N.Y. storage trust buys San Carlos Uncle Bob's

BUYER: Sovran Acquisition Limited Partnership, Buffalo, N.Y.
SELLER: VJP Holdings LLLP
PROPERTY: 19400 S. Tamiami Trail, Fort Myers
PRICE: $4.71 million
PREVIOUS PRICE: $22,500, May 1969

PLANS, DESCRIPTION:
Buffalo, N.Y.-based Sovran Self Storage Inc. purchased the 57,908-square-foot San Carlos Self Storage for $4.71 million.

The price equated to $81 per square foot. That figure is higher than the two-year average price per square foot for industrial space ($49) in Southwest Florida, according to the CoStar Group.

The self-storage facility operates under the Uncle Bob's Self Storage brand. Built in 2004, the development features 372 climate controlled storage units, 110 non-climate controlled storage units and 43 parking spaces for RV and boat storage. The 5.76-acre parcel also includes housing for on-site management and two retail spaces.

Jay Crotty and Thomas Doyle of BayView Advisors handled the transaction.

Sovran Self Storage is a real estate investment trust that focuses on buying and managing self-storage properties. Founded in 1982, it owns about 500 facilities with more than 30 million square feet of storage space under the Uncle Bob's Self Storage brand.