10 May Storage Pros Management Acquires 12 New England Self Storage Facilities
By Alex Hassel, Storage.com
Storage Pros Management LLC’s portfolio size is climbing back up. The company recently announced the acquisition of 12 self storage facilities in New England, adding up to more than 575,000 square feet. The locations are spread throughout Connecticut, Massachusetts, and Rhode Island.
“In the wake of the disposition of a significant portion of our portfolio in late 2015 and early 2016, these acquisitions demonstrate Storage Pros’ ongoing commitment to smart growth within our target markets, as well as a doubling-down on our strategy of buying assets in geographically-cohesive markets,” says David Levenfeld, President and CEO of Storage Pros Management.
In December 2015, the Michigan-based company announced the sale of 37 properties to an unnamed investment firm for $242.5 million. Those locations added up to 2.4 million square feet, including 600,000 square feet of parking spaces for boats, RVs, and other vehicles. Seventeen properties were located in Michigan, ten in Tennessee, seven in Massachusetts, and three in Florida. When the deal was finished, Storage Pros’ portfolio was down to 14 properties.
Levenfeld says this dozen of recently acquired facilities were targeted for their potential physical and operational improvements. “These are classic Storage Pros value-add acquisitions with abundant opportunities to improve both the physical condition of the properties and the customer experience. The operational upside is also evident with opportunities to control expenses while driving revenue growth.”
CubeSmart will manage the 12 newly acquired properties. Information on the cost and seller involved in the transaction has not been made available.
Storage Pros is a privately-owned company specializing in acquisition, development, and asset management of self storage facilities in the Eastern U.S. The company now has 25 locations in six New England, Midwest and Southeastern states.