There is a storage boom happening in Omaha, but it might be more than the biggest city in Nebraska can handle. An unprecedented building spree in Omaha may lead to a glut of new storage supply that could soon depress prices in that state’s largest city, according to a report penned by Alex Burnam, senior acquisitions…
A Las Vegas company is betting that its purchase of the industry-specific domain “.storage” will pay off in coming years, ideally with thousands of firms and people buying the effective right to use the suffix for their web addresses and general Internet purposes. XYZ.com LLC, a domain registry operator based in Las Vegas, bought the…
With its acquisition of the U-Stor-It portfolio of 21 self-storage facilities earlier this month, Robb Kone’s Best Self Storage is off and running. The Riverside, California-based Best Self Storage’s purchase of the U-Stor-It properties in Texas, New Mexico and Arkansas was the company’s first foray into the self-storage business – and Kone, himself a 15-year…
Some parts of Florida, especially in the Miami area, seem to have hit the breaking point when it comes to the construction of new self-storage facilities. Earlier this month, the city of Margate, in Broward County just north of Miami, approved an outright ban on the building of new self-storage facilities, following a nearly year-long…
Hit by a rising tide of new construction and economic trouble spots across the country, publicly traded self-storage REITs have pulled back significantly from their acquisitions of existing facilities. Acquisitions by the top five self-storage real estate investment trusts (REITs)—Public Storage, Extra Space Storage, CubeSmart, Life Storage and National Storage Affiliates—are off by an annualized…
A regional hotel development and management corporation in the Southeast is the latest player to jump into the booming self-storage market, aiming to one day own more than 100 storage facilities. JHM Hotel Group, a Greenville, SC-based hotel and restaurant company, recently formed TD Self Storage Enterprise LLC and already owns five new self-storage facilities…
Owners of multifamily facilities tend to notice tenant and lifestyle trends long before others — such as whether people are recycling more, what type of cars they’re driving, whether they’re receiving more mailed packages via e-commerce companies. Tampa’s Phillips Development has definitely taken note of another recent trend: Tenants asking where they can find nearby…
It is one of the most active markets for self-storage development, and still one of the most undersupplied. But new regulation may bring storage construction to a halt. Unless a last-minute compromise is reached, some industry officials say it now appears likely that New York Mayor Bill de Blasio’s proposed zoning restrictions on new self-storage…
Some industry observers warn of potential overbuilding within the self-storage industry, but Dean Jernigan is confident that the development cycle is still in the middle-innings. “We’re just past the midpoint of this development cycle, in the fifth or sixth inning,” said Jernigan, CEO of Memphis, TN-based Jernigan Capital, during the company’s quarterly conference call with…
Gary Delaney has barely settled into his new job as chief executive of Wheat Capital Management and he’s already thinking of taking off. Not taking off in terms of leaving the job. Taking off in terms of boosting Wheat Capital to new heights with a newly established fund focusing on self-storage development. Delaney, the veteran…
