In September, self-storage REIT National Storage Affiliates Trust expects to complete its $1.325 billion purchase (with joint venture partner Heitman LLC) of 112 Simply Self Storage facilities. Yet closing that deal won’t mean the end of near-term acquisition activity for National Storage Affiliates — not by a long shot. In a Aug. 7 call with…

Extra Space Storage Extra Space Storage

As labor costs, interest rates and construction expenses keep climbing, Extra Space Storage Inc. CEO Joe Margolis said he sees a slowing down of new self-storage development, with some projects even being canceled amid that environment. In an Aug. 1 earnings call with Wall Street analysts, Margolis credited that moderation to the discipline of some…

Boulder, CO-based Red Dot Storage purchased a four-facility Attic Storage self-storage portfolio in St. Joseph, MO, from unidentified sellers. The purchase price wasn’t disclosed, although it was above the asking price of $9.85 million. The facilities contain 1,340 units in 204,601 rentable square feet on 14.68 acres. The facilities are at 405 N. Woodbine Road,…

2018 is shaping up to be a record-breaking year for the third-party management program at self-storage REIT CubeSmart, President and CEO Chris Marr told Wall Street analysts July 27. During the second quarter, CubeSmart added 41 facilities to the third-party management platform, Marr said during the Malvern, PA-based REIT’s quarterly earnings call. Thirty of those…

An unidentified high-net-worth family purchased two Stor’ It self-storage facilities in Los Gatos, CA, for $25.4 million from an unidentified high-net-worth investor. The portfolio encompasses 785 storage units in 45,287 square feet, along with 20 RV parking spaces. The facilities are at 688 University Ave. and 17443 Farley Road West. Adam Levin, Christopher Secreto and…

A three-facility portfolio of self-storage facilities in Michigan has changed hands. An unidentified buyer purchased the facilities from an unidentified LLC. The purchase price wasn’t available. Emeryville, CA-based Devon Self Storage manages the properties, which are in the Michigan communities of Ann Arbor (4750 S. State Road), Lansing (708 E. Grand Ave.) and Clinton Township…

Bolstered by self-storage veteran Hugh Horne, a new joint venture aims to create a national portfolio of storage facilities over the next several years. HPI Horne Storage, a collaboration between Austin, TX-based Horne Partners LLC and Austin-based HPI Real Estate Services & Investments, already has six self-storage facilities underway. The first three are under construction…