The real estate investment trust that owns a majority of the malls in the St. Louis area has formed a joint venture with a self-storage company to generate additional revenue at its properties, and the second project under that partnership will be built in the St. Louis area.
CBL Properties, a Tennessee-based REIT, and CubeSmart, a Pennsylvania-based self-storage developer, will open a 92,400-square-foot facility on land near the Mid Rivers Mall in St. Peters.
Similar arrangements could crop up at other CBL malls in the St. Louis area, which include the West County Center, South County Center and St. Clair Square.
Self storage represents a fast-growing segment of the real estate industry, with about 9 percent of the 11 million square feet of U.S. self-storage space being added to the market in the last three years.
Read more: St. Louis Post-Dispatch