The delinquency rate for US commercial real estate loans in CMBS has been inching upwards but the self-storage sector makes up only a small percentage of those loans, industry experts say. Overall, the delinquency rate for commercial-backed securities climbed six basis points in in March to 5.37 percent, according to Trepp‘s most recent CMBS Delinquency…
Stephen Overcash knows that perception is everything. So when he was facing challenges in getting some of his self-storage projects approved, he coined a new term to win over reluctant zoning officials: “lifestyle storage.” “For so many years, self-storage were big, white boxes,” said Overcash, principal of Overcash Demmitt Architects (ODA). He has been designing…
Next Door Storage president Phil Murphy purchased a property at 1910 E Algonquin Road in Algonquin, IL in 2012 with the intention of rebuilding and revitalizing the site. It took Murphy four years to get through the zoning process but about $3 million later, a new all-brick, 30,000-square-foot storage building stands on the property, right…
Tighter rules on where and how self-storage facilities in Miami are constructed could soon become law. The city of Miami’s Planning, Zoning, and Appeals Board (PZAB) unanimously approved an ordinance calling for strict regulations that would limit the development of new public storage facilities in many parts of Miami. The board approved the measure on…
Public Storage purchased a portfolio of 11 facilities in the Oklahoma City market last week, doubling the number of facilities it operates in the state. The portfolio was sold by Switzer’s Locker Rooms. Former University of Oklahoma football coach Barry Switzer (pictured at top) was a partner in the business. Purchase price was not disclosed….
Self-storage development is considered by some to be the darling of the commercial real estate world right now, but that doesn’t mean some markets aren’t more oversupplied – or undersupplied – than others. A new report from CBRE sheds some light on which markets are out of equilibrium, one way or the other. Chris Sonne,…
Over the last 15 years, a New York City-based firm has grown to become one of the most active storage developers in the city—responsible for more than 15 percent of the product (by square footage) currently being developed in that market. Founded in 2001, Madison Development has close to 600,000 square feet of self-storage space under development across five…
The William Warren Group is building an $11 million, 815-unit StorQuest facility in Denver, CO, according to the Colorado Real Estate Journal. It will be located at West Sixth Avenue and Kalamath Street and open by early September. The self-storage company already owns or manages a dozen self-storage facilities in Denver. Another 910 units are…
Extra Space Storage Inc. picked up a self-storage facility in Honolulu for $29 million. The Utah-based self-storage giant purchased Diamond Head Self Storage’s property at 633 Ahua St., according to public records as cited by Pacific Business News. With this buy, Extra Space Storage now has 12 facilities in Hawaii. It also recently formed a new business…
An iconic retail strip in Austin, TX is destined to become the site of a self-storage facility. Known by locals as Slackerville, the site is being sold by its longtime owner due to rising property taxes, according to the Austin-American Statesman. South Austin ‘Slackerville’ center clearing out for storage facility https://t.co/l2LJ5HaWTW pic.twitter.com/eY6kixoH6F — artsinaustin (@ArtsInAustin)…
