Malvern-based CubeSmart has struck a deal with Storage Deluxe to buy its portfolio of eight self-storage properties in New York for $540 million, writes Natalie Kostelni for the Philadelphia Business Journal.

The properties in Brooklyn, Queens, and the Bronx are already managed by CubeSmart and branded as such. The properties in the portfolio total 780,425 square feet.

This is not CubeSmart’s first such business dealing with Storage Deluxe. The company previously purchased 22 storage facilities from Storage Deluxe eight years ago for $560 million, which marked its first foray into the New York market. That acquisition led the Malvern company into becoming the city’s largest owner and operator of storage facilities.

CubeSmart has grown its business over the years primarily through operating and managing other companies’ self-storage properties and joint venture transactions. However, the company has also developed new properties.

Its portfolio currently consists of 1,246 properties, with its top markets being metropolitan areas such as New York and Chicago.

The company’s latest acquisition from Storage Deluxe is the “culmination of our 10-year strategic plan to establish our leading market position in New York City,” said CubeSmart CEO Christopher P. Marr.

Read more about CubeSmart in the Philadelphia Business Journal here.

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