MIDDLETOWN – Aquidneck Island Self Storage, a 531-unit storage center, has been purchased by Farmington Hills, Mich.-based Storage Opportunity Partners LLC, the company announced early this month. Financial details were not disclosed.
The purchase brings Storage Opportunities Partners’ holdings to 11 properties totaling more than 660,000 square feet. In a statement, the company noted the nearby presence of the U.S. Navy as a benefit to owning the property.
The company has purchased all of its properties within the last 19 months. In a statement, Storage Opportunity Partners CEO David Levenfeld added that the company has been fortunate to have access to financial backing to buy properties in the “most challenging macroeconomic environments.”
“This property is consistent with our core competency and main business plan of acquiring existing, underperforming storage facilities in our target markets,” he added.
The two-story Middletown storage center, with 62,700 square feet of rentable space, was built in 2004.
“We are eager to implement our technology-based management and marketing templates on this property,” co-founder and COO Ian Burnstein said in the statement. “We see abundant opportunities to enhance revenues while benefiting from portfolio-based synergies on the expense side.”
A Budget Truck Rental office will be added to the facility.
Storage Opportunity Partners LLC, based in Farmington Hills, Mich., was founded in 2007 with the goal of acquiring and repositioning self-storage facilities in New England and southeastern Michigan. For additional information, visit www.storageop.com.
