Storage Pros Management LLC, which owns and manages 25 self-storage facilities in six states, has acquired 12 New England-area facilities comprising more than 575,000 rentable square feet. The properties, in Connecticut, Massachusetts and Rhode Island, were previously managed by CubeSmart, a self-storage real estate investment trust and third-party management company.
“In the wake of the disposition of a significant portion of our portfolio in late 2015 and early 2016, these acquisitions demonstrate Storage Pros’ ongoing commitment to smart growth within our target markets as well as a doubling down on our strategy of buying assets in geographically-cohesive markets,” said David Levenfeld, CEO and president.
The facilities were all acquired with an eye toward physical and operational improvements, Levenfeld said. “These are classic Storage Pros value-add acquisitions with abundant opportunities to improve both the physical condition of the properties and the customer experience,” he said. “The operational upside is also evident with opportunities to control expenses while driving revenue growth.”
Storage Pros is a privately owned company specializing in the acquisition, asset management and development of self-storage facilities in the eastern United States.
