#United States #Mitra Investment #Boon Self Storage #North Chili #North Chili, NY

Mitra Investment Partners Expands Its Reach in Northern Markets

Mitra Investment Partners, a growing player in the private real estate sector, recently announced a significant addition to its investment portfolio. By acquiring Boon Self Storage located in North Chili, New York, the firm is not only expanding its geographical presence but also reinforcing its strategic focus on creating high-quality investment opportunities. This acquisition marks Mitra’s first venture into Northern markets, further establishing its footprint as a competitive entity in the national real estate landscape.

Strategic Acquisition Details

The newly acquired Boon Self Storage facility is a modern property, constructed in 2021, and has garnered a reputation for its high occupancy rates. Almost fully leased, the facility reflects strong demand for quality storage solutions in the local area. Mitra sees tremendous potential in this asset; plans are in place to optimize the on-site industrial-flex space, thereby introducing additional revenue streams and enhancing overall value for their investors.

Market Position and Growth Potential

Mitra's strategic investment philosophy focuses on identifying and executing value-add opportunities across diverse markets. With this acquisition, the firm’s portfolio now spans approximately 1 million square feet across 10 different states, predominantly in the Southeast U.S. The Boon Self Storage acquisition exemplifies Mitra's adeptness in recognizing promising assets capable of yielding favorable returns.

Co-Founder Sumeet Patel stated, “This acquisition represents our ongoing commitment to strategic growth and operational excellence. With Forward Storage managing 26 self-storage properties and six industrial-flex sites, we are confident in our abilities to optimize this new asset and enhance value across both product types.”

His partner, Praveen Reddy, echoed the sentiment, commenting, “This deal highlights our capacity to scale thoughtfully and capitalize on opportunities nationwide. Within a year, we've built a diversified, high-performing portfolio, and Boon Self Storage serves as a prime example of the caliber of assets we are eager to acquire.”

Future Prospects

Since initiating the Mitra Diversified Fund I, the team has successfully acquired over 20 properties located in crucial U.S. markets, specifically targeting self-storage and industrial-flex assets. The firm maintains a proactive deployment schedule, diligently adhering to its investment strategy. With Forward Storage spearheading operations across more than 30 facilities in 14 states, the management team leverages innovative technology and strategic hiring to boost performance across all locations.

About Mitra Investment Partners

Mitra Investment Partners is dedicated to the acquisition and effective management of self-storage and industrial-flex properties. Their mission involves establishing a robust and diverse real estate portfolio while delivering noteworthy returns on investment through operational excellence. As of the end of October 2024, the firm manages around $150 million in assets distributed across 10 states.

For further insight into their strategies and portfolio, visit Mitra's website or connect with them on LinkedIn.

In summary, Mitra Investment Partners’ acquisition of Boon Self Storage is an exciting development that showcases their commitment to expanding their portfolio strategically, catering to the increasing demand in the self-storage market, and solidifying their role as a formidable player in the industry.