/24-7PressRelease/ - STERLING HEIGHTS, MI, August 02, 2007 - Storage Opportunity Partners specializes in the acquisition, repositioning and disposition of self-storage facilities in the New England and Michigan markets.
The company acquires individual underperforming properties in its core markets and invests in physical, management and marketing improvements to bring them up to investment grade. Once the company acquires a critical mass of properties in its target markets, and the contemplated improvements are implemented, the resulting portfolios will be marketed for sale to the larger buyers in the industry.
The Company recently closed on its third and fourth acquisitions, one each in its initial target markets of New England and southeastern Michigan.
Extra Space Self Storage in the suburban Boston city of Brockton, Massachusetts is a 699-unit, 69,720 rentable square foot facility adjacent to the Westgate Mall. This facility is now operating under the name Storage Pros Brockton LLC.
Store All Self Storage in the Detroit suburb of Romulus, Michigan is a 436-unit, 50,000 rentable square foot facility. This facility is now operating under the name Storage Pros Romulus LLC.
These acquisitions provide Storage Opportunity Partners with four facilities, 2010 total units and 220,820 total square feet under management and ownership. The Company has two additional Boston area facilities under contract that are scheduled to close at the end of August. David Levenfeld indicated that "it is our goal to have more than 750,000 square feet and 7,000 units by the end of the first quarter of 2008." Levenfeld added that "our value add will result from our aggressive management and marketing style and intelligent capital improvements."
In the coming months, the company will also designate a third target market, likely in the southeast US sunbelt region. For more information, please visit http://www.storageop.com, or call 617-658-1200.
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