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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 seller's of Lock-N-Key were represented by Holliday Fenoglio Fowler, L.P.; Aaron Swerdlin, Senior Managing Director led the HFF team in this transaction.
SOURCE: The Locke Acquisition Group LLC
The Locke Acquisition Group LLC Tony Rider, CFO, 716-633-3271 x 114 trider@lockegrp.com www.lockeacquisition.com
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