For Immediate Release: July 26, 2018
CubeSmart opens state of the art self-storage facility in Cranston
Mayor Fung applauds Proccacianti Group, Bluedog Capital Partners for investment in Cranston
RHODE ISLAND – CubeSmart is proud to announce the grand opening of their newest 81,000 square foot property which includes a state of the art, climate controlled self-storage facility, a second single-story storage facility, and a 5,500 square foot retail building on Phenix Avenue in Cranston. This is the first phase of a mixed-use project focused on storage solutions that will contain 130,000 square feet of buildings on a 14.9 acre site. Construction of the facility generated 200 construction jobs from over three dozen local businesses, and will bring 2 permanent jobs as well as contribute to the demand for the district manager and asset manager in the area.
The project also contains an efficient and sustainable source of power provided by rooftop solar panels.
“We are proud to bring this best in class self-storage facility to Cranston,” said Richard Tasca, Legal Counsel for Bluedog Capital Partners. “It showcases Bluedog Capital Partners’ investment in local economic development and job creation here in Cranston.”
This almost 10 million dollar project was developed in partnership with Proccacianti Group and Bank Newport. All parties involved had a commitment to bringing this innovative facility to a location at the intersection of I-95 and-I295 and at the gateway of Western Cranston.
Cranston Mayor Allan Fung attended the CubeSmart grand opening. “We are excited that CubeSmart is opening here in Cranston with such an impressive facility and property,” Mayor Fung said. “The commitment by multiple parties to bring this scale of development to Cranston shows the economic vitality of our community.”
About CubeSmart: Headquartered in Malvern, Pennsylvania, CubeSmart is the fourth largest owner and operator of self‐storage facilities in the United States, specifically managing four facilities in Rhode Island. With a proven management strategy of focusing on effective rent growth as the key to increasing profitability, revenue in CubeSmart‐owned/managed stores grew over 6.3% from July 2014 through June 30, 2015. In addition, ending occupancy during that same period grew over 1.6%. For more information, please visit www.cubesmart.com.