HOUSTON, TX – HFF announced today that it has closed the sale of the final property in a 22-property Storage Deluxe self storage portfolio.
The portfolio transaction totaled $560 million and was comprised of approximately 1.6 million square feet with assets located in New York, Pennsylvania and Connecticut.
HFF acted as the exclusive advisor to the seller, Storage Deluxe. CubeSmart was the purchaser.
The conclusion of this transaction leaves Storage Deluxe, one of New York’s most recognized self storage brands, with seven operating self storage facilities in the boroughs of New York City and six additional facilities currently under construction.
The HFF investment sales team representing Storage Deluxe was led by senior managing director Aaron Swerdlin.
The legal team representing Storage Deluxe was led by Louis Perfetto of the law firm Cohen & Perfetto.
Storage Deluxe (SD) is a Manhattan-based owner, developer and manager of self storage and art storage facilities.
The company was founded in 1998 by its chairman, Steven Guttman, formerly chairman and CEO of Federal Realty Investment Trust (NYSE:FRT). During the past 13 years, the company’s portfolio grew to include 32 storage facilities with more than two million rentable square feet, 30,000 storage units and more than 150 employees – making it the largest owner of storage facilities in the New York metropolitan area at its peak.
CubeSmart is a self-administered and self-managed real estate investment trust.
CubeSmart owns or manages 520 self storage facilities across the United States and operates the CubeSmart Network, which consists of approximately 850 additional self storage facilities.
According to the 2011 Self Storage Almanac, CubeSmart is one of the top four owners and operators of self storage facilities in the U.S. Additionally, following the Storage Deluxe transaction, CubeSmart is the top owner and operator of self storage facilities in New York City.