CubeSmart, a self-storage real estate investment trust, recently acquired a storage property in Boston for $23.1 million. The facility is next to the Chelsea Street drawbridge and was purchased from a limited-liability company controlled by The Grossman Cos. Inc., a family-owned real estate investment, management and brokerage firm based in New England, according to the source.
The facility at 150 McClellan Highway was previously branded as Extra Space Storage, the source reported. The property does not appear on the Extra Space website but is listed by CubeSmart as one of its Boston facilities.
The deal included the land and the storage facility. The lot is comprised of three smaller parcels totaling 84,000 square feet and includes rights-of-way through parts of it, according to the source. The facility offers 1,100 storage units.
David Grossman of The Grossman Cos. told the source his firm had put significant capital into the asset and was pleased with the deal. His company owns and manages approximately 2 million square feet of commercial and residential property in New England, according to its Facebook page.
CubeSmart owns or manages 562 self-storage facilities across the United States and operates the CubeSmart Network, which consists of more than 800 additional self-storage facilities.
Sources:
- Boston Business Journal: Self-Storage Giant Buys East Boston Parcel for $23.1 Million
