Westport Properties, an Irvine, CA-based owner and operator of self-storage facilities under the US Storage Centers brand, has merged with Vertex Investments, a privately held real estate investment company focused on multifamily investments. The merged company will operate as two separate verticals, one focused on self-storage development, acquisition and management and the other on multifamily…
The self-storage industry remains resilient as it deals with more than six-months of economic uncertainty amid the coronavirus pandemic, say two leaders of third-party management firm Absolute Storage Management (ASM). The Memphis, Tennessee-based firm, founded in 2002, has grown substantially since launching with just three team members and one management contract. Today it has offices…
PODS Founder Pete Warhurst believes the storage industry is ripe for a moving and storage concept he recently introduced in Tampa, FL. The concept isn’t only portable storage nor is it just a moving truck. It’s both. “We are fetchable storage. We are giving the customer another alternative,” Warhurst said. How it works Red Rover…
Steven Weinstock is the national director of the Marcus & Millichap Self Storage Division. Weinstock, based out of Chicago, also serves as a first vice president and regional manager of Marcus & Millichap’s Chicago Oak Brook office and specializes in investment commercial real estate sales. SpareFoot talked with Weinstock about the 2020 investment outlook for…
Self-storage conversions — taking an existing building and turning it into a self-storage facility — continue to draw significant interest this year. “About 12 million of the over 64 million that opened last year were conversions,” says Steven Weinstock, who oversees the self-storage division at Marcus & Millichap. “This year, we are expecting about 60…
Street rates are down for self-storage properties. Will a slowdown in new deliveries provide relief? Yardi Matrix reports that street rates dropped in about 75 percent of the markets it tracks, according to its December National Self Storage Report. Street rates for standard 10×10 non-climate-controlled units fell 1.7 percent year-over-year in November and 3.3 percent…
Recent data indicates a still-healthy housing market, which should generally bode well for the self-storage industry as it looks toward 2020, although housing affordability and constrained inventory are causes for concern. The self-storage industry relies on people moving in and out of homes, often targeting new development close to new homes or apartment buildings. A…
Although new supply has tamped down rents, it isn’t deterring self-storage owners and operators from mining for new opportunities in the sector. New deliveries continue to weigh on street rates, according to Yardi Matrix, producing a 2.5 percent year-over-year decline in street rates for standard 10×10 non-climate controlled space. Still, operators and investors with a…
What does the rest of the year hold for the self-storage sector? To answer the question we checked in with JLL Managing Director Brian Somoza. He co-leads the national self-storage real estate brokerage team at JLL with Steve Mellon, with Mellon based in Houston and Somoza out of Los Angeles. Somoza specializes in investment sales,…
The city of Birmingham unanimously passed a moratorium on new self-storage facilities July 2 to give it time to evaluate its current land use policies and decide whether to pass more stringent self-storage restrictions. The 180-day moratorium, which took effect immediately, restricts new business permitting for self-storage in areas zoned M-2 or I-2 and includes…
