The self storage facility has been sold for $11M
February 24, 2016:
Based in Buffalo, NY, Sovran Self Storage Inc., a real estate investment trust (REIT) that manages the Uncle Bob's Self Storage brand, has recently acquired a constructed, 99,000-square-foot self storage
facility in North Miami, Fla., for $11.04 million.
Sovran manages over 500 facilities in 26 states. Its portfolio of owned and managed facilities comprises over 36 million square feet.
According to a source, the 1.3-acre property was acquired by subsidiary Sovran Acquisition from North Miami Storage LLC, an affiliate of Northbrook, Ill.-based Banner Storage Group LLC.
According to the source report, Banner acquired the property in 2014 for $1.125 million and used a $5.95 million loan from PNC Bank to develop the facility last year. The total development cost was about $8.5 million, according to the Banner website.
The facility is adjacent to Interstate 95. A planned 183-acre, $4 billion mixed-use project called SoLe Mia is slated for the North Miami area between Miami Shores and North Miami Beach, according to a source.
The North Miami facility is one of four properties contracted to be acquired by Sovran this year in “certificate of occupancy” purchases, the REIT announced in January. Combined, the purchase price for the four properties is $38 million. The three other facilities include one in Charleston, S.C., and two in Chicago.
Banner Storage Group was formed in July 2013 as a subsidiary to Banner Apartments LLC to diversity the company’s real estate holdings outside of its multi-family focus. The company is led by Gary Delaney, president, and John Nikolich, executive vice president, who have more than 35 years of combined experience in the acquisition, development, disposition and financing of self-storage properties, portfolios and real estate operating companies.