NEW YORK—CPA: 17-Global, a publicly held, non-traded REIT affiliate of W.P. Carey & Co. LLC, has acquired five self-storage facilities, comprising a total of approximately 385,000 sq. ft. and located in Louisiana, Mississippi and Alabama. The total purchase price was approximately $17 million.
Three properties are located in Louisiana, one is in Mississippi and one is in Alabama. The properties will be managed by CubeSmart's self-storage property management division.
Commenting on the investment, W. P. Carey President and CEO Trevor Bond noted, "The addition of these assets adds both diversity and further stability to our portfolio, in line with our objective of providing consistent long-term income and is a strong addition to our managed funds."
W.P. Carey & Co. LLC is an investment management company that provides long-term sale leaseback and build-to-suit financing for companies worldwide and manages a global investment portfolio of approximately $12.5 billion.
CubeSmart is a self-administered and self-managed real estate investment trust. The company owns or manages 475 self-storage facilities across the U.S. and operates the CubeSmart Network, which consists of approximately 850 additional self-storage facilities.