Sovran Self Storage Buys 9 Facilities in Four States for $55M
|Copyright 2014 by Virgo Publishing.|
|Posted on: 10/01/2012|
Sovran Self Storage Inc., a real estate investment trust operating under the Uncle Bob’s Self Storage brand name, recently acquired nine self-storage facilities in four states for $54.7 million. The properties are in markets where the company already has a presence, including four in Atlanta, one in Chicago, three in Jacksonville, Fla., and one in Cary, N.C. The facilities total more than 770,000 square feet of rental space.
The acquisitions were funded through the company’s at-the-market equity program, an advance on its line of credit and operating cash flow.
“These acquisitions are high-quality additions to our portfolio and allow us to provide our customers with premium, climate-controlled spaces in markets where there is high demand,” said CEO David Rogers. “We are especially pleased to expand our presence in the Chicago market.”
The Cary, N.C., facility was purchased from JDR Self-Storage LLC of Nashville, Tenn., for $5 million. Located at 160 Havensite Court, A+ Self Storage was built in two phases in 2000 and in 2002.
The Chicago facility, Safe & Secure Self Storage, was purchased from a private investor. The property at 20765 West Grass Lake Road in Lindenhurst sits on 7.16 acres. It has 63,910 square square feet in 433 storage units, 110 of which are climate-controlled, and 27 outdoor parking spaces. The seller was represented by Sean Delaney, an asociate vice president of investments with Marcus & Millichap Real Estate Investment Services.
Each of the facilities will be rebranded as Uncle Bob’s and integrated into the company’s operating platforms. Sovran operates 443 properties in 25 states.