Mitra Investment Partners Announces Acquisition of Boon Self Storage in North Chili, NY

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Dec 02, 2024, 08:00 ET

Mitra Diversified Fund I Expands Portfolio with Strategic Growth in Northern Markets.

ATLANTA, Dec. 2, 2024 /PRNewswire/ -- Mitra Investment Partners ("Mitra"), an emerging private real estate investment manager, announces the acquisition of Boon Self Storage in North Chili, NY, for its Mitra Diversified Fund I portfolio. This acquisition marks Mitra's entry into Northern markets, enhancing its national footprint and reinforcing its strategy of delivering strong risk-adjusted returns through disciplined, diversified investments.

Strategic Highlights:

Mitra Investment Partners announces the acquisition of Boon Self Storage in North Chili, NY, a high-quality, nearly fully occupied facility built in 2021. This strategic addition marks Mitra’s expansion into Northern markets, reinforcing its commitment to disciplined growth and delivering value to investors. With plans to unlock further potential through industrial-flex leasing, this acquisition highlights Mitra's focus on operational excellence and market-driven opportunities.

High-Quality Facility: Built in 2021, the nearly fully occupied self-storage property reflects strong local demand for quality storage options.
Growth Opportunity: Plans to lease the on-site industrial-flex space will unlock additional value and diversify revenue streams.

Portfolio Expansion:
The Boon Self Storage acquisition demonstrates Mitra's expertise in identifying and executing value-add opportunities across diverse markets. This is Mitra's northernmost investment, adding to a portfolio now totaling approximately 1 million square feet across 10 states, primarily in the Southeast U.S.

Sumeet Patel, Co-Founder, shares, "This acquisition reflects our continued focus on strategic growth and operational efficiency. With Forward Storage now managing 26 self-storage facilities and 6 industrial-flex locations, we're confident in our ability to optimize this asset and enhance value across both product types."

Praveen Reddy, Co-Founder, adds, "This deal highlights Mitra's ability to scale thoughtfully and seize opportunities nationwide. In just one year, we've built a diversified, high-performing portfolio, and Boon Self Storage exemplifies the quality assets we are looking to buy."

Looking Ahead:
Since launching Mitra Diversified Fund I, the firm has acquired over 20 properties across key U.S. markets, with a focus on self-storage and industrial-flex assets. Mitra remains ahead of its deployment schedule, executing its disciplined investment strategy. Its operating company, Forward Storage, continues to drive strong results at more than 30 locations in 14 states, leveraging strategic hires and advanced technology.

About Mitra Investment Partners
Mitra Investment Partners is a private real estate investment firm specializing in the acquisition and operation of self-storage and industrial-flex assets. The firm's mission is to build a diverse real estate portfolio and deliver strong investor returns through operational excellence and innovation. As of October 31, 2024, Mitra manages approximately $150 million in assets across 10 states.

For more information, visit www.investwithmitra.com or connect with us on LinkedIn.

SOURCE Mitra Investment Partners