Omni Self Storage of Gilbert, sold to CubeSmart

As Reported in Business Real Estate Weekly, March 22, 2013

Gilbert – CubeSmart L.P. in Wayne, Pa. (NYSE:CUBE, Christopher Marr, CEO) paid $6.9 million ($119.63 per foot) to buy a 57,680-square-foot self storage project at 3467 E. Queen Creek Road in Gilbert. The seller was Omni Self Storage of Gilbert LLC in Phoenix (Fritz Beesemyer, Ron Wolfert, Michael Folb, Scott Fey, principals of Omni Ventures, LLC). The 460-space facility was 85 percent occupied at closing. The Gilbert property, which had been operated as Omni Self Storage of Gilbert, will now be part of the CubeSmart chain. The publicly-traded company has more 12,000+ self storage locations across the U.S. The seller developed the Gilbert self storage facility in 2011.