Williamsville, N.Y.-based Sovran Self Storage Inc., a real estate investment trust (REIT), reported Friday it's negotiating to acquire 19 self-storage facilities through a joint venture for $160 million. Sovran also reported it's negotiating to acquire two self-storage facilities outright for $14.6 million.
In April the company formed a limited liability company with a third party to acquire and manage the 19 properties. Under the terms, Sovran would have a 15 percent membership interest and would make a capital contribution to the newly formed joint venture. Sovran would also be responsible for managing the properties owned by the third party. The joint venture agreement terminates if the acquisition of the 19 self-storage properties is not executed.
Sovran is a self-administered and self-managed equity real estate investment trust in the business of acquiring and managing self-storage. The company operates 377 facilities in 24 states under the name Uncle Bob's Self Storage.