Self-Storage Operator Storage Pros Management Acquires 7 Facilities in April
|Copyright 2014 by Virgo Publishing.|
|Posted on: 05/01/2013|
Storage Pros Management LLC, a Farmington Hills, Mich.-based self-storage operator and provider of third-party management services, acquired seven self-storage facilities in April. The facilities are in Florida (1), Massachusetts (1), Michigan (1) and Tennessee (4). The properties comprise more than 3,100 storage units and 378,000 rentable square feet.
The Florida facility is near Orlando in Fern Park. It’s the company’s third acquisition in six months within its newest market.
The Massachusetts facility, directly on Interstate 495 in Franklin, has a planned expansion as part of a $750,000 facility upgrade. The company now operates 10 facilities in Massachusetts.
The Michigan property in the municipality of Clarkston is 15 miles north of Storage Pros’ corporate offices. The company now operates 24 facilities in the state of Michigan.
The four Tennessee properties have been in the Storage Pros system for nearly two years as managed facilities. Two are in the Nashville suburb of Goodlettsville, with the other two in Knoxville. The company now operates 12 facilities in three Tennessee markets. The two Knoxville facilities currently carry the company’s brand, while the other five properties will be rebranded.
“We are very pleased to add these seven locations to our growing network of owned facilities,” said David Levenfeld, president and CEO. “These properties add to our submarket presence and enhance brand awareness, and are consistent with our strategic growth objectives of expanding our owned portfolio within our existing management footprint.”
Founded in 2007, Storage Pros manages 52 facilities in seven states in the Midwest, New England and the Southeast. The properties comprise more than 3.1 million square feet of self-storage space and more than 26,750 storage units and parking spaces for rent.