Tuesday , 13 November 2018
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Cube Smart Buys Project on Richmond Ave., Reports JLL and Cushman & Wakefield

Cube Smart bought a self-storage facility on Richmond Ave.

HOUSTON – (Realty News Report) – The self storage practice groups of Cushman & Wakefield and JLL have completed the sale of the Self Storage 1 portfolio encompassing two properties with a total of 158,000 SF in Los Angeles and Houston.

CubeSmart LP, a national owner/operator, purchased the portfolio from Cardiff Mason Development, a private development firm based in San Jose, Calif. Cushman & Wakefield’s Greg Wells and JLL’s Steve Mellon and Brian Somoza handled the transaction on behalf of the seller.

The Houston facility, 5321 Richmond Ave. in the Galleria-Uptown area of Houston. The project has a traffic count exceeding 29,000 cars per day. Within three miles of the site, there are more than 218,000 people and approximately 2,500 new apartment units under construction or in planning.

“This portfolio was an extremely rare opportunity to acquire two irreplaceable trophy assets positioned in two of the strongest trade areas in the United States,” said Wells.

“The demand for assets of this caliber in locations this strong remains incredibly high,” commented Mellon.

Oct. 22, 2018 Realty News Report Copyright 2018

 

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