Update 11/20/17 – Storage Pros Northborough has purchased a second Stor/Gard facility in the city for $2.7 million, also from SGI-Northboro. The facility at 160 Otis St. is near Massachusetts Route 9. It was last assessed at $1.7 million, and was sold in 2005 for $1.5 million, according to the source. The site will also be managed by CubeSmart and branded under its name.
11/6/17 – Storage Pros Northborough, a division of Storage Pros Management LLC (SPM), which owns or manages 19 facilities in six states, has acquired Stor/Gard Self Storage in Northborough, Mass., a Boston suburb, for $6.3 million. The seller was SGI-Northboro LLC. The 81,000-square-foot property at 241 S.W. Cutoff sits on 6 acres on a major commercial roadway across from Northborough Crossing, an open-air shopping center atop a scenic hilltop, just off Massachusetts Route 9 and U.S. Route 20. It was last assessed at $4.2 million, and sold in 1999 for $285,000, according the source.
The facility will be managed by self-storage real estate investment trust CubeSmart and branded under its name, according to a press release.
“We see significant value-add opportunity with this acquisition, in terms of physical and operational improvements, and market exposure, as well as by growing our Southern New England footprint,” said SPM CEO David Levenfeld. “The property had been operated on a standalone basis, and will now benefit from the revenue maximization, marketing and expense control facets of our platform, including our third-party management partnership with CubeSmart.”
Founded in 2007, SPM operates self-storage facilities in Connecticut, Florida, Massachusetts, Michigan, Rhode Island and Tennessee. Its portfolio consists of more than 1 million square feet of storage space.