Property taxes already are a pain in the budget for self-storage operators, but that pain could become unbearable for operators of facilities in California. Self-storage operators are keeping a wary eye on a proposal that would overhaul California’s property tax structure — and would bump up property tax bills for their Golden State facilities. One…

U-Haul parent company Amerco Real Estate Co. purchased a recently built facility in Nashville. The 1,058-unit facility at 506 Fesslers Lane was completed in March by the seller, Lexington, KY-based Andover Management Group. The property previously operated as Citadel Self Storage. HFF represented the seller in the transaction. The purchase price was not disclosed. Red Dot…

Williamsville, NY-based Life Storage Inc. purchased Storage Solutions in Sacramento, CA, from Los Angeles, CA-based Storage Solutions for $10.3 million. Once an expansion is completed, the facility, at 181 Main Ave., will offer 631 units in 84,240 net rentable square feet. The projected asking price was $13.5 million to $14.5 million. Classic Storage Detroit in…

Self-storage REIT Life Storage Inc. has beefed up its third-party management platform with the addition of a 42-facility portfolio owned by Brookwood Properties LLC. The portfolio encompasses 4 million square feet of storage in Louisiana, Mississippi and Texas. At least some of those facilities had been managed by Malvern, PA-based self-storage REIT CubeSmart. Now, Williamsville,…

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Dean Jernigan, a 34-year veteran of the self-storage industry, has stepped down from day-to-day management of self-storage financing and investment REIT Jernigan Capital Inc., with John Good replacing Jernigan as CEO and Jonathan Perry assuming the role of president. Jernigan hasn’t left the company he founded, though. He remains executive chairman of the Memphis, TN-based…

Unwilling to stomach lofty valuations for existing storage properties, executives at Public Storage continue to pour the self-storage REIT’s energy — and money — into development, redevelopment and expansion activities. “We, at the end of the day, really can’t make sense of a lot of the valuations,” Tom Boyle, chief financial officer of Glendale, CA-based…

An unidentified out-of-state buyer purchased four Home Star Storage facilities in Florida from Clearwater, FL-based Home Star Storage LLC for $7 million. The list price was $8.1 million. Altogether, the portfolio encompasses 982 units in 84,715 net rentable square feet. The facilities are located at: 28420 U.S. Highway 19 North in Clearwater 4500 Lipscomb St….

NYC-based self-storage operator Manhattan Mini Storage has once again applied outside-the-unit thinking to its advertising. In conjunction with its 40th anniversary, Manhattan Mini Storage rolled out a new ad campaign with this tagline: “Mini storage. Maximum you.” The campaign features the Storage Guru, the brand’s new spokesperson, and New York performers interpreting real-life customer experiences…