CubeSmart buys Weston self-storage for nearly $12M

Building last traded in 2017 for $8M

CubeSmart CEO Christopher Marr (Google Maps, LinkedIn via CubeSmart)
CubeSmart CEO Christopher Marr (Google Maps, LinkedIn via CubeSmart)

CubeSmart scooped up a Weston self-storage facility for $11.5 million.

The Malvern, Pennsylvania-based company bought the building at 1500 North Park Drive from an affiliate of South Florida real estate investor Leo Ghitis, according to a deed.

The 93,182-square-foot storage facility was built in 1991 on 6 acres, property records show.

Ghitis, through 1500 North Park Drive LLC, bought the building in 2017 for $8 million, a deed shows.

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CubeSmart, led by Christopher Marr, is a publicly traded real estate investment trust that focuses on self-storage, according to its website. It owns roughly 170 storage facilities in Florida, with 58 of those in South Florida.

The latest acquisition continues the company’s expansion in the tri-county area. In 2017, CubeSmart bought a 132,000-square-foot facility at 3195 South Congress Avenue in Delray Beach from Kaufman Lynn Construction for $17.8 million. It still owns the property, according to its website.

Also in 2017, it bought a 97,140-square-foot self-storage facility at 5061 Northeast 13th Avenue in Oakland Park from Warehouse Thirteen, led by Layne Lott, for $14.5 million.

Ghitis has been investing in South Florida real estate for years, focusing on the industrial market. In July 2019, he bought an industrial building at 9315 Northwest 112 Avenue in Medley from North Carolina-based Honeywell for $5.2 million.

Ghitis in May 2019 sold the seven-story Radice III office building at 1000 Corporate Drive in Cypress Creek for $24.1 million.