CubeSmart Acquires Richmond Ave. Project, Say JLL and Cushman & Wakefield
CubeSmart purchased a self-storage facility on Richmond Ave.
HOUSTON – The self-storage advisory teams from Cushman & Wakefield and JLL have completed the sale of the Self Storage 1 portfolio, which includes two properties totaling 158,000 square feet located in Los Angeles and Houston.
National owner-operator CubeSmart LP acquired the portfolio from Cardiff Mason Development, a private development firm based in San Jose, California. The sale was represented by Cushman & Wakefield’s Greg Wells and JLL’s Steve Mellon and Brian Somoza on behalf of the seller.
The Houston asset is located at 5321 Richmond Ave. in the Galleria–Uptown submarket. The site benefits from high visibility and traffic, with a daily vehicle count exceeding 29,000. Within a three-mile radius of the property there are more than 218,000 residents and roughly 2,500 apartment units either under construction or in planning, supporting demand for storage in the trade area.
“This portfolio presented an unusually rare opportunity to acquire two well-located, irreplaceable trophy assets in two of the strongest trade areas in the country,” said Greg Wells.
“Demand for high-quality self-storage assets in top-tier locations remains very strong,” added Steve Mellon.
