Storage Pros Management LLC acquired a Waterford, Mich., self-storage facility for approximately $1.89 million.
The class-A property has 67,625 square feet of rentable storage space and is located directly across from Oakland County International Airport. The property is Storage Pros second acquisition in the area. The other facility is about one-third of a mile away.
Built in 2007, the facility is comprised of a two-story, climate-controlled building and four single-story buildings with direct drive-up units. The property also features a Penske truck dealership and 9,600 square feet of retail space for rent.
This acquisition is a natural fit for our growth as we concentrate on expanding in our core markets of Michigan and New England, said David Levenfeld, president of Storage Pros.
The company now owns 18 properties totaling 1.13 million square feet of rentable space, including more than 10,800 storage units and outdoor parking spaces, in Massachusetts, Michigan and Rhode Island. Financing for the deal was provided by First Michigan Bank.