The facilities will be rebranded as Uncle Bob's Self Storage
January 14, 2014- Sovran Self Storage Inc. acquisition includes more than 575,000 square feet of rental space. 5 of 7 properties were bought in the fourth quarter of 2013 for a combined purchase price of $44.7 million.
"We are pleased to add these modern, top-tier properties to our portfolio," said Sovran CEO David Rogers. "They fit well into our strategy of acquiring high-quality assets in core markets, and we look forward to strong growth from each of them."
The facilities are in Connecticut, Southeast Florida and Texas and in New Jersey. The self-storage real estate investment trust (REIT), has bought two more storage facilities in Southeast Florida.
Sovran Self Storage Inc. has sold a self-storage facility in Dayton, Ohio and three other facilities in the fourth quarter of 2013. The company has got profit of about $2 million in the sales transactions.
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