SROA Capital LLC, which operates the Storage Rentals of America and Storage Zone self-storage brands, acquired the 16-property Storage Pros Management LLC portfolio, with 850,000 square feet across Connecticut, Massachusetts and Rhode Island. The acquisition is the first made from SROA Capital Fund VIII LP. The facilities will be branded and managed under Storage Rentals of America, according to sources.
“This transaction not only provides SROA a foothold into the Northeast and gives SROA the opportunity to add value through building several expansions on the existing properties, but it also allows SROA to further accumulate single- and multi-property owners looking for liquidity in a market that is seeing positive growth due to COVID-19-related housing disruptions,” said CEO Shibe Macfarland.
Storage Pros was represented in the transaction by Kenneth Cox, executive managing director, and Aaron Swerdlin, vice chairman, of the Newmark Self Storage Group, an entity of commercial real estate firm Newmark Group Inc.
Based in West Palm Beach, Fla., SROA is a real estate investment company focused on the acquisition and operation of self-storage properties nationwide. It was co-founded in 2013 by Macfarland, Kohl’s department store co-founder Sidney Kohl, plus one of Kohl’s real estate partners. SROA owns and operates 8 million rentable square across 160 properties in 10 states.
Founded in 2007 and based in Michigan, Storage Pros is a privately owned company specializing in the acquisition, development and management of self-storage facilities. It’s led by Ian Burnstein, David Levenfeld and John Price.
Sources:
Commercial Property Executive, SROA Capital Buys 16-Property Storage Portfolio
Hartford Business Journal, Private Equity Firm Acquires 11 CT Self-Storage Facilities
