Storage Pros Management LLC, which owns and manages 55 self-storage facilities in six states, has purchased Cumberland Self Storage in Cumberland, R.I., for $4.1 million from Summit Real Estate, a developer, manager and owner of commercial real estate throughout New England. The property at 95 Industrial Road was previously managed by CubeSmart, a publicly traded self-storage real estate investment trust and third-party management firm. Built in the early 2000s, it includes 400 units, climate control, and a retail center that offers moving and packing supplies.
The buyer and seller were represented in the transaction by David and James Stubblebine, principals of The Stubblebine Co./CORFAC International, a real estate firm covering the Greater Boston area.
Founded in 2007, Storage Pros is a privately owned company specializing in the acquisition, development and management of self-storage facilities in the eastern states. The company owns 50 facilities and manages an additional five in Florida, Massachusetts, Michigan, New Hampshire, Rhode Island and Tennessee. The properties comprise more than 3.2 million square feet of storage space, 28,000 units and more than 2,000 vehicle-parking spaces.
Sources:
- Boston Real Estate Times: The Stubblebine Company Sells 400-unit Cumberland Self Storage Facility for $4.1 Million
