Self-storage REIT Sovran Self Storage has snapped up four East Coast facilities for $120 million — the priciest self-storage acquisition so far in 2015.
The Williamsville, NY-based REIT already ran the facilities, which are in Connecticut and New York. Sovran operates its properties under the Uncle Bob’s Self Storage brand.
“They are truly ‘best in class’ properties, and fit very well with our established footprint in these markets,” David Rogers, CEO of Sovran, said in a news release.
The seller was Arredondo Holdings, a Tampa, FL-based developer and owner of self-storage facilities, retail centers and other commercial properties. The company’s principal is Carlos Arredondo, who co-developed the facilities and co-founded Stamford, CT-based Westy Self Storage.
Lease to buy
In November 2013, Sovran signed a deal to lease the four Arredondo-owned facilities and rebrand them as Uncle Bob’s. The 15-year deals included purchase options that could be exercised between February 2015 and September 2016. The annual lease payment was $6 million.
Sovran operates eight facilities in Connecticut and nine facilities on Long Island, where the recently acquired New York properties are located.
The newly acquired facilities, each measuring about 175,000 square feet, are at:
- 1525 Boston Post Road, Milford, CT
- 15 Kenosia Ave., Danbury, CT
- 65 W. John St., Hicksville, NY
- 1 Executive Blvd., Farmingdale, NY
At one time, all four of those facilities operated under the Westy Self Storage brand.