A joint venture between Sovran Self Storage and a Chicago real estate investment firm has acquired 21 self storage properties for $144 million, the Williamsville-based real estate investment trust said Thursday.
The 21 stores, which will be run under Sovran's Uncle Bob's brand, have a total of 1.6 million square feet of space, more than half of which are located in markets where Sovran already has a presence.
The stores include a pair of facilities apiece in Tampa, Fla., Louisville, Ky., and San Antonio, Texas; along with six in Dallas; four apiece in Denver and Columbus, Ohio; and one in Houston.
The joint venture expects to spend up to $350 million to acquire self-storage facilities. Sovran owns a 20 percent stake in the venture and will manage the properties. Heitman LLC owns an 80 percent interest in the venture.
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Story Source: Buffalo News
