Real estate investment trust Sovran Self Storage Inc. has acquired the seven-property Storage Banc portfolio in the suburbs of St. Louis, Mo. The portfolio encompasses 404,578 net rentable square feet of storage space on approximately 42.4 acres. It consists of 3,279 storage units and 224 outdoor-parking spaces. The properties will be rebranded as Uncle Bob’s Self Storage:
- 3850 Vogel Road, Arnold, 55,167 square feet and 499 units
- 1036 Pershall Road, Florissant, 46,216 square feet and 355 units
- 8524 Manchester Road, Brentwood, 52,130 square feet and 449 units
- 1475 Dunn Road, Florissant, 66,463 square feet and 542 units
- 485 N. Highway Drive, Fenton, 64,385 square feet and 522 units
- 1600 Woodson Road, Overland, 79,276 square feet and 722 units
- 3939 Mexico Road, St. Peters, 40,941 square feet and 414 units
Constructed between 1976 and 2000, the facilities are a mix of all-metal and masonry construction and offer climate-controlled and traditional drive-up units. Unit sizes range from five 5-by-5 feet to 20-by-40 feet. Facility amenities include an onsite management office, digital gate access, individual door alarms and video cameras.
The real estate transaction also included three billboards, a cell tower and approximately 110,000 gross square feet of climate-controlled warehouse space across five separate locations.
Investment specialists representing the seller, a private entity, included Sean M. Delaney, vice president of investments in the Chicago/Oak Brook office of Marcus & Millichap Real Estate Investment Services; Brett Hatcher, a senior associate in the firm’s Columbus, Ohio, office; Charles “Chico” LeClaire, senior vice president of investments from the Denver office; and Adam Schlosser, senior associate, also of the company’s Denver office. They were assisted in closing the transaction by William Holman, a senior associate in the St. Louis office.
“This wasn’t a run-of-the-mill self-storage transaction,” Schlosser said. “We positioned the assets to capture their untapped potential by reworking the use of the existing warehouses from a mobile-vault operation to multi-level, indoor climate-controlled units. There were numerous moving parts to manage and, in the end, both buyer and seller received solid value.”
“This is a stabilized portfolio with substantial upside potential,” Delaney added. “All of the properties have strong historic operations and are well-positioned in mature infill rental markets with healthy fundamentals.”
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.
Sovran operates approximately 500 facilities in 25 states under the Uncle Bob's Self Storage brand name.
