In late 2006, Investors David Levenfeld and Ian Burnstein formed Storage Opportunity Partners LLC, specializing in the acquisition, repositioning and disposition of self-storage facilities in New England and Michigan. The Farmington Hills, Mich.-basedcompany acquires individual underperforming properties and invests in physical, management and marketing improvements to bring them up to investment grade. Once it acquires a mass of properties in its target markets and enhancements are implemented, the portfolios will be marketed for sale to large industry buyers.
With its affiliates and partnersincluding Farmington Hills-based Northern Equities GroupStorage Op has bought, operated, managed and sold nearly 2.7 million square feet of self-storage space, according to an article in the Oakland (Mich.) Business Review. The company also is eyeing 2- to 10-acre sites for development.
In coming months, the company will designate a third target market, most likely in the Southeast. For more information, call 617.658.1200 or visit www.storageop.com.