Sovran Adds to Northeast Self-Storage Holdings

BUFFALO-The self-storage REIT has an option to buy, at an aggregate purchase price of $120 million, the four locations it has leased for 15 years.

By Paul Bubny | Updated on November 04, 2013

BUFFALO-Sovran Self Storage Inc., an equity REIT headquartered here, said Monday it has entered into lease agreements to rebrand and operate New York City metro area four self-storage facilities formerly operated under the Westy Self Storage brand. The company has an option to buy all four for an aggregate of $120 million between February 2015 and September 2016.

Under terms of the off-market deal between Sovran and Westy, Sovran is required to make annual lease payments of $6 million, with a provision for annual increases of 4% per year. The four properties, which will operate under the Uncle Bob’s Self Storage brand, have been leased for 15 years.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

Unlimited access to GlobeSt and other free ALM publications
Access to 15 years of GlobeSt archives
Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
1 free article* every 30 days across the ALM subscription network
Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account? Sign In Now

NOT FOR REPRINT

© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Dig Deeper

Recommended Stories

Negotiations Between WeWork and Its Landlords Get Tense

Erik Sherman | November 28, 2023

Landlords push back against the forced negotiation powers a company in bankruptcy has.

There Are Some Good CRE Opportunities Looking Ahead

Erik Sherman | November 28, 2023

But they’ll require some analysis to find which segments and areas might offer the best predicted opportunities.

Carter Validus Mission Critical REIT Sells Last Data Center

Adele Carter | August 06, 2018

"This latest transaction brings our company’s strategy to pursue liquidity for our entire data center portfolio to a successful conclusion.”

Resource Center

HVAC use accounts for 50% of the total energy consumption of your commercial office buildings. Why wouldn’t you optimize its efficiency? Download this white paper and learn how you can slash costs, enhance tenant satisfaction, and boost sustainability.

Report

Sponsored by Building Engines

The ROI of HVAC Optimization in Commercial Office Buildings

HVAC use accounts for 50% of the total energy consumption of your commercial office buildings. Why wouldn’t you optimize its efficiency? Download this white paper and learn how you can slash costs, enhance tenant satisfaction, and boost sustainability.

Browse More Resources ›

This white paper delves into the alarming surge in renter fraud within the multifamily housing sector. Discover the various drivers behind these trends and how you can stay ahead of the evolving fraud landscape.

White Paper

Sponsored by TheGuarantors

Addressing the Surge of Renter Fraud in Multifamily Housing

This white paper delves into the alarming surge in renter fraud within the multifamily housing sector. Discover the various drivers behind these trends and how you can stay ahead of the evolving fraud landscape.

Browse More Resources ›

What are your goals as an asset or property manager? This interactive tour walks you through customizing your own platform to help meet your goals such as maximizing revenue, optimizing operations, adding value to your properties, and attracting the right tenants.

Interactive Resource Center

Sponsored by Building Engines

How Prism helps CRE Managers Exceed Goals

What are your goals as an asset or property manager? This interactive tour walks you through customizing your own platform to help meet your goals such as maximizing revenue, optimizing operations, adding value to your properties, and attracting the right tenants.

Browse More Resources ›

GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
Exclusive discounts on ALM and GlobeSt events.
Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now

Copyright © 2023 ALM Global, LLC. All Rights Reserved.