Storage Pros Management LLC (SPM) (www.StorageProsManagement.com), announces the acquisition of 12 New England-area facilities comprising more than 575,000 rentable square feet, all in the states of Connecticut, Massachusetts and Rhode Island.
David Levenfeld, President and CEO of Storage Pros Management, commented, “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.”
According to Levenfeld, the facilities were all acquired with an eye toward both physical and operational improvements. “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 added, “The operational upside is also evident with opportunities to control expenses while driving revenue growth.”
The 12 properties will be professionally managed by CubeSmart (www.CubeSmart.com).
About Storage Pros Management LLC
Storage Pros Management LLC is a privately owned company specializing in acquisition, development and asset management of self-storage facilities in the Eastern USA. The company has 25 locations in six New England, Midwest and Southeastern states. For more information on SPM, please visit www.StorageProsManagement.com.
CubeSmart is a self-administered and self-managed real estate investment trust. CubeSmart Management currently provides all-inclusive third-party self-storage property management services for 264 locations across the United States. To learn more about CubeSmart Management third-party self-storage property management services, visit www.CubeSmart.com/manager.