Sovran Self Storage, Inc. Enters Chicago, IL Market; Expands in Southeast Florida
BUFFALO, N.Y.--(BUSINESS WIRE)-- Sovran Self Storage, Inc. (NYSE:SSS), a self storage real estate investment trust (REIT), announced today the acquisition of two self storage facilities in Chicago, IL and in a separate transaction, one in Miami, FL. The combined purchase price of all three properties was $36.1 million and was funded through advances on the Companys line of credit and operating cash flow.
The Class A properties total 246,000 square feet and feature state-of-the art amenities and design. Located in affluent, high density markets on major thoroughfares, the self storage facilities are well aligned with the Companys disciplined growth strategy.
We are extremely pleased with the acquisition of these high quality assets into our portfolio. The Miami store is a great addition to our southeast Florida presence, and the Chicago market is one weve been looking to establish a foothold in for some time, said David Rogers, Chief Executive Officer.
Each of the storage facilities will be rebranded under the Uncle Bobs Self Storage® name and fully integrated into the Companys operating platforms.
Sovran Self Storage, Inc. is a self-administered and self-managed equity REIT that is in the business of acquiring and managing self storage facilities. The Company operates 449 self storage facilities in 26 states under the name Uncle Bobs Self Storage®. For more information, visit www.unclebobs.com, like us on Facebook, or follow us on Twitter.
Sovran Self Storage, Inc.
Diane Piegza, 716-650-6115
Source: Sovran Self Storage, Inc.Copyright Business Wire 2012