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Sovran Acquires 20 Cornerstone Properties

Posted in News

Amherst, N.Y.-based real estate investment trust Sovran Self Storage Inc. acquired 20 properties from Cornerstone Development Corp. of Dallas for $90 million. The deal includes seven facilities in St. Louis, a new market for Sovran. Others are in Dallas, San Antonio, Tampa and Southeast Louisiana.

The company currently owns or operates 316 self-storage facilities in 22 states under the Uncle Bob's Self Storage brand name. The deal brought another 1.3 million square feet of rentable space to Sovran's existing portfolio of more than 19 million square feet.

"The Dallas, San Antonio and Tampa stores will fit in very well with the stores we already operate in those cities," said David Rogers, chief financial officer. "We are looking forward to introducing Uncle Bob's to the St. Louis area."

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