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Storage Opportunity Partners LLC (“StorageOp”) is headquartered in Farmington Hills, Michigan and Newton Highlands, Massachusetts and specializes in the acquisition, development, management and disposition of self storage facilities. The Company was founded in early 2007 and currently owns eight properties totaling more than 455,000 rentable square feet plus more than 950 outdoor parking spaces for rent. |
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StorageOp’s primary focus is the acquisition and re-positioning of existing self storage facilities with “value-add” opportunities to improve facility operations and their physical condition. Additionally, the Company seeks to develop new self-storage facilities on a highly selective basis, limited to exceptional high-traffic locations within underserved submarkets. The first such development is currently under construction on Telegraph Road in Southfield, Michigan at a prime retail location. The Company utilizes its resources, vision and years of multidisciplinary experience within the industry to uncover and exploit various acquisition and development opportunities. Value is added with comprehensive site improvements, creative marketing, disciplined management, and cost-efficient operating procedures. The company believes self management is a key component to its value-added strategy (see “Brand and Management” below). Prior to the formation of the company, the principals of Storage Opportunity Partners had been integral in the development of more than 700,000 square feet of self-storage, and the acquisition, operation, asset management and sale of more than 3,000,000 square feet of self storage across the Eastern and Midwestern US. Brand and Management The company relies heavily on technology in such areas as Internet advertising, facility security and operating software. The company also prides itself on the physical appearance of its facilities, all of which, once acquired, are brought up to the most modern standards in the industry. But what we believe most distinguishes Storage Pros from its competition is its constant focus on customer service and satisfaction. Storage Pros seeks to offer our customers a complete storage experience. All facility offices have retail display areas for the sale of locks, boxes and packing materials. Also, all Storage Pros facilities offer on-site truck rental from nationally known companies such as Budget, Penske and UHaul. For additional information on Storage Pros, please visit www.thestorageprosonline.com.
Properties Target properties for acquisition by StorageOp are underperforming from a management perspective, and suffer from extensive deferred maintenance. All properties are well-located on heavily-traveled roadways, as the company believes that the one aspect of a self storage facility that cannot be successfully repositioned is its location. The capital improvements program that is implemented typically involves re-branding and new signage, complete office renovations and expansions, installation of state-of-the-art video security systems, paving repairs and both exterior and interior lighting upgrades. During its brief history, the company has acquired eight existing self-storage facilities totaling more than 4,000 units, 950 outdoor parking spaces and more than 455,000 rentable square feet of self-storage space. These first eight facilities are evenly distributed, with four in each of the Company’s two initial target markets of Greater Boston and southeastern Michigan. The Company has also opened a third market, with a regional office in Charlotte, N.C. In addition, the Company has its first development property under contract. This project involves the conversion of an existing “big box” retail store into a two-level climate-controlled self storage facility. It is situated on a major six-lane arterial roadway in a dense retail and office concentration.
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