Sovran Acquisition Limited Partnership, an entity of real estate investment trust Sovran Self Storage Inc., purchased San Carlos Self Storage in Fort Myers, Fla., from VJP Holdings LLLP, a Florida-based limited partnership. The property at 19400 S. Tamiami Trail encompasses 57,908 net rentable square feet of storage space on 5.76 acres of land. Built in 2004, it includes 372 climate-controlled units, 110 traditional units and 43 vehicle-parking spaces. The transaction also included a manager’s residence and two retail offices.
Jay J. Crotty, managing partner, and Thomas A. Doyle, senior vice president, of real estate firm BayView Advisors represented both buyer and seller in the transaction. "This property had been on and off the market several times over the years, but because there were challenges it never sold,” Crotty said. “We worked diligently with the owner to market the property at the proper valuation to bring qualified, competitive offers to the table so he received the best possible value for his property.”
Sovran also recently purchased Celebration Self Storage in Celebration, Fla. The property is comprised of 57,233 net rentable square feet of storage space in 346 units. Built in 2006 and expanded in 2008 and 2012, the facility is in a master-planned community developed by the Walt Disney Co.
Buffalo, N.Y.-based Sovran operates more than 500 self-storage facilities in 25 states under the Uncle Bob’s Self Storage brand.
Headquartered in Tampa, Fla., BayView specializes in self-storage acquisition, development, facility expansion and renovation, refinancing, and sales.