Sovran Self Storage Inc., a real estate investment trust (REIT) that operates the Uncle Bob's Self Storage brand, recently acquired a storage facility in Jacksonville, Fla., for $6.5 million from Beach Blvd. Investment LLC. The property was formerly managed by self-storage REIT CubeSmart.
Built in 2013, the facility at 14130 Beach Blvd. features 83,500 square feet of storage space. It’s Sovran’s ninth storage site in the Jacksonville area. The acquisition is part of the company’s strategy to increase market share and grow its brand, Diane Piegza, vice president of investor relations, told the source.
The selling price was nearly twice the property’s assessed value, according to Duval County public records. The property last sold in 2008 for $1.4 million, the source reported.
Sovran operates more than 500 self-storage facilities in 25 states. The company ranked No. 5 on the Inside Self-Storage 2014 Top-Operators List, which ranks the industry’s top 100 operators by net rentable square feet. Sovran’s portfolio comprises more than 34 million square feet in more than 305,000 units.
Sources:
- Jacksonville Business Journal: Storage Facility off Beach Blvd. Sells for $6.5 Million
