Self-Storage Odds and Ends | 3.12.2018

Al Harris
March 12, 2018

Here is a round up of all the self-storage news stories we didn’t get a chance to cover last week.

Jernigan funds Miami developer more than $83 million

One of five South Florida facilities developed by MCSS that secure the $83.3 million bridge loan made by Jernigan Capital.

Miami City Self-Storage secured a loan from Jernigan Capital for $83.3 million. The loan is secured by five self-storage facilities in South Florida, two of which are currently under construction.

“This transaction has provided a leading national self-storage developer with reasonably priced, patient capital, while providing JCAP with a value-additive investment in an outstanding Generation V portfolio of newly-constructed properties, as well as a right of first refusal to acquire those properties in the future,” said John Good, chief operating officer at JCAP, in a press release.

BSC Group promotes from within

The BSC Group LLC, a Chicago-based capital advisor for the self-storage industry has promoted Stephen Lee to the role of Senior Vice President. Lee has been with the firm for the past four years, during which time he has closed more than $120 million in senior debt transactions. In his new role Lee will help secure funding for clients in a variety of asset classes including multifamily and self-storage, with a focus on Chicago and Milwaukee markets.

Georgia firm adds new broker

Jane Sauls has joined Commercial Realty Services West Georgia as a broker. Sauls has experience owning and developing large and small storage facilities and has been in the commercial real estate field since 2006. Commercial Realty Services is a member of the Argus Self Storage Sales Network.

Snack cake bandit busted in Kentucky

A man in Williamsburg, Kentucky man was jailed for allegedly stealing more than 500 cases of delicious snack cakes from a self-storage facility. A local food vendor was renting the unit from a facility on Happy Hollow road. The 49-year-old suspect was caught after he was spotted selling the cases on Facebook. Only 185 cases of snack cakes were recovered.

Amazon workers accused of stashing stolen goods in storage

Three men in Virginia were charged with stealing thousands of packages from an Amazon warehouse in Ashland. More than 5,000 packages were reported stolen over a six week period. Two of the men were contract employees at the Amazon distribution center, one of which was eventually followed to a self-storage facility where some of the pilfered packages were kept. A third man is suspected of having paid rent for the storage unit.


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