Real estate investment trust Sovran Self Storage Inc., which operates the Uncle Bob’s Self Storage brand, has acquired Big Easy Self Storage in Kenner, La. The property at 2201 W. Napoleon Ave. encompasses 110,188 square feet of storage space and 828 units on 3.8 acres of land. It has two gated entrances, individually alarmed units and an onsite manager’s apartment.
The seller, a local limited-liability company, built the facility in 2008, according to a press release by Marcus & Millichap Real Estate Investment Services, which brokered the deal. The property received interest from investors nationwide, the release stated. Though financial details were not disclosed, Marcus & Millichap said this is “one of the largest single-property self-storage transactions in the Southeast United States to date.”
Nick Walker, the company’s vice president of investments, represented the seller in the transaction. “The sale of Big Easy Self Storage is an example of the high demand that currently exists for quality self-storage facilities,” Walker said.
Headquartered in Buffalo, N.Y., Sovran operates more than 500 facilities in 25 states. The company ranked fifth on the Inside Self-Storage 2014 Top-Operators List. Its portfolio comprises more than 34 million square feet in 305,000 units.
Marcus & Millichap has more than 1,300 investment professionals in offices throughout the United States and Canada. The company closed more than 6,600 transactions last year with a value of approximately $24 billion.
