Sovran Self-Storage Buys 10-Property Dallas Portfolio for $29M
|Copyright 2014 by Virgo Publishing.|
|Posted on: 04/06/2012|
Real estate investment trust Sovran Self Storage Inc., operator of the Uncle Bob's Self Storage chain, has purchased a 10-property portfolio in the Dallas area for $29 million. The seller was a Texas-based investment group operating as Sunbelt Self Storage.
The properties will all be rebranded as Uncle Bob's. They are located in Arlington, Bedford, Benbrook, Coppell, Fort Worth, Grand Prairie, Plano and Watauga.
The buyer was represented in the transaction by Angelo Tomasello, president and CEO of The Locke Group in Williamsville, N.Y. Sovran was represented by Nicholas Malagisi, national director of self-storage for Sperry Van Ness in Buffalo, N.Y.
Since its inception in 1998, The Locke Group has been primarily engaged in negotiating on behalf of Sovran with self-storage owners for the acquisition of their properties.
Sperry Van Ness specializes in the marketing, sale, disposition and acquisition of self-storage properties throughout the United States.
Sovran has more than 430 self-storage facilities in 25 states, with a large presence in Texas.