HOUSTON, TX – HFF announced that it has closed the sale of a 16-property self storage portfolio in Connecticut, New York and Pennsylvania.
HFF and Louis Perfetto (top right photo), Esq. of the law firm Cohen & Perfetto LLP, represented the seller, Storage Deluxe. CubeSmart purchased the entire portfolio for $357.31 million.
Under the terms of the contract, this was the first of two closings involving CubeSmart and Storage Deluxe. The second closing, with a purchase price of approximately $202.7 million, will consist of six assets encumbered with $88 million of secured debt to be assumed by CubeSmart.
This closing will take place immediately following the completion of the loan-assumption process and should occur in the first quarter of 2012. The second closing is subject to customary closing conditions, including lender consent with respect to the debt that will be assumed.
The HFF investment sales team representing Storage Deluxe was led by senior managing director Aaron Swerdlin (lower left photo).
Contacts:
Aaron A. Swerdlin, HFF Senior Managing Director, (713) 852-3500, aswerdlin@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500
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