Real estate investment trust Sovran Self Storage Inc. has formed a second joint venture with an affiliate of Heitman LLC to purchase 19 self-storage facilities throughout New Jersey (19) and Pennsylvania (2). The properties comprise 1.4 million square feet of net rentable storage space.
Heitman contributed 85 percent of equity to the newly formed venture, dubbed Sovran HHF Storage Holdings II LLC. Sovran contributed the remaining 15 percent. Mortgage financing was provided primarily by PNC Bank N.A.
Sovran will manage and rebrand all venture locations under its trade name, Uncle Bob’s Self Storage.
“We are excited to launch our second joint venture with such an attractive group of properties. These acquisitions are class-A stores that expand our footprint into New Jersey,” said Sovran Chief Financial Officer David Rogers.
Sovran now manages 47 properties through joint-venture and third-party management agreements. It operates a total of more than 400 properties in 25 states.
Heitman is a real estate investment management firm with offices in Chicago, Los Angeles, Australia, Asia and Europe.