Vertical Fields Capital Llc Purchases Portfolio Of Three Buildings In Newark, New Jersey

Plans underway to retrofit existing structure, build new addition for a self storage facility to be managed by CubeSmart

WASHINGTON, D.C. – Vertical Fields Capital LLC, through an affiliate, acquired a portfolio of three buildings in Newark, New Jersey, to establish a new self storage facility. The buildings are located at 353-357 Park Avenue, 359-367 Park Avenue and 122-128 North 11th Street. For the adjacent Park Avenue properties, the company will convert the existing structures into self storage and build a new addition. Once completed, the resulting facility will span the entire block of Park Avenue, from North 11th to North 12th Streets. It will operate under the CubeSmart brand.

“Our plans for this property, our first acquisition in the Newark market, are as exciting as they are expansive,” said Vertical Fields Founder and President Frederick McCarthy. “Acquiring this property is part of our company’s overall growth strategy of acquiring quality but underutilized assets at good prices in densely populated markets.”

Initial plans include converting and building approximately 87,800 gross square feet of self stor-age. Early projections indicate there is ample demand for self storage units, particularly internal climate-controlled, in the Newark market.

About Vertical Fields Capital LLC
Vertical Fields Capital LLC, a Washington, D.C.-based real estate development and in-vestment firm, is focused on acquiring, repositioning and operating self-storage facilities in dense and growing in-fill locations in the top MSAs of the United States.

About CubeSmart
CubeSmart is a self-administered and self-managed real estate investment trust. CubeSmart owns or manages 678 self-storage facilities across the United States. According to the 2016 Self Stor-age Almanac, CubeSmart is one of the top four owners and operators of self-storage facilities in the U.S.

The company’s mission is to simplify the organizational and logistical challenges created by the many life events and business needs of its customers — through innovative solutions, unparal-leled service and genuine care. The company’s self-storage facilities are designed to offer afford-able, easily accessible, secure, and, in most locations, climate-controlled storage space for resi-dential and commercial customers.