Sovran Goes on a Buying Spree

BUFFALO, NY—Sovran Self Storage has entered into contracts to acquire 25 self storage facilities in eight different states for approximately $371 million. In addition, the self-storage REIT also announced the acquisition of five facilities during the fourth quarter of 2015 and January 2016 for about $27 million, bringing the total acquired and under contract to 30 self-storage facilities.

The newly announced facilities include five single store acquisitions and four portfolio acquisitions; one comprised of 13 stores, and three comprised of four properties each. In aggregate, the newly announced transactions include 21 stabilized properties in Sovran’s existing markets, which breaks down to six in Boston/SE New Hampshire; five in Central/Southern Florida; two in Connecticut; three in Dallas; one in Denver; two in the New York City metro area and two in Philadelphia. A recently developed facility in Phoenix, AZ, another market in which the company has a presence, also will be acquired.