This year, the self-storage industry saw three portfolios trade for well over $1.5 billion each. What did all three deals have in common? Kieran O’Shea. O’Shea, managing director of real estate investment bank Eastdil Secured, represented the sellers of the EZ Storage portfolio ($1.8 billion), the Storage West portfolio ($1.7 billion) and the biggest of…
Adult Toy Storage, which lays claim to being the largest RV and boat storage facility in the country, has a new owner. The cheekily-named facility will also be getting a new moniker: RV Storage Depot. A Newport Beach, CA-based joint venture between RanchHarbor, Ramser Development Company and Saunders Property purchased the Altamonte Springs, FL facility….
CubeSmart announced Nov. 15 that it struck a deal to acquire 59 self-storage properties from LAACO Ltd., which operates facilities under the Storage West brand. The total purchase price is $1.69 billion. The Malvern, PA-based REIT also announced that it has commenced a public offering of 13.5 million common shares that will be used to…
Columbia, MO-based StorageMart has struck a deal to purchase the 18-facility Manhattan Mini Storage portfolio in New York City. The portfolio spans 3.1 million square feet, offering a total of 56,000 self-storage units. StorageMart, the world’s largest privately held self-storage operator, announced Nov. 12 that it entered a definitive agreement to purchase the entirety of…
In August, self-storage developer and operator NitNeil Partners sold a 22-property portfolio to Life Storage for $228 million in a cash and stock deal. “The business plan was to assemble an institutional grade portfolio and connect the dots between a highly fragmented industry and one going rapidly through consolidation,” said managing principal Neil Sapra. The…
Clearwater, FL-based PODS Enterprises recently expanded its senior leadership team with four new hires: Susan Jacobs was appointed Chief Marketing Officer. Jacobs will lead the moving and storage company’s marketing efforts. Most recently, Jacobs was Senior Vice President of Marketing at insurance tech startup Beam Dental, and previously a senior vice president of global brands at…
StorageMart, one of the largest private self-storage operators in the country, has entered the Milwaukee market for the first time with the acquisition of a nine-facility portfolio. The facilities were sold by Brookfield, WI-based Storage Master LLC and are located in Milwaukee, Waukesha, Muskego, Caledonia, New Berlin, and Cudahy. The nine facilities span a total…
Los Angeles-based storage operator Clutter has refinanced a four-property portfolio it owns in the New York metro area with a $118.3 million bridge loan. The non-recourse loan was negotiated by Talonvest Capital Inc., and features a low floating rate and a three-year term with two extension options. The four-property portfolio is located in Yonkers, Brooklyn,…
After you start working within the self-storage industry, a very strange phenomenon takes hold. Before you know it, one develops the ability to spot a collection of storage units on either side of the interstate wherever you go. Everywhere you look, there they are. That’s truer now than it’s ever been. Over the last five…
One of the country’s largest private self-storage operators is planning for a potential IPO, according to sources familiar with the matter. Ladera Ranch, CA-based SmartStop Self Storage REIT is in talks with underwriters in regards to a potential listing, Bloomberg reported August 18. Such a listing could take place as soon as this year, however…
