Self-storage REIT Sovran Self Storage continues a string of one-off deals with the recent purchase of Big Easy Self Storage in Kenner, LA, a suburb of New Orleans.
The 110,000-square-foot facility, at 2201 W. Napoleon Ave., was built in 2008 and contains 828 units. The transaction is one of the largest single-property deals this year in the Southeast, according to a news release from Marcus & Millichap. The purchase price was not disclosed.
“The sale of Big Easy Self Storage is an example of the high demand that currently exists for institutional-quality self-storage facilities,” said Nick Walker, vice president of investments at Marcus & Millichap, which arranged the sale.
The original developer, Kenner Mini Storage LLC, sold the facility. Under the ownership of Sovran Self Storage, the facility now operates as Uncle Bob’s Self Storage. Sovran has one other facility in the New Orleans area.
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The acquisition of Big Easy Self Storage is the latest in a series of recent purchases by Sovran.
In September, Sovran bought a facility in St. Petersburg, FL, for $10.2 million and another facility in Chesapeake, VA, for $6.4 million. In October, the company bought a newly built facility Chattanooga, TN, that it had managed; the purchase price was not disclosed.
As of the end of the second quarter, Uncle Bob’s had spent $225 million to buy 26 properties since the beginning of 2014.
During Sovran’s second-quarter conference call, CEO David Rogers said the REIT had $63 million in deals under contract and expected to spend a total of $100 million throughout the rest of 2014.