NORTH SMITHFIELD – A company based in West Palm Beach, Fl. purchased a storage business on Eddie Dowling Highway for $4,447,800 last week, adding the facility to its list of holdings across the country.
The business, previously operated as CubeSmart is now doing business as Storage Rentals of America on a roughly 10-acre lot across the highway from a U-Haul rental facility. The company has rented out climate-controlled self storage units since it was first opened in 2004 .
The sale, filed at Town Hall on Nov. 4, consists of four parcels totaling 10.11 acres. The property is situated in a business highway zone, and was once owned by Peter Tsimortos before the first storage company, New England Self Storage, purchased the vacant land for $325,000 and built the two-story steel-framed buildings.
New England Self Storage sold it to Storage Pros North Smithfield, LLC, based in Michigan, for $3.8 million in 2016, according to town property records.
The lot, at the corner of Eddie Dowling and Route 146, is assessed at $2,386,400 and had a tax bill of $55,316 this year.
The sale was part of a portfolio transfer of 16 facilities across New England, with David Levenfeld, president and CEO of Storage Pros., signing the deal October 29.
SROA was founded in 2013, and now owns and operates approximately 8 million rentable square feet across the country under the brands Storage Rentals of America and Storage Zone.