Sovran Self Storage Inc., the real estate investment trust (REIT) that operates the Uncle Bob's Self Storage brand, has purchased a facility in Thornton, Colo., from TRC Cos., a private investment group that owns numerous storage facilities across the Colorado Front Range. The property was previously managed by Extra Space Storage Inc., another industry REIT.
The property at 9000 Gale Blvd. is about 10 miles north of downtown Denver. Built in 2011, the 521-unit facility features a three-story, split-level, climate-controlled building and three single-story, traditional buildings. Security features include keypad access and 18 video cameras with multiple display monitors.
The total sales price, which was not disclosed, equates to $203 per square foot. It’s the highest price per square foot achieved for a self-storage facility in Colorado, according to a press release from Marcus & Millichap, the real estate investment company that brokered the transaction.
“Demand for institutional-quality assets in markets like Denver has reached an unprecedented level,” said Adam Schlosser, vice president of investments in the Marcus & Millichap Denver office. “It’s difficult to feed the staggering amount of capital trying to enter into or expand in self-storage investments, and current pricing is creating opportunities to acquire assets that would otherwise rarely come to market.”
Schlosser and Charles “Chico” LeClaire, a senior vice president of investments who also works in the firm’s Denver office, represented the buyer and seller in the deal.
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.
Headquartered in Salt Lake City, Extra Space owns or operates 1,347 self-storage properties in 36 states; Washington, D.C.; and Puerto Rico. The company’s properties comprise approximately 900,000 units and 101 million square feet of rentable space.
Marcus & Millichap has more than 1,500 investment professionals in offices throughout the United States and Canada.