A $20 million project underway in the Austin, TX, market serves as the springboard for what a real estate startup envisions being a national brand of high-end, for-sale storage condos. Construction is set to begin in January or February near the Austin suburb of Lakeway on XSpace’s first luxury storage condo project. The location is…

red tape caught red tape caught

Elected officials in a town in western Wisconsin have put a different twist on how city governments across the U.S. are clamping down on self-storage projects. In late November, the City Council in Menomonie, WI (population 16,540) unanimously rejected a proposal to permit development of self-storage facilities with more than 200 units each. That departs…

With a new partner on the team, Columbia, SC-based Taylor/Theus Holdings Inc. aims to grow its self-storage portfolio to 40 to 50 facilities within the next three to five years through ground-up developments and acquisitions. Steve Moffat recently joined Taylor/Theus as its third partner after serving as director of real estate at Extra Space Storage….

Google’s grip on the marketing budgets of publicly traded self-storage REITs is tightening. During their third-quarter earnings calls, executives at the REITs collectively bemoaned the rise — in some cases a sharp rise — in their marketing expenses. Glendale, CA-based Public Storage reported the steepest climb about the REITs: Same-store marketing costs skyrocketed 69.5 percent…

With a flood of private equity producing a “tough acquisition environment,” Chairman and CEO Arlen Nordhagen says self-storage REIT National Storage Affiliates Trust is bypassing deals that it considers too pricey. The influx of private investments into the self-storage sector has spurred historically low cap rates, Nordhagen explained on the REIT’s Oct. 31 earnings call….