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South Florida

CubeSmart buys bankrupt Ft. Lauderdale self-storage site

From left: 901 Northwest 1st Street in Fort Lauderdale and 10100 Southwest 216th Street in Miami
From left: 901 Northwest 1st Street in Fort Lauderdale and 10100 Southwest 216th Street in Miami

CubeSmart, a Pennsylvania-based real estate investment trust that specializes in self-storage facilities, acquired a distressed Off Broward Self Storage building for $6 million from an affiliate Fort Lauderdale-based BBX Capital Corp.

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BBX has seized the 81,200-square-foot site at 901 Northwest 1st Street in Fort Lauderdale in bankruptcy, the South Florida Business Journal reported. The building had a $5.72 million mortgage from BankAtlantic. The sister property, RoboVault, was seized as well, but BBX continues to be its owner.

In June, BBX sold the Quantum Village shopping center in Boynton Beach has been sold to an Illinois-based rental management company RMS Properties, as previously reported. [South Florida Business Journal] — Mark Maurer

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BanksFort Lauderdale