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Sovran pays $130 million to buy 19 self-storage facilities in 7 states

Sovran Self Storage has acquired 19 self-storage facilities in seven states for a total cost of approximately $130 million.

The properties have about 1.3 million square feet and all are located in markets where the company already has a presence.

Seven of the facilities are in New Jersey, seven in St. Louis and one each in the New York City metro area, Philadelphia, Atlanta, Chicago, and San Antonio.

“This is a terrific group of stores. They fit our strategy of acquiring good properties in quality markets in which we can apply our marketing and management platforms to add significant value,” said David L. Rogers, Sovran’s CEO.

The acquisition boosts Sovran’s stable of Uncle Bob’s stores to more than 500, stretching over 25 states, mostly in the eastern half of the country.

Most of the locations – 16 of the 19 – were purchased directly by Sovran. The remaining three facilities were acquired for a joint venture that the company operates with Chicago-based real estate investment firm Heitman LLC. Sovran owns a 20 percent stake in the joint venture and operates all the self-storage facilities that it owns under the Uncle Bob’s brand name.