HFF Closes Sale of 21-Property Self Storage Portfolio

HOUSTON--(Business Wire)--
The Houston-based self storage group of HFF (Holliday Fenoglio
Fowler, L.P.) announced today that it closed the sale of a 21-property
self storage portfolio with facilities in Florida, Texas, Colorado,
Kentucky and Ohio.

HFF represented the seller, Hendry Investments, a San Antonio,
Texas company with storage facilities operating under the Lock-N-Key
brand, which sold the properties to Sovran HHF Storage Holdings LLC, a
joint venture between self storage real estate investment trust Sovran
Self Storage Inc. and an affiliate of real estate management firm
Heitman LLC. The properties will be branded under Sovran's Uncle Bob's
Self Storage name.

The 1.62 million-square-foot portfolio was brought to market in
2007 by Houston-based Storage Investment Advisors (SIA), whose
professionals subsequently integrated their operations with HFF in
February 2008. The portfolio's offering memorandum indicated the 21
properties had an overall physical occupancy of 84 percent. The sales
price was $144,000,000.

The sale involved a combination of cash, the assumption of
existing debt and the origination of new debt. Prudential Mortgage
Capital Company provided the transaction's new debt.

"The sale is among the self storage industry's largest-ever
fee-simple transactions," said Aaron Swerdlin, HFF senior managing
director. "This portfolio featured extraordinarily high-quality assets
in seven core metropolitan markets: Tampa, San Antonio, Houston,
Dallas, Denver, Louisville and Columbus. The Lock-N-Key facilities
offered proven operating histories and competitive advantages at each
location. It was the second largest transaction ever managed by our
group and brings our historical total transaction volume to more than
$1.3 billion since 1994."

Today's transaction joins other self storage portfolio sales
completed by the HFF self storage group while representing such firms
as Wharton Equity Partners, GE/Storage USA, Goldman Sachs/Whitehall,
Prudential Real Estate Investors, Boston Capital, Morgan Stanley,
Walton Street Capital and Public Storage. In total, HFF and former SIA
storage professionals have brokered and financed a combined $2.1
billion in self storage transactions totaling more than 400
properties. The Houston-based group currently has several storage
property sales transactions under contract totaling more than $60
million. These transactions are expected to close in August and
September.

HFF (NYSE:HF) operates out of 18 offices nationwide and is a
leading provider of commercial real estate and capital markets
services to the U.S. commercial real estate industry. HFF offers
clients a fully integrated national capital markets platform including
debt placement, investment sales, structured finance, private equity,
note sales and note sale advisory services and commercial loan
servicing.

HFF
Aaron Swerdlin, 713-852-3537
HFF Senior Managing Director
aswerdlin@hfflp.com
www.hfflp.com/selfstorage
Laurie Fish McDowell, 617-338-0990
HFF Associate Director, Marketing
lmcdowell@hfflp.com

Copyright Business Wire 2008