Farmington Hills, MI, December 02, 2010 --(PR.com
)-- Storage Pros Management LLC is pleased to announce the acquisition of a 67,625 rentable square foot Class A self storage facility located at 6123 Highland Road (Michigan Rte. 59) in Waterford, Michigan, directly across from Oakland County International Airport.
The Waterford property represents Storage Pros’ second acquisition within the submarket, allowing for substantial operational synergies with the existing Storage Pros property located just 1/3 of a mile to the west along Highland Road.
The property, purchased for just under $28 per rentable square foot, was built in 2007 and is comprised of one two-story climate-controlled building and four single-story buildings with all direct drive-up units.
In addition to the storage facility, the property features a Penske truck dealership and 9,600 square feet of retail space for rent.
David Levenfeld, President of Storage Pros, commented, “This acquisition is a natural fit for our growth as we concentrate on expanding in our core markets of Michigan and New England. We are very pleased with the asset quality, value, location and the upside opportunities that we envision, which should allow for both strong current cash flow and substantial capital appreciation over time.”
Debt financing for the transaction was provided by First Michigan Bank of Troy, Michigan.
The acquisition brings Storage Pros’ holdings to 18 owned properties totaling 1,130,000 rentable square feet, including more than 10,800 storage units and outdoor parking spaces for rent, all in the states of Massachusetts, Michigan and Rhode Island.
The property will be rebranded Storage Pros Self Storage, and will be operated by Storage Pros Management LLC.
For more information, please contact David Levenfeld at 248-538-1237 or visit www.thestorageprosonline.com.