSmart has added 59 high-quality assets to its portfolio with this transaction, including 22 in Southern California, 17 in Phoenix, 13 in Las Vegas, and 7 in Houston. Separate joint ventures hold two of the properties in Southern California, with CubeSmart owning a 50% stake in both.

This acquisition bolsters CubeSmart's presence in key Sunbelt markets, where population growth and strong economic fundamentals are fueling demand for self-storage. The addition of Storage West increases CubeSmart's total storage square footage, and its number of customers. The Storage West platform is known for its high-quality facilities, experienced team, and operational excellence.