Sovran Self Storage, operator of Uncle Bob’s Self Storage, has expanded its presence in the St. Louis market with the $35 million purchase of seven facilities from local operator Storage Banc.
Sean Delaney, vice president of investments at Marcus & Millichap in Chicago, represented Storage Banc, which unloaded all of its facilities. Adam Schlosser and Charles LeClaire at Marcus & Millichap in Denver and Brett Hatcher at Marcus & Millichap in Columbus, OH, also worked on the deal.
The acquisition adds more than 400,000 rentable square feet to Uncle Bob’s existing footprint in the St. Louis market. The self-storage REIT now has 15 facilities in the region.
Here are the seven facilities that Sovran bought:
- 1600 Woodson Road, Overland, MO
- 3939 Mexico Road, St. Peters, MO
- 3850 Vogel Road in Arnold, MO
- 1036 Pershall Road, St. Louis
- 8524 Manchester Road, Brentwood, MO
- 485 N. Highway Drive, Fenton, MO
- 1475 Dunn Road, Florissant, MO
Lake Forest, IL-based Metro Storage bought three self-storage facilities in Gwinnett County, GA, for an undisclosed price.
The facilities, all in the Atlanta area, were sold by Georgia Self Storage. Dale Eisenman of Midcoast Properties represented the seller. The facilities have a combined 230,000 square feet.
“The acquisition of these three quality self-storage facilities fits well with Metro’s current Atlanta store portfolio and our overall strategic growth plans,” said Matthew Nagel, chairman of Metro Storage.
The facilities are:
- 2220 Lawrenceville Highway, Lawrenceville, GA
- 1935 Buford Drive, Lawrenceville, GA
- 6472 Highway 42 in Rex, GA.
The deal brings the total number of Metro Storage facilities in the Atlanta market to 12. Metro Storage operates more than 80 facilities in 11 states under the Metro Self Storage brand name.
US Storage Centers
Irvine, CA-based US Storage Centers bought a 49,124-square-foot facility at 1425 S.W. 10th St. in Delray Beach, FL, for $5.1 million, according to local property records. The 568-unit facility was sold by Storage America LLC.
“This marks our sixth acquisition within the Miami [area] and really adds to our local scale and brand,” said Drew Hoeven, vice president of acquisitions at US Storage Centers.
Hoeven said his company hopes to close on two other acquisitions in South Florida by the end of September.
Other notable transactions
- San Diego-based Lockaway Storage bought Lake Travis Self Storage in Spicewood, TX, for nearly $9.13 million. Bellomy & Co. represented the seller, Lake Travis Highway Storage Ltd. The 89,600-square-foot facility is at 18412 Texas Highway 71.
- San Diego-based U-Stor-It bought a 100,000-square-foot facility at 2100 Ogden Ave. in Lisle, IL, for $11.5 million. The company secured a $9 million loan from TCF National Bank to finance the deal. The seller was Shefsky & Froelich Ltd. of Chicago.
- Albany Road-Uxbridge Storage, an affiliate of Albany Road Real Estate Partners, bought a 55,280-square-foot storage facility at 35 Balm of Life Spring Road in Uxbridge, MA, for $4.5 million. The facility was sold by R & D Partners.
- Maitland, FL-based Liberty Investment Properties bought a 62,325-square-foot storage facility at 2450 S. Nova Road in Daytona Beach, FL, for $2.5 million. The property will operate under the name My Neighborhood Storage Center. The seller was Mid Florida Investments.