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Uncle Bob's Self Storage Expands in New England with $120M Acquisition

Date: 2/13/2015
Author: Stephen Hollowell

 Uncle Bob’s Self Storage Expands in New England with $120M Acquisition

Sovran Self Storage, Inc, a real estate investment trust (REIT) that operates under the Uncle Bob’s Self Storage brand, recently acquired four New England self-storage properties for a total of $120 million. Purchased from Arredondo Holdings, LLC, the newly acquired class-A facilities are located in Danbury and Milford, CT, and Farmingdale and Hicksville, NY.

Growing Uncle Bob’s Portfolio

“We are thrilled to add these stores to the Uncle Bob’s portfolio,” said Sovran Self Storage CEO David Rogers. “They are truly best-in-class properties, and fit very well with our established footprint in these markets.”

The Tampa, FL-based Arredondo Holdings, LLC had been allowing the properties to operate under the Uncle Bob’s Storage name since November 2013 as part of their lease agreement. Sovran Self Storage decided to officially purchase the stores in their off-market transaction agreement with Arredondo on Feb. 2, 2015.

Sovran Self Storage: Top Operator

Headquartered in Buffalo, NY, Sovran Self Storage, Inc. was founded in 1982 and ranks No. 5 on the Inside Self Storage 2014 Top-Operators List. The company is a REIT in the business of acquiring and managing self-storage facilities.

Sovran Self Storage is one of the largest self-storage companies in the United States with more than 30 million square feet of self-storage space and over 1,200 employees. The REIT currently operates more than 500 self-storage facilities in 25 states, serving over 200,000 customers.

Sovran Self Storage made some important moves at the end of 2013 and beginning of 2014 as well. Acquiring seven facilities with over 575,000 square feet of storage space, Sovran spent roughly $100 million from October 2013 to January 2014.

WORKS CITED:

Harris, Alexander. “Uncle Bob’s Spends Nearly $100 Million on Acquisitions.” The Storage Facilitator. http://blog.selfstorage.com/self-storage-reits/uncle-bobs-acquisitions-3551. Jan 13, 2014.  

“Company.” Uncle Bob’s Self Storage. http://www.unclebobs.com/company/Sovran-self-storage.cfm.

“Sovran Self Storage Acquires 4 New England Facilities for $120M.” Inside Self Storage. http://www.insideselfstorage.com/news/2015/02/sovran-self-storage-acquires-4-new-england-facilities.aspx. Feb 9, 2015.

“Sovran Self Storage, Inc. Acquires Four Self Storage Facilities from Arredondo Holdings.” PRWeb. http://www.prweb.com/releases/2015/02/prweb12496277.html. Feb 4, 2015