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…
The on demand storage wars are heating up. Iron Mountain (NYSE: IRM), the Boston-based document storage and data management behemoth, is making a major investment in New York-based consumer storage provider MakeSpace. The deal will infuse MakeSpace with $30 million in new funding, and allow the on demand storage company to leverage Iron Mountain’s existing…
Culver City, CA-based on-demand storage company Clutter has closed the nascent industry’s biggest funding round yet. Investors are putting $200 million into the four-year-old company, which will enable the firm to rapidly expand into new markets across the United States. Clutter also says it will be “doubling down” on its existing operations in Los Angeles,…
Over the last few years a new segment of the storage industry emerged: on-demand storage. The concept is fairly simple. Customers pack up their belongings and a company comes and picks them up and puts them in storage. When a customer wants something back, they use an app or website to request a delivery. The…
