Storage Pros Management LLC acquired Extra Space Storage of Fall River, a 76,250-square-foot self-storage facility overlooking Interstate 195 in the southeastern Massachusetts city of Fall River.
The acquisition brings the companys holdings to 19 owned properties and 39 total properties under management comprising more than 2.2 million rentable square feet, including more than 19,000 storage units and outdoor parking spaces for rent.
The property will be rebranded Storage Pros Self Storage. It is the 10th property under management in Storage Pros New England District.
The Fall River property also represents the first acquisition by a newly-formed joint venture between Storage Pros and Virtus Real Estate Capital of Austin. The joint venture has two additional properties under contract and will continue to source properties for acquisition in shared target markets.
The Fall River acquisition is a perfect fit for our existing management footprint in southeastern Massachusetts, said David Levenfeld, president and CEO of Storage Pros. The facility itself is the dominant property in its market. Further, we are confident that our joint venture with Virtus will lead to continued rapid growth in our target markets of New England, the Midwest and Southeast United States.
Storage Pros intends to invest in a substantial renovation and updating of the Fall River property. Debt financing for the transaction was provided by Eastern Bank of Boston.