Real estate investment trust Sovran Self Storage Inc. acquired 22 Texas facilities for $111 million and an additional facility in Atlanta for $9.5 million. Funding for the acquisition was provided by proceeds drawn on the company’s line of credit and cash flow from operations.
All of the stores are in the company’s existing markets. The Texas stores—18 in Houston, three in Austin, and one in Dallas-Fort Worth—comprise 1.3 million square feet of net rentable storage space. The Atlanta store has 69,000 square feet of rentable space and is Sovran’s 16th location in the Atlanta market.
“The addition of this class-A portfolio expands our footprint in the leading Texas markets and strengthens our presence considerably,” said David Rogers, chief financial officer.
Sovran is in the business of acquiring and managing self storage facilities. The company owns or manages 431 properties in 25 states under the name Uncle Bob's Self Storage.