A California judge has tentatively sided with Public Storage in a $100 million class-action lawsuit that alleged the self-storage REIT tricked California tenants into believing they had to buy company-sold insurance when they rented storage units. In a Feb. 21 order, Judge Carolyn Kuhl of Los Angeles County Superior Court wrote that the plaintiffs had…

Self-storage REIT Extra Space Storage is dipping its toe into the bridge lending pool as a complement its third-party management platform. During the company’s Feb. 21 earnings call, CEO Joe Margolis said Salt Lake City, UT-based Extra Space recently launched the bridge lending program “to fill what we perceive as a capital void in the…

Slowly but surely, self-storage investors are taking advantage of perhaps the most buzzed-about real estate tax-saving tool of 2019 — Opportunity Zones. San Antonio, TX-based business management company DPR Investments Ltd. recently became the first investor to hop on the Opportunity Zone bandwagon in Texas with the announcement that it’s building a $16 million self-storage…

Philadelphia-based First Neck University Avenue LLC purchased Too Much Stuff storage in Little Rock, AR, from Jacksonville, AR-based Northgate Mini-Storage LLC for $8.325 million, according to media reports. The facility, at 2010 S. University Ave., comprises 574 units. The square footage wasn’t available. The facility now operates as Snapbox Self-Storage. Compass Self Storage LLC and…

Now under the umbrella of Cushman & Wakefield, veteran self-storage broker Mike Mele envisions his team executing $1 billion in annual deal volume by 2024. Ten years after its formation, most members of the Mele-directed self-storage brokerage team at Marcus & Millichap recently jumped to commercial real estate competitor Cushman & Wakefield. The team ranks…

Nuveen Real Estate, a unit of New York City, NY-based financial services giant TIAA, has purchased a majority stake in a portfolio of 21 Morningstar Storage facilities. Financial terms weren’t disclosed. Under their new joint venture, Nuveen Real Estate owns 90 percent of the portfolio, while Morningstar Storage owns the remaining 10 percent and serves…