Real estate investment trust Sovran Self Storage Inc. has acquired 19 storage facilities in seven states for approximately $130 million. Sixteen of the properties were purchased for $96 million as part of Sovran HHF Storage Holdings LLC, a joint venture in which Sovran owns 20 percent. All 19 of the assets will be rebranded under the Uncle Bob’s Self Storage name.
The properties, comprising about 1.3 million square feet, are in markets where Uncle Bob’s already has a presence, company officials said in a press release. Seven are in New Jersey, seven in St. Louis and one each in the municipal markets of Atlanta, Chicago, Philadelphia, New York and San Antonio.
“This is a terrific group of stores. They fit our strategy of acquiring good properties in quality markets in which we can apply our marketing and management platforms to add significant value,” said David Rogers, CEO of Sovran Self Storage. “They are great additions to the Uncle Bob’s brand.”
The assets were acquired in eight separate transactions and funded through Sovran’s $175 million, 10-year note issued in April, as well as the company’s “at the market” program and advances on credit, officials said.
The transactions increase Sovran’s operating portfolio to 501 self-storage facilities in 25 states.