Three North Dakota businessmen have opened their first self-storage facility.
Verazity Storage, a 62,000-square-foot, 142-unit facility, opened Oct. 21 at 6142 36th St. South in Fargo, ND. The other major city in the area is Moorhead, MN.
One of the facility’s features is 24-hour automated, gated and fenced security access. Prices for units at Verazity range from $80 a month for a 5×10 to $180 a month for a 10×30. The facility is near a Walmart store and a high school.
“Verazity Storage is looking at a different, more convenient way to meet Fargo-Moorhead’s current and future self-storage needs,” Jon Miller, president and CEO of Verazity Storage, said in a news release.
Miller owns and operates Verazity Storage with business partners Rob Margheim and Dustin Ertelt. Miller has almost a decade of experience in personal banking, finance and e-commerce. Margheim, senior vice president and chief financial officer, has experience in real estate and rental property management, while Ertelt, vice president and chief operating officer, has a background in property maintenance, customer relations and subcontracting.
Margheim declined to discuss Verazity’s growth plans.
“Verazity Storage will be one of the most technologically advanced self-storage companies in the Fargo-Moorhead area,” Miller said.
In the Fargo-Moorhead market, Verazity’s competitors are mostly small regional operators, such as Five Star Storage, which has six facilities in the area; Mid States Storage, with four local facilities; and Security Self Storage, with three local facilities.
Verazity’s three business partners are delving into the self-storage business at a time of rapid population growth in Fargo, the largest city in North Dakota. From 2010 to 2013, the city’s population climbed 7.7 percent to nearly 114,000, according to the U.S. Census Bureau. In recent years, thousands of people have flocked to North Dakota to take high-paying jobs in the state’s booming energy sector.
Forbes put the Fargo-Moorhead area at the top of its list of the “Best Small Places for Business and Careers.” As of mid-2013, the area’s headcount was about 223,500. One forecast envisions the area’s population soaring to 298,000 in 2040.