NYC-based Andover Properties, operator of the Storage King USA brand, has purchased its first storage facility in the state of Colorado. In partnership with investment firm Angelo Gordon, Andover acquired U-Stor-All Self Storage in Denver for an undisclosed price. “We’re excited to be entering yet another new market – the majority of the deals we’ve…
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…
Faced with the economic ripple effects of the COVID-19 pandemic, Public Storage is anticipating reductions in same-store net operating income for the rest of 2020. “As Public Storage approaches its 50th year, we have clearly weathered significant economic cycles, and this one will likely rank as one of the most extreme,” said CEO Joe Russell…
Lenders are pulling back in response to the unprecedented uncertainty posed by the COVID-19 pandemic, but select self-storage operators are still able to secure financing. “A significant number of lenders have moved to the sidelines,” said Jim Davies, a principal of self-storage capital advisor firm Talonvest Capital. Talonvest brokers loans for storage operators primarily from…
While it remains to be seen how the coronavirus pandemic will affect the self-storage industry in the long run, in the short-term many markets across the country are seeing a surge in demand. As colleges and universities shut down across the country in cities like Boston and Ithaca, they are forcing students to move out…
The gaggle of bidders used to stand shoulder to shoulder in narrow corridors to catch a glimpse of the goods stored inside, now they wait their turn in line standing six to eight feet from each other. Like all things, the coronavirus pandemic is changing the world of self-storage auctions. “The protocol now is a…
Updated 3/7/2020 This page contains statistics about the U.S. self-storage industry compiled by The SpareFoot Storage Beat. Statistics on this page will be updated as we receive new data. If you have data that you’d like to share or have a question about data on this page, please email editor@sparefoot.com. Self-storage sector snapshot Average monthly…
