Real estate investment trust Sovran Self Storage, operator of the Uncle Bob's Self Storage chain, recently purchased a three-story self-storage facility in Norfolk, Va., for $6.92 million. The asset was purchased from Chesapeake and Virginia Beach, Va.-based investors and was being managed by AAAA Self Storage Management Group. It will be rebranded as Uncle Bob's.
Opened in 2007, the facility has 66,635 net rentable square feet and 699 climate-controlled units. It was 77 percent physically occupied as of the transaction closing date of June 20.
The sellers were represented in the transaction by Stuart Wade of SCW Realty Advisors, a private consulting practice specializing in self-storage. Sovran was represented by Jonathan Attea of The Locke Group, which negotiates self-storage acquisition's on the REIT's behalf.
"On the date of closing, the effective rent rate, after all discounts and concessions, was over $14 per square foot. I'm unaware of another facility in Southeastern Virginia with rent rates this robust," Wade said.