CubeSmart, a publicly traded self-storage real estate investment trust (REIT), has acquired the former Lake Osborne Self Storage LLC out of foreclosure in Lake Worth, Fla., for $7.3 million. The facility at 1900 6th Ave. South comprises 107,010 square feet in more than 700 storage units. The asset was built in 2006 on 6.1 acres, according to the source.
Investors Warranty of America, an affiliate of global financial-services firm Aegon, seized the property in 2013. Lake Osborne’s mortgage was $7.38 million, the source reported. Aegon provides asset management, life insurance and pensions.
CubeSmart has acquired about a dozen self-storage properties in Palm Beach County, Fla., for at least $67 million since late 2012, according to the “Palm Beach Post.” The exact figure is unknown because the REIT hasn’t disclosed the sales prices for all of its real estate deals. Its portfolio in the county comprises nearly 1.3 million square feet, the newspaper reported.
CubeSmart owns or manages 611 self-storage facilities across the United States and operates the CubeSmart Network, which consists of more than 800 additional self-storage facilities.
Sources:
- Palm Beach Post: Self-Storage Landlord Snaps Up Another Lake Worth Property
- South Florida Business Journal: CubeSmart Buys Repossessed Self-Storage Facility in Palm Beach County
