InSite Property Group, a Redondo Beach, CA-based operator and investor, purchased the Self Storage Plus facility in Lanham, MD for an undisclosed amount. The facility, at 10108 Greenbelt Road, is part of the Washington D.C. metro area and located near NASA’s Goddard Space Flight Center. The 100,000-square-foot facility will be rebranded under the name SecureSpace—InSite’s…
This is an archive of self-storage acquisition news items collected during the month of November 2020. News from the week of 11/4/20 Michigan-based Storage Pros Management LLC has sold a 16-property self-storage portfolio in New England to SROA Capital, a storage-invested private equity firm based in West Palm Beach, FL. Storage Pros was represented by…
Blackstone Real Estate Income Trust, Inc (BREIT), a REIT managed by the worldwide real estate investment firm Blackstone, has struck a deal to purchase the Simply Self Storage portfolio for an estimated $1.2 billion. The portfolio is being sold by Brookfield Asset Management, which first acquired a majority stake in the company for $830 million…
The world’s second richest man is joining forces with the eighth largest self-storage company. Bill Gates, co-founder of Microsoft, has acquired an ownership stake in Columbia, MO-based storage operator StorageMart. The investment in the company was made via Cascade Investment LLC, a private investment entity controlled exclusively by Gates. Gates was not the only investor…
An archive of weekly acquisition news from the month of October. News from the week of 10/14/20: Seattle-based Urban Storage purchased the Storage One self-storage facility at 1105 Sunset Boulevard NE in Renton, WA for $12.2 million, according to local property records. The property was sold by Spencer Renton LLC, which purchased the property for…
Jernigan Capital has struck a deal to be acquired by Dallas-based alternative investment firm NexPoint advisors. The deal is valued at about $900 million. NexPoint has agreed to buy the publicly traded self-storage lender and investment firm for $17.30 per common share and $25.00 per share for Series B preferred stock. Launched in 2015 by…
InSite Property Group is a multifaceted real estate investment group with 25 development deals in place across the country—22 of them are self-storage. It operates its storage facilities under the name SecureSpace. The firm has completed and opened three so far, the latest is a 75,000 net rentable square foot facility in Camarillo, CA with…
Document storage and logistics company Iron Mountain is investing more money into MakeSpace, the full service storage company that offers pick up and delivery of customers’ stored items. Iron Mountain led a $55 million Series E founding round for MakeSpace, which included participation from 8VC, Upfront Ventures, Maywic Select Investments, Ten Eighty, Provenio Capital and…
The recent earnings reports released by the publicly traded self-storage REITs provide an up close look at how the self-storage industry has been affected by the COVID-19 pandemic and response. For the most part, self-storage operations remain resilient with same-store earnings and revenues up year-over-year during the first quarter of 2020 at Extra Space Storage,…
When a storage customer stops paying rent, it is customary for a storage operator to overlock the unit, put a lien on the items inside and auction off the contents. But by and large self-storage operators have paused auction activity since stay-at-home orders have cost millions of Americans their jobs. In addition to the leading…
