Sovran Self Storage Inc., a real estate investment trust (REIT) that operates the Uncle Bob's Self Storage brand, recently acquired four Security Self Storage properties in Central and South Florida from Mindful Management LLC, which operates 22 self-storage facilities in Florida, Maryland and North Carolina. The portfolio consists of 284,798 rentable square feet of storage space in 2,746 units. The properties are:
- 28239 S. Tamiami Trail, Bonita Springs, Fla.
- 10725 S. Federal Highway, Port St. Lucie, Fla.
- 6800 N. Military Trail, Riviera Beach, Fla.
- 8485 20th St., Vero Beach, Fla.
Each facility has exposure along a heavily travelled roadway, according to a press release from JLL (Jones Lang LaSalle) Capital Markets, the investment-management firm that represented the seller in the transaction. The portfolio was nearly stabilized and offered Uncle Bob’s the opportunity to expand its footprint in Florida, the release stated.
“The portfolio generated a large amount of interest from a diverse buyer pool, including institutional investors and private operators,” said JLL Managing Director Steve Mellon, who brokered deal along with fellow managing director Brian Somoza of the company’s National Self Storage Team.
Sovran operates more than 500 self-storage facilities in 25 states. The company ranked No. 5 on the Inside Self-Storage 2014 Top-Operators List, which ranks the industry’s top 100 operators by net rentable square feet. Sovran’s portfolio comprises more than 34 million square feet in more than 305,000 units.
Mindful Management is a division of the Mindful Group, a Palm Beach County, Fla.-based real estate company focused on acquisition, development and property management. Founded by Stephen Block and Jeffrey S. Pechter, the company and its partners own and operate a portfolio of approximately 1.8 million square feet of commercial-flex, residential and storage space at 24 properties in California, Florida, Maryland, North Carolina and Texas.
JLL has more than 230 corporate offices, operates in 80 countries and has a global workforce of approximately 58,000. The firm provides management and real estate outsourcing services for a property portfolio of 3.4 billion square feet. It completed $118 billion in acquisitions, finance and sales in 2014. Its investment-management business, LaSalle Investment Management, has $53.6 billion of real estate assets under management.