Sovran Self Storage Inc., a real estate investment trust (REIT) that operates the Uncle Bob's Self Storage brand, has acquired a recently constructed, 99,000-square-foot facility in North Miami, Fla., for $11.04 million. The 1.3-acre property at 640 N.W. 133rd St. was purchased by subsidiary Sovran Acquisition from North Miami Storage LLC, an affiliate of Northbrook, Ill.-based Banner Storage Group LLC, according to a source.
Banner acquired the property in 2014 for $1.125 million and used a $5.95 million loan from PNC Bank to develop the facility last year, a source reported. The total development cost was about $8.5 million, according to the Banner website. At the time of the purchase, Banner intended to develop a four-story building featuring 950 climate-controlled units. Property amenities were to include interior, climate-controlled loading/unloading areas, video cameras, motion sensors, free Wi-Fi, and a retail office.
The facility is adjacent to Interstate 95. A planned 183-acre, $4 billion mixed-use project called SoL Mia is slated for the North Miami area between Miami Shores and North Miami Beach, according to a source. The master-planned community, announced last year, is expected to include 12 residential buildings with 4,390 residential units, more than 1 million square feet of commercial space, 37 acres of parks and two swimming lagoons.
The North Miami facility is one of four properties contracted to be acquired by Sovran this year in “certificate of occupancy” purchases, the REIT announced in January. Combined, the purchase price for the four properties is $38 million. The three other facilities include one in Charleston, S.C., and two in Chicago.
Banner Storage Group was formed in July 2013 as a subsidiary to Banner Apartments LLC to diversity the company’s real estate holdings outside of its multi-family focus. The company is led by Gary Delaney, president, and John Nikolich, executive vice president, who have more than 35 years of combined experience in the acquisition, development, disposition and financing of self-storage properties, portfolios and real estate operating companies.
Based in Buffalo, N.Y., Sovran operates more than 500 facilities in 26 states. Its portfolio of owned and managed facilities comprises more than 36 million square feet.
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