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CubeSmart Buys Self Storage Building in Oakland Park for $14.5 Million

CubeSmart Buys Self Storage Building in Oakland Park for $14.5 Million
Posted: 10/23/2017 Link: BizJournals.com
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CubeSmart, a Pennsylvania-based real estate investment trust that specializes in self storage facilities, just dropped $14.5 million for one in Oakland Park, property records show.

The 97,140-square-foot self storage facility at 5061 Northeast 13th Avenue traded for about $149 per square foot. A store manager at the site confirmed the facility started operating under CubeSmart’s name on Thursday. It was previously called Four Seasons Self Storage.

Fort Lauderdale-based Warehouse Thirteen LLC, led by Layne Lott, was the seller. The entity bought the property in 2007 for $2.4 million, records show. Four years later, Lott broke ground on the four-story building, according to a notice of commencement. Records show Lott secured a $4.65 million construction loan from Branch Banking and Trust Company.

The 542-unit facility has about 63,430 square feet of leasable space. As of June, the facility was 81 percent leased, according to an online listing. Features include climate controlled units, surface parking spaces, gated entry with electronic access control, individual unit alarms and a drive-in loading area.

CubeSmart owns or manages 910 self storage properties across the United States, according to its website. It plans to manage a self storage facility currently under construction in North Gables. The planned facility will span 86,337 square feet and contain 1,139 self storage units.

Self storage real estate has caught the attention of deep-pocketed investors over the past year. Last month, Prudential paid $18.5 million on a new 101,000-square-foot self storage building designed by Blistein Design Associates in Little Havana.

In South Beach, developers Ken Edelman and Alan Potamkin recently opened SoBe Wine & Self Storage, a three-story commercial building offering traditional storage and temperature controlled wine rooms on Alton Road.

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