Storage Pros Management LLC, which specializes in the acquisition, development, improvement, management and disposition of self-storage facilities, has purchased eight properties in Knoxville, Tenn. Seven are within the city limits and one is in the nearby suburb of Alcoa.
All eight acquisitions will be rebranded under the Storage Pros Self Storage trade name and will undergo a selective capital-improvements program. The company also intends to implement an innovative marketing program with a focus on local sports teams and the University of Tennessee.
The portfolio comprises 415,000 rentable square feet and 3,500 storage units. Taking into account the company's three previously owned Knoxville facilities, Storage Pros is now the largest owner-operator of self-storage in the Knoxville market, according to a company press release.
In all, Storage Pros owns and operates 13 facilities in Tennessee, including two additional properties in the Nashville suburb of Goodlettsville.
Storage Pros owns 47 self-storage properties and manages a total of 53. The facilities are located throughout New England as well as Florida, Michigan and Tennessee. They comprise more than 3.125 million square feet of storage space and more than 27,500 storage units and parking spaces for rent.