Storage Pros Management LLC has acquired a portfolio of four class-A self-storage facilities, all in Michigan, in the cities of Flint, Grand Rapids, Saline and Wixom.
The properties, built between 2003 and 2005, total more than 2,500 units and 286,000 rentable square feet. All are on main roads with street presence. The properties were purchased out of a court-appointed receivership.
The acquisition brings Storage Pros holdings to 17 properties totaling more than 1 million rentable square feet, including more than 10,000 storage units and outdoor parking spaces.
We will continue our disciplined growth by adding properties within our core markets to further enhance operational synergies and provide for medium- to long-term capital appreciation, said David Levenfeld, president of Storage Pros
The properties will be rebranded Storage Pros Self Storage, and operated by Storage Pros Management LLC, which now manages 12 properties in Michigan as well as eight in New England.