Real estate investment trust Sovran Self Storage Inc. has purchased 14 facilities in four states for $83 million. The properties were acquired in six separate transactions and funded through credit advances. Each of the facilities will be rebranded as Uncle Bobs Self Storage.
Six of the properties are in Chicago, four are in Southwest Florida, three in Austin, Texas, and one in Phoenix. The facilities add 960,000 square feet to Sovrans portfolio, and all are in markets currently served by Uncle Bobs.
We had a very busy December closing these transactions, and we are thrilled to bring 14 additional high-quality stores in our fold, said David Rogers, CEO. Were especially pleased to have increased our scale and visibility in the Chicago market.
Sovran purchased 28 self-storage properties in 2012 for $190 million.
The company also signed two third-party management contracts in December with two unaffiliated properties. Sovran added 17 facilities in 2012 under its Uncle Bobs Management platform.
Sovran operates 462 properties in 25 states.
Sources:
- Uncle Bob’s Self Storage: Sovran Self Storage Inc. Closes on $83 Million of Assets, Expands in Chicago, IL