—Sovran Self Storage Inc. has acquired two self-storage facilities in the Chicago metro region. A third has been acquired in Miami, Fla. The combined purchase price of all three properties was $36.1 million and was funded through advances on the company’s line of credit and operating cash flow.
The Class A properties total 246,000 sq. ft. The two Chicago facilities are located at 1400 S. Skokie Hwy. in Lake Forest and 1401 N. Plum Grove Road in Schaumburg.
Each of the storage facilities will be rebranded under the Uncle Bob’s Self Storage name.
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 449 self-storage facilities in 26 states. Founded in 1982, the company is headquartered in Buffalo, N.Y. and employs more than 1,100.