Self-storage real estate investment trust (REIT) and third-party management firm CubeSmart is continuing to expand its brand in Louisiana. The REIT has five Greater New Orleans projects in its pipeline, with two other sites under contract. It also recently opened three facilities in the Lafayette market and has five under construction in the Baton Rouge metro area, according to the source.
In New Orleans, CubeSmart recently closed on three development sites in Jefferson Parish as well as one in the Elmwood subdivision and another on Read Boulevard. The five projects will comprise more than 4,000 storage units, according to Mark Hebert, owner of Kurz & Hebert Commercial Real Estate Inc., who is working with the REIT. “We have a lot more on our plate than the deals that have wrapped up,” he told the source.
CubeSmart’s activity in New Orleans resembles the company’s development strategy in Baton Rouge, which emerged late last year. By the end of December, the REIT had begun projects or purchased land for four sites in Baton Rouge and one in nearby Prairieville, La. Five additional land acquisitions were also being pursued, according to the source.
CubeSmart owns or manages 987 self-storage facilities across the United States. Its operating portfolio comprises more than 60.5 million square feet.
Source:
The New Orleans Advocate, CubeSmart Expanding Presence in New Orleans
