Real estate investment trust (REIT) Sovran Self Storage Inc., which operates the Uncle Bob’s Self Storage brand, acquired four New England self-storage facilities for $120 million from Arredondo Holdings LLC, a developer and owner of commercial, retail and self-storage properties. The facilities in Danbury and Milford, Conn., and Farmingdale and Hicksville, N.Y., have been operating under the Uncle Bob’s Self Storage brand since November 2013 as part of a lease agreement. Sovran exercised its option on Feb. 2 to purchase the stores per the off-market transaction agreement.
“We are delighted to sell these premiere self-storage facilities to Sovran Self Storage and its excellent operating team. The Uncle Bob’s Self Storage brand is well known and well respected,” said Carlos Arredondo, principal of Arredondo Holdings.
“We are thrilled to add these stores to the Uncle Bob’s portfolio. They are truly ‘best-in-class’ properties, and fit very well with our established footprint in these markets,” added Sovran CEO David Rogers.
Buffalo, N.Y.-based 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.
Based in Tampa, Fla., Arredondo Holdings owns and operates eight self-storage facilities in Connecticut and 10 in Long Island, N.Y.