ValGard Self Storage, a 998-unit self-storage facility in Miami, recently sold to Sovran Acquisition LP, a real estate investment trust (REIT) in Buffalo, N.Y. The terms of the sale were not disclosed. The 83,244-square-foot property, 6820 S.W. 81st Terrace, will be rebranded as Uncle Bobs Self Storage.
The property is a great fit to our current portfolio. It is our second self-storage facility in Miami, and the acquisition further expands our footprint in southeast Florida, said Paul Powell, executive vice president of real estate investment for Sovran Self Storage Inc.
Michael A. Mele, a first vice president investments and senior director of Marcus & Millichap Real Estate Investment Services National Self-Storage Group, represented the seller, Miami-based ValGard Pinecrest LLP. Sovran was represented by Peter Weimer of the Locke Acquisition Group LLC.
Marcus & Millichap specializes in commercial real estate investments. The company has more than 1,200 investment professionals in offices nationwide.
Sovran has 445 stores branded as Uncle Bob's Self Storage across 26 states, most of which are in the eastern part of the U.S. The company recently acquired 26 Texas facilities as part of an increased effort to expand westward.