The Real Deal Miami

Buffalo REIT buys 998-unit self-storage unit in Miami

June 06, 2012 10:30AM

The facility in Miami

Buffalo-based real estate investment trust Sovran Acquisition has purchased a 998-unit self-storage facility in Miami, according to Marcus & Millichap, which represented seller ValGard Pinecrest, which is based in Miami. The buyer was represented by Peter Weimer of the Lock Acquisition Group. “This transaction represented a unique opportunity for the buyer to acquire a high-quality facility with a great deal of upside potential in one of the strongest self-storage markets in the Southeast,” said Michael Mele, first vice president investments at Marcus & Millichap. The 83,244-square-foot property is located at 6820 SW 81st Terrace in Miami. It will be rebranded as Uncle Bob’s Self Storage. Terms of the deal were not disclosed. — Alexander Britell