Locke Group News
June 12, 2012
Sovran Self Storage, Inc. (NYSE:SSS), a self storage real estate investment trust (REIT), announced today the acquisition of two self storage facilities in Chicago, IL and in a separate transaction, one in Miami, FL. 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 square feet and feature state-of-the art amenities and design. Located in affluent, high density markets on major thoroughfares, the self storage facilities are well aligned with the Company’s disciplined growth strategy.
“We are extremely pleased with the acquisition of these high quality assets into our portfolio. The Miami store is a great addition to our southeast Florida presence, and the Chicago market is one we’ve been looking to establish a foothold in for some time,” said David Rogers, Chief Executive Officer.
Each of the storage facilities will be rebranded under the Uncle Bob’s Self Storage® name and fully integrated into the Company’s operating platforms.
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 under the name “Uncle Bob’s Self Storage”®. For more information, visit www.unclebobs.com, like us on Facebook, or follow us on Twitter
Sovran was represented by The Locke Acquisition Group, LLC.
Sovran Acquires ValGard Self Storage in Miami
June 1, 2012
ValGard Self Storage, a 998-unit self-storage facility in Miami, recently sold to Sovran Acquisition LP, a real estate investment trust (REIT) in Buffalo, N.Y. The terms of the sale were not disclosed. The 83,244-square-foot property, 6820 S.W. 81st Terrace, will be rebranded as Uncle Bob’s Self Storage.
ValGard Self Storage***“The property is a great fit to our current portfolio. It is our second self-storage facility in Miami, and the acquisition further expands our footprint in southeast Florida,” said Paul Powell, executive vice president of real estate investment for Sovran Self Storage Inc.
Michael A. Mele, a first vice president investments and senior director of Marcus & Millichap Real Estate Investment Service’s National Self-Storage Group, represented the seller, Miami-based ValGard Pinecrest LLP. Sovran was represented by Peter Weimer of the Locke Acquisition Group LLC.
Sovran has 445 stores branded as Uncle Bob’s Self Storage across 26 states, most of which are in the eastern part of the U.S. The company recently acquired 26 Texas facilities as part of an increased effort to expand westward.
Sovran Self-Storage Buys 10-Property Dallas Portfolio for $29M
April 6, 2012
Real estate investment trust Sovran Self Storage Inc., operator of the Uncle Bob’s Self Storage chain, has purchased a 10-property portfolio in the Dallas area for $29 million. The seller was a Texas-based investment group operating as Sunbelt Self Storage.
The properties will all be rebranded as Uncle Bob’s. They are located in Arlington, Bedford, Benbrook, Coppell, Fort Worth, Grand Prairie, Plano and Watauga.
The buyer was represented in the transaction by Angelo Tomasello, president and CEO of The Locke Group in Williamsville, N.Y.
Since its inception in 1998, The Locke Group has been primarily engaged in negotiating on behalf of Sovran with self-storage owners for the acquisition of their properties.
Sovran has more than 430 self-storage facilities in 25 states, with a large presence in Texas.
Sovran acquires 22 property $111 million self storage portfolio in Texas
September 15, 2011
Sovran Self Storage Inc. (NYSE:SSS) recently announced the acquisition of 22 Texas self storage for $111.0 million. The acquired property spans approximately 1.3 million square feet of net rentable storage space and will be operational under the company’s trade name of Uncle Bob’s Self Storage. The acquisition was funded by proceeds generated from the company’s line of credit and cash flow from operations.
In a separate transaction, the company also announced that it has acquired a storage facility in Atlanta Georgia, for $9.5 million. The facility encompasses 69,000 square feet of rentable space, and is the 16th Uncle Bob’s location in the Atlanta market.
This transaction is a strategic move on the company’s part to expand its presence in the Texas market and the addition of Class A properties will significantly boost the company’s portfolio.
Headquartered in Buffalo, New York, Sovran Self Storage operates as a real estate investment trust (REIT) and engages in the business of acquiring and managing self-storage facilities. The company owns or manages 431 self storage facilities in 25 states.The company’s self-storage properties offer storage space to residential and commercial users, as well as offer outside storage for automobiles, recreational vehicles, and boats.
Sovran was represented by The Locke Group.
Locke Acquisition Group Closes its Second Property with Equity Based Services “EBS”
San Diego, CA (EBS) December 22, 2009
Equity Based Services, Inc. (“EBS”) announced that EBS Income Fund III has acquired two additional Self Storage facilities, bringing the current Self Storage asset class portfolio facilitated by EBS to 66. The properties, both formerly operated as “Access Self Storage”, were acquired separately as two stand-alone facilities, the first of which being located in Colorado Springs, Colorado, and the second, located in Missouri City, Texas. The acquired facilities, which will be re-branded as “American Mini Storage”, and shall be managed by All American Property Management, Inc. (“AAPMI”) under the direction of Eric Kaplan.
The first facility, which is located at 6604 Murphy Road, Missouri City (Houston Area), Texas, is a singlestructure climate-controlled facility featuring 560 rental units and 55,472 Net Rentable Square Feet (“NRSF”) of self storage space. AAPMI now operates 26 Self Storage facilities in the state of Texas.
The second facility, which is located at 3150 Boychuck Avenue, Colorado Springs, Colorado, consists of 487 climate controlled units (31 of them are office-warehouse units) and 36 RV parking spaces. This property has a total of 77,720 NRSF of self storage space. This acquisition represents the second facility in Colorado Springs operated by AAPMI.
“These strategically located acquisitions allow AAPMI to maximize the efficiency of its management systems within these two growing regions,” states Eric Kaplan, Principal of AAPMI.
Equity financing for these acquisitions came from a pool of Private Client Investors as well as the recently closed EBS Income Fund III. The debt financing for these acquisitions came from a life insurance company and was arranged by Tavernier Capital Partners. The general terms of the loans included non-recourse, 7% fixed rate interest, 62% loan to purchase price ratio, and a 10 year term with a 25-year amortization.
“These acquisitions, which were brokered through the Locke Group, should complete the portfolio for the EBS Income Fund III,” states Troy Downing, Manager. “These two Access Self Storage facilities are strong class-A properties. The debt financing we were able to facilitate for these deals has allowed EBS Income Fund III to wrap up its year on a very positive note.” Downing continues, “In the current tight capital market environment that usually features short, 1 to 3 year loan terms, we were very proud to have been able to secure 10-year note terms for these projects.”
“These transactions are further evidence that life insurance companies are a viable alternative to commercial banks for longer term fixed rate non-recourse debt,” states Saul Hoppenstein, Principal, Tavernier Capital Partners. Tavernier secured the financing through one of its life insurance company correspondent lenders. Hoppenstein further comments, “Due to low delinquency rates in the self storage sector, lenders are actively looking to finance cash flowing, well located facilities with established operators such as EBS Income Fund III Managers, Downing and Kaplan.”
These acquisitions represent the final 2 closings for a busy acquisition year. EBS facilitated the acquisition of more than 508,000 NRSF of new Self Storage units, successfully refinanced maturing debt, and closed on their fourth private equity fund.
“These two final acquisitions of 2009 cap off a phenomenal year for us,” states Stephen Kaplan, CEO of EBS. “These facilities are strategically located in strong growth markets that we have been actively targeting. 2009 will be remembered as the year cash flow went on sale and we were able to acquire strong performing assets at discounted prices in first-tier growth markets.”
EBS has facilitated the acquisition of over 66 Self Storage properties in 11 states with nearly 37 thousand storage units and nearly 4.6 million NRSF.
For more information contact: Tony Rider; CFO – (716) 633-3271 ext. 114 Email Contact
Dallas, TX (EBS) December 7, 2009
DALLAS, Dec. 7 /PRNewswire/ — Equity Based Services, Inc. (“EBS”) announced today that they have purchased Advantage Self Storage in Plano, TX. Advantage Self Storage is located at 3900 McDermott Road, Plano, TX.
Advantage Self Storage, rebranded as American Mini Storage, adds 554 units and 71,435 Net Rentable Square Feet to the EBS portfolio of 64 Self Storage facilities.
Plano was designated the best place to live in the Western United States by CNN Money magazine and Forbes.com selected Plano as one of the three “Top Suburbs to Live Well”. In addition, Plano schools consistently score among the highest in the nation and Plano has been rated as the wealthiest city in the United States by both CNN Money and the United States Census Bureau.
“This is EBS’ first acquisition under its new aggressive acquisition model. In the next twelve months EBS expects to double its acquisition volume with high quality, cash flowing properties like Advantage Storage of Plano,” states Eric Kaplan, COO, AAPMI.
Equity for this transaction came from the EBS pool of Private Client Investors and the EBS Income Fund III. The debt for this facility was an assumed loan with a 72% LTV mortgage from Bank of America. This loan has a fixed rate of approximately 5.6%, nonrecourse, and with an Interest-Only period that ends in 2012. The loan switches to a 30 year amortization after the I/O period.
“The debt that EBS assumed for this property simply doesn’t exist in the current lending markets,” states Troy Downing, Fund Manager, EBS Income Fund III. “The ability to assume such a strong loan was definitely a bonus with this deal.”
“Advantage Self Storage in Plano is a great addition to the portfolio,” states Stephen Kaplan, CEO, Equity Based Services, Inc. “This is quality, class-A construction, in a Class-A location and an already stabilized, cash-flowing occupancy.”
This transaction was sourced through Angelo Tomasello, President of Locke Acquisition Group, LLC who specializes in Self Storage acquisitions.
For more information contact: Tony Rider; CFO – (716) 633-3271 ext. 114 Email Contact
The Locke Group Completes Transaction between Equity Based Services and Advantage Storage Class A facility in Dallas Metro Area
October 1, 2009;
The Locke Acquisition Group LLC announced today the sale of Advantage Self Storage in Rockwall TX, a northeast suburb of Dallas, TX to Equity Based Services, Inc. (“EBS”). This marks the third Self Storage facility transaction the Locke Group has completed in the last sixty days, and its first transaction ever with either EBS or Advantage Self Storage.
Equity Based Services is a Private Real Estate Company specializing in the acquisition and management of self-storage properties. EBS currently owns and operates 63 selfstorage properties in 11 states.
Advantage Storage develops and manages Class A storage facilities in several Suburban Dallas markets.
The team handling the assignment for The Locke Group was Angelo Tomasello, CEO, and Tony Rider, CFO. “Simple put this was a great piece of real estate with attractive inplace financing. We recognized the fit for EBS while its team and the Advantage Storage team worked hard to make this a successful transaction.” said Mr. Rider.
The Locke Group specializes in the acquisition and disposition of self storage facilities throughout the continental USA . Since its inception in 1998, The Locke Group facilitated the acquisitions and dispositions of self storage assets valued in excess of $1 billion.
Contact: Tony Rider; CFO – (716) 633-3271 ext. 114 Email Contact
Locke Acquisition Group LLC Becomes Year-Around Patron of The Self Storage Association “SSA”
January 5, 2009;
The Locke Acquisition Group LLC announced today that it made a significant contribution and became a year around patron of the SSA the U.S. National not-for-profit organization serving the self storage industry.
As The Locke Group has grown we have watched our industry and the SSA grow. The work of the SSA is especially important in this turbulent time; we are pleased to be able to make this commitment to the SSA.” observed Mr. Tomasello, president of Locke Acquisition Group, LLC.
The Locke Group is located in Williamsville, New York and Dallas, Texas. In the ten years since its inception, The Locke Group has acted as advisors for the acquisition and disposition of self storage facilities, valued at over $1 billion.
Contact: Tony Rider; CFO – (716) 633-3271 ext. 114 Email Contact
The Locke Group and Sovran Self Storage Close Acquisition of Cincinnati Storage Facility
67,000 NRSF facility opened in 2003
January 3, 2009; 5:15 EDT
The Locke Acquisition Group LLC announced today that it represented Sovran Self Storage, Inc. in its acquisition of Sovran’s third store in the Cincinnati market. Sovran Self Storage is a Real Estate Investment Trust listed on the NYSE under the symbol SSS. Sovran will operate the properties under its brand: Uncle Bob’s Self Storage.
The transaction, valued at $4 million, was acquired by Sovran in an all cash transaction. The Locke Group advised Sovran on the acquisition.
The team handling the assignment for The Locke Group was Angelo Tomasello, CEO, Jonathan Attea, acquisition officers. “We are pleased to have worked with Sovran to extend the Uncle Bob’s bran in the Cincinnati market. We like Cincinnati and will continue to acquire high quality stable properties in order to extend Sovran’s brand, Uncle Bob’s Self Storage in this market.”
The Locke Group is located in Williamsville, New York and Dallas, Texas. In the ten years since its inception, The Locke Group has represented Sovran and its Joint Ventures in nearly all its acquisition and disposition transactions, valued at $1 billion.
Contact: Tony Rider; CFO – (716) 633-3271 ext. 114 Email Contact
The Locke Group and Sovran Self Storage close Acquisition of Four Self Storage Facilities
Transaction for Sovran’s acquisition Joint Venture
December 15, 2008; 4:15 EDT
The Locke Acquisition Group LLC announced today that it represented Sovran Self Storage, Inc. in its acquisition of four self storage facilities operated in Miami Florida, Atlanta Georgia and Columbus Ohio markets. Sovran Self Storage is a Real Estate Investment Trust listed on the NYSE under the symbol SSS. Sovran will operate the properties under its brand: Uncle Bob’s Self Storage.
The portfolio, valued at $ 26.3 million, was acquired by Sovran through a Joint Venture with an affiliate of Heitman LLC and included the assumption of $12.3 million first mortgage. The Locke Group advised the parties to the transaction.
The team handling the assignment for The Locke Group was Angelo Tomasello, and acquisition officer Peter Weimer. “The capital structure required to close this transaction was a challenge and was overcome by the JV’s ability to be flexible in its approach to capitalization”, observed Mr. Tomasello.
Based in Amherst, New York, Sovran operates nearly 400 self storage facilities in 26 states. In this first Joint Venture, Sovran expects to acquire as much as $300 million in Self-storage facilities. To date this JV has acquired $170 million, all in the second half of 2008 and with The Locke Group as advisors. The JV continues to actively seek, through the Locke Group, class A self Storage facilities.
The Locke Group is located in Williamsville, New York and Dallas, Texas. In the ten years since its inception, The Locke Group has acted as advisors for the acquisition and disposition of self storage facilities, valued at over $1 billion.
Contact: Tony Rider; CFO – (716) 633-3271 ext. 114 Email Contact
The Locke Group and Sovran Self Storage close Acquisition of Lock-N-Key Portfolio
Largest self storage portfolio sale since the credit crises
July 31, 2008; 5:15 EDT
The Locke Acquisition Group LLC announced today that it represented Sovran Self Storage, Inc. in its acquisition of Hendry Investments Inc.’s 21 self storage facilities operated under the trade name Lock-N-Key. Sovran Self Storage is a Real Estate Investment Trust listed on the NYSE under the symbol SSS. Sovran will operate the properties under its brand: Uncle Bob’s Self Storage.
The portfolio, valued at $143 million, was acquired by Sovran through a Joint Venture with an affiliate of Heitman LLC. The Locke Group advised Sovran on the acquisition as well as matters related to its equity partner and the first mortgage financing.
The team handling the assignment for The Locke Group was Angelo Tomasello, CEO, Tony Rider, CFO, and acquisition officers Peter Weimer and Jonathan Attea. “This acquisition is a cornerstone to build a national portfolio with Sovran and its Joint Venture Partner” said Mr. Tomasello.
Based in Amherst, New York, Sovran operates nearly 400 self storage facilities in 26 states. David Rogers, its CFO, stated “We are thrilled to launch our Joint Venture Program with the acquisition of this Class A stabilized portfolio. We believe the Joint Venture program will add flexibility and scale to our acquisition program. The Locke Group has been a strategic partner as we have executed our acquisition strategy. They will continue to represent our Joint Venture acquisition program.”
The Locke Group is located in Williamsville, New York and Dallas, Texas. In the ten years since its inception, The Locke Group has represented Sovran and its Joint Ventures in nearly all its acquisition and disposition transactions, valued at $1 billion.
The sellers of Lock-N-Key were represented by Holliday Fenoglio Fowler, L.P.; Aaron Swerdlin, Senior Managing Director led the HFF team in this transaction.
Contact: Tony Rider; CFO – (716) 633-3271 ext. 114 Email Contact