Sovran Self Storage Inc., a real estate investment trust that operates the Uncle Bobs Self Storage brand, has purchased two facilities in New York and one in Colorado for $27.9 million. The off-market acquisitions were completed in two separate transactions and paid for through a mix of at-the-market (ATM) funds and advances on the companys line of credit, officials said. An ATM transaction occurs when an exchange-listed company offers newly issued shares into the trading market.
The two New York facilities are in Babylon, on Long Island. The climate-controlled properties comprise 93,500 square feet of rental space and feature free WiFi access and meeting space. Environmental initiatives include high-efficiency lighting and onsite collection of rainwater for landscaping irrigation. The third property is in Colorado Springs, Colo., and comprises 55,000 square feet.
We are extremely pleased with the acquisition of these high-quality assets into our portfolio, said Paul Powell, Sovrans executive vice president of real estate investment. Our ability to execute off-market transactions speaks to the strong relationships and reputation we enjoy within the industry with owners and developers.
The properties are in affluent, high-density markets near major thoroughfares, company officials said. Each will be rebranded as Uncle Bobs. Sovran now operates eight self-storage properties on Long Island and five in Colorado. In total, the company operates more than 470 storage facilities in 25 states.