CubeSmart Pays $17M for Las Vegas Storage Asset
- Dec 07, 2020
CubeSmart has finalized the $16.8 million acquisition of StorageOne, a 47,481-square-foot facility in Las Vegas. A private investor sold the property, according to Clark County records. The new owner has renamed the property, which will now operate under the CubeSmart brand.
The two-story building came online in 2005 and occupies a 3-acre parcel at 1135 S. Hualapai Way. The property provides climate-controlled and drive-up access units with sizes from 20 to 300 square feet, as well as 300-square-foot parking spaces for RVs, boats and vehicles. The facility has an on-site manager, security cameras and sells packing and moving supplies.
Situated in the West Charleston Boulevard retail corridor, the property is 11 miles west of downtown Las Vegas. There are at least 13 other self storage facilities encompassing more than 800,000 net rentable square feet within a 3-mile radius, according to Yardi Matrix data. Additionally, CubeSmart operates 12 facilities in the larger Las Vegas metro.
In October, CubeSmart completed the $540 million purchase of an eight-property portfolio in New York City. Storage Deluxe sold the assets, which total 780,425 rentable square feet.