Sovran Self Storage, Inc. Acquires Three Self Storage Facilities for $27.9 Million

Posted by MiniCo on Oct 8, 2013 12:00:00 AM

Sovran Self Storage, Inc. Acquires Three Self Storage Facilities for $27.9 Million

Sovran Self Storage, Inc. (NYSE:SSS), a self storage real estate investment trust (REIT), announced today the acquisition of two self storage facilities in Babylon (Long Island), NY and one in Colorado Springs, CO. The properties were acquired in two separate off-market transactions for a combined purchase price of $27.9 million which was funded by a mix of ATM funds and advances on the Company’s line of credit. Locke Acquisition Group LLC acted as lead broker.

The Long Island facilities are Class “A” climate controlled properties totaling 93,500

square feet of rental space and feature modern amenities such as free wireless access and meeting space along with green initiatives including high efficiency lighting and onsite collection of rainwater for landscaping irrigation.

In a separate transaction, the Company acquired a 55,000 square foot self storage facility in Colorado Springs, CO.

Located in affluent, high density markets on major thoroughfares, each of the facilities is well aligned with the Company’s disciplined growth strategy. Sovran now operates eight properties in Long Island, NY and five in Colorado.

“We are extremely pleased with the acquisition of these high quality assets into our portfolio,” said Paul Powell, Executive Vice President of Real Estate Investment. “Our ability to execute off market transactions speaks to the strong relationships and reputation we enjoy within the industry with owners and developers.”

All of the storage facilities will be rebranded under the Uncle Bob’s Self Storage® name and fully integrated into the Company’s operating platforms.

About Sovran Self Storage, Inc.

Sovran Self Storage, Inc. is a self-administered and self-managed equity REIT that is in the business of acquiring and managing self storage facilities. The Company operates 471 self storage facilities in 25 states under the name “Uncle Bob’s Self Storage”®. For more information, visit, like us on Facebook, or follow us on Twitter.