MALVERN, PA — CubeSmart (NYSE: CUBE) and CBRE Investment Management announced the acquisition of a self-storage facility in Phoenix, Arizona, marking the first property in a newly formed $250 million self-storage venture targeting high-growth markets across the United States.
The venture plans to invest in core, core-plus, and value-add self-storage assets nationwide. CubeSmart will manage the properties on behalf of the partnership, applying its operating platform to drive performance and long-term value.
Christopher P. Marr, president and chief executive officer of CubeSmart, said the transaction launches a new relationship with a major institutional investor focused on sustained growth and disciplined capital deployment. He said the venture builds on CubeSmart’s history of collaborative partnerships and reflects its approach to expanding in attractive markets.
Julie Ingersoll, chief investment officer of Americas Direct Real Estate Strategies at CBRE Investment Management, said CBRE IM has been an active self-storage investor and views the sector as a compelling long-term opportunity. She said the firm is launching the joint venture with CubeSmart after reviewing multiple potential investments and cited confidence in CubeSmart’s investment approach and operational capabilities.
The Phoenix acquisition serves as the venture’s entry point as the partners pursue additional self-storage opportunities across major U.S. growth corridors.
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