Harrison Street Real Estate Completes Sale of 22 Properties
Chicago-based Harrison Street Real Estate Capital has completed the first part of a two-tranche, $223 million sale of 26 self storage properties, according to NGKF Capital Markets, which represented the seller and secured the buyer, CubeSmart, a self storage real estate investment trust. The first tranche consists of 1.7 million square feet and includes 22 properties in California, Florida, Illinois, Nevada, New York, Ohio and Rhode Island. Ten of the properties were managed by CubeSmart, 10 by Morningstar and the remaining two were owned via a joint venture with StorQuest. CubeSmart, a self storage real estate investment trust and the fourth largest owner and operator of self storage facilities in the U.S., is expected to close on the second tranche in connection with the repayment of property level financing by the end of March 2015.