Sovran Self Storage Inc., a self-storage real estate investment trust (REIT), has acquired seven facilities totaling more than 575,00 square feet of rental space for a total purchase price of $98.7 million. The properties will be rebranded Uncle Bob’s Self Storage and integrated into the company’s operating platforms. The range of facility amenities includes climate control, free Wi-Fi, and records and wine storage.
The five separate sales transactions were funded by advances on Sovran’s line of credit, proceeds from the sale of several properties, and the company’s at-the-market program. Five of the properties were purchased during the fourth quarter of 2013 for a combined purchase price of $44.7 million.
Each property is in a market in which Sovran already has a presence, one each in Connecticut, Southeast Florida and Texas, and two in New Jersey. At the end of the fourth quarter, Sovran purchased two more facilities, also in Southeast Florida, for a combined purchase price of $54 million.
“We are pleased to add these modern, top-tier properties to our portfolio,” said Sovran CEO David Rogers. “They fit well into our strategy of acquiring high-quality assets in core markets, and we look forward to strong growth from each of them.”
In addition to the previously announced sale of a self-storage facility in Dayton, Ohio, Sovran sold three other facilities in the fourth quarter of 2013. The stores—two in Tallahassee, Fla., and one in Christiansburg, Va.—were sold for $8.9 million. The company recognized a gain of about $2 million in the sales transactions.
Buffalo, N.Y.-based Sovran operates 480 self-storage facilities in 25 states. The company ranked No. 5 on the Inside Self-Storage 2013 Top-Operators List.