Storage Pros Acquires Eight Facilities

Posted on Aug 2 2013 - 12:19pm by Winnie Hsiu

Have you seen before and after pictures of flowers that have been fertilized by Miracle-Gro? The before plants are scrawny and pathetic looking. The after pictures show lush plants with thick foliage and brilliant blooms. If there was a Miracle-Gro for the self storage industry, somebody must have sprinkled some on the Storage Pros Self Storage portfolio. Storage Pros is growing into a ‘lush and beautiful’ portfolio.

Storage Pros Management LLC
announced the purchase of 8 facilities in Knoxville, Tennessee. Seven facilities are within the city limits and one is in the nearby suburb of Alcoa. This brings the number of facilities that they own and operate in Tennessee to 13. Storage Pros is now the largest owner-operator in the self storage business in Knoxville. (Great growth here!)

This acquisition adds 415,000 rentable square feet and 3,500 units. The facilities will be rebranded with the “Storage Pros Self Storage” trade name. And, some industry ‘Miracle-Gro’ will be added – the facilities will undergo improvements to spruce up the facilities and make them look good.

Storage Pros isn’t just focusing just on the rebranding and the physical traits of their new facilities. They will be ‘growing’ a different marketing strategy, too. They plan on creating marketing that will focus on local sports teams and the University of Tennessee.

David Levenfeld, President and CEO of Storage Pros, commented, “The acquisition of these eight well-located properties cement our position as the dominant provider of self storage in Knoxville. We now have the opportunity to enhance brand awareness, and to leverage operating efficiencies with our greater exposure in the Knoxville market.”

Founded in 2007, Storage Pros Management LLC owns 47 properties and operates a total of 53 self storage facilities in Massachusetts, Michigan, New Hampshire, Rhode Island, Florida, and Tennessee. They have over 3 million rentable square feet with over 25,600 units. Other acquisitions during the past year include the purchase of 7 facilities in April and 7 in Michigan in July 2012.

Storage Pros Management LLC has a strong leadership team. David Levenfeld is President and CEO, and has worked in the self storage industry for over 20 years. Ian Burnstein is the co-founder and Chief Operating Officer, John Price the Executive Vice President and Chief Financial Officer, and Kim O’Connell is the Vice President-Controller

Sources Used:

“Storage Pros Management Acquires Eight Self Storage Facilities in Knoxville, Tennessee.” PRWeb; 2 August 2013.

Storage Pros Management LLC.