Joint venture of Hines and CubeSmart closes on one of
the United States' largest
self-storage portfolio transactions of 2024i
DALLAS, Jan. 31,
2025 /PRNewswire/ -- Newmark announces the firm
has brokered a recapitalization and new joint venture between Hines
and CubeSmart for a 14-property self-storage portfolio located
across the Dallas-Fort Worth Metroplex. Newmark Vice Chairman and leader of the firm's
National Self Storage Capital Markets practice, Aaron Swerdlin, along with Executive Managing
Director Andrew Warin and team,
advised Hines on the recapitalization.
"As one of the largest national self-storage portfolio
transactions of 2024, this transaction was a testament to the
strength of the Dallas-Fort Worth
market and further validation of the durability and appeal for
high-quality storage assets across the U.S.," said Swerdlin.
"Special thanks to Robb DeJean and
Michael Holder at Hines for their
leadership in getting this transaction across the finish line."
Warin added, "We are proud to have played a key role in bringing
the Hines and CubeSmart partnership to fruition."
The portfolio, which encompasses more than 9,700 units across
over 1.25 million net rentable square feet, is operating under the
CubeSmart Self Storage brand. Strategically situated in key
Dallas-Fort Worth submarkets,
including Arlington and
Plano, the assets capitalize on
rapid population growth and increasing local demand for self
storage solutions.
According to Newmark's Q3 2024 Self-Storage Report, Dallas ranks third for the highest projected
population growth, highlighting the correlation between favorable
macroeconomic trends—such as strong net migration, job growth and
rising household income—and markets with significant investment
activity.
About Hines
Hines is a leading global real
estate investment manager. We own and operate $93.0 billion1 of assets across
property types and on behalf of a diverse group of institutional
and private wealth clients. Every day, our 5,000 employees in 31
countries draw on our 67-year history to build the world forward by
investing in, developing, and managing some of the world's best
real estate. To learn more, visit www.hines.com and
follow @Hines on social media.
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¹Includes both the
global Hines organization and RIA AUM as of June 30,
2024.
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About CubeSmart
CubeSmart (NYSE: CUBE) is a
self-administered and self-managed real estate investment trust.
The Company's self-storage properties are designed to offer
affordable, easily accessible and, in most locations,
climate-controlled storage space for residential and commercial
customers. According to the 2024 Self-Storage Almanac, CubeSmart is
one of the top three owners and operators of self-storage
properties in the United
States.
About Newmark
Newmark Group, Inc. (Nasdaq: NMRK),
together with its subsidiaries ("Newmark"), is a world leader in
commercial real estate, seamlessly powering every phase of the
property life cycle. Newmark's comprehensive suite of services and
products is uniquely tailored to each client, from owners to
occupiers, investors to founders, and startups to blue-chip
companies. Combining the platform's global reach with market
intelligence in both established and emerging property markets,
Newmark provides superior service to clients across the industry
spectrum. For the twelve months ended September 30, 2024, Newmark generated revenues of
approximately $2.6 billion. As of
that same date, Newmark's company-owned offices, together with its
business partners, operated from nearly 170 offices with more than
7,800 professionals around the world. To learn more,
visit nmrk.com or follow @newmark.
Discussion of Forward-Looking Statements about
Newmark
Statements in this document regarding Newmark that
are not historical facts are "forward-looking statements" that
involve risks and uncertainties, which could cause actual results
to differ from those contained in the forward-looking statements.
These include statements about the Company's business, results,
financial position, liquidity, and outlook, which may constitute
forward-looking statements and are subject to the risk that the
actual impact may differ, possibly materially, from what is
currently expected. Except as required by law, Newmark undertakes
no obligation to update any forward-looking statements. For a
discussion of additional risks and uncertainties, which could cause
actual results to differ from those contained in the
forward-looking statements, see Newmark's Securities and Exchange
Commission filings, including, but not limited to, the risk factors
and Special Note on Forward-Looking Information set forth in these
filings and any updates to such risk factors and Special Note on
Forward-Looking Information contained in subsequent reports on Form
10-K, Form 10-Q or Form 8-K.
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i by square
footage, per Newmark Research's analysis of Real Capital Analytics
and CoStar data
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SOURCE Newmark Group, Inc.
