Buffalo, NY (PRWEB) February 04, 2015
Sovran Self Storage, Inc. (NYSE:SSS), a self storage real estate investment trust (REIT), announced today the purchase of four Class-A self storage facilities from Arredondo Holdings of Tampa, Florida.
The properties, located in Milford, CT; Danbury, CT; Hicksville, NY; and Farmingdale, NY have been operating as Uncle Bob’s Self Storage® since November 2013 as part of a lease agreement between the two parties. On February 2, 2015 the Company exercised its option to purchase the stores for an aggregate of $120 million, as per the off-market transaction agreement.
Carlos Arredondo, Principal of Arredondo Holdings, said, “We are delighted to sell these premiere self storage facilities to Sovran Self Storage and its excellent operating team. The Uncle Bob’s Self Storage® brand is well known and well respected.”
The Company now owns and operates ten self storage facilities on Long Island, NY and eight in Connecticut.
David Rogers, CEO of Sovran, said, “We are thrilled to add these stores to the Uncle Bob’s portfolio. They are truly ‘best in class’ properties, and fit very well with our established footprint in these markets.”
ABOUT SOVRAN SELF STORAGE, INC.
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 over 500 self storage facilities in 25 states under the name “Uncle Bob’s Self Storage”®. For more information, visit http://www.unclebobs.com, like us on Facebook, or follow us on Twitter.
ABOUT ARREDONDO HOLDINGS
Arredondo Holdings is a Florida-based developer and owner of high-end commercial, retail and self storage properties.