U-Haul is bringing the party to Marietta, GA for the Fourth of July. The company is holding a grand opening of a new facility it converted from a midcentury Chevrolet dealership. The dealership closed in 1988 and variety of other tenants moved in and out until U-Haul purchased the property in 2017. The facility has…
Over the course of last year, self-storage marketplace SpareFoot merged with industry software providers SiteLink and storEDGE. Now the combined companies have united under a newly formed brand identity called Storable. Storable, which also includes recent acquisition Select Merchant Solutions, bills its self as a “technology-first” provider of a “suite of solutions designed to empower…
New York-based REIT W.P. Carey has struck a deal with Extra Space Storage in which the self-storage operator will lease 36 self-storage properties from W.P. Carey for 25 years. The triple net lease agreements include termination rights for both companies on the 10 and 20 year-anniversaries, contingent on performance metric. W.P. Carey may also terminate…
New York-based self-storage operator Andover Properties has purchased RoboVault Self Storage in Fort Lauderdale, FL from BBX Capital Corp. for $12.35 million. The 82,000-square-foot-rentable facility, located at 3340 S.E. Sixth Avenue, features a robotic arm that retrieves individual units—eliminating the need to navigate elevators and hallways. Units are brought to one of seven loading bays…
Life Storage has completed the roll out of its digital rental platform Rent Now, and so far a growing number of customers are opting to “skip the counter” and complete the rental process completely online. “With on average of 8 percent of our new move-ins using this platform, already we believe that the operating expense…
Public Storage expects 2019 to be on par with 2018 when it comes to new self-storage deliveries in the marketplace. One side effect of surging supply? More acquisition opportunities for Public Storage. “There are a number of conversations that are becoming more pronounced, based around the theme of ‘I want out,’” said Public Storage CEO…
Extra Space Storage had a strong first quarter despite heightened competition in markets surging with new supply. But CEO Joe Margolis cautioned that the most severe impacts of excess supply may still be ahead. “We still believe 2018 was likely the high water mark for total deliveries, and we expect 2019 deliveries to be only…
SmartStop has purchased a 1,777-unit self-storage facility in Newark, NJ for $30 million according to Commercial Property Executive. The three-building FlatRate Storage facility is located at 856-882 Frelinghuysen Avenue. The deal was put together by Levin Johnson of Marcus & Millichap and includes a leaseback arrangement with the moving company operating on the site. Marcus…
Self-storage operators are in the thick of navigating new supply amidst record levels of new storage development. But in 2020 operators in certain markets should start to see new supply pressure ease off, according to CubeSmart CEO Christopher Marr. “A fairly universal thesis is that 2020 supply in the top MSAs will decline from current…
MCSS Development & Investment LLC has named Ben Carr its new President. Carr will work closely with MCSS founders Jay Massirman, Steve Garchik and Steve McBride on the successful execution of the joint venture’s strategic plan. Carr brings substantial experience cultivated over a two-decade career to MCSS. In his new role, Carr is responsible for…
