The recreational vehicle industry is booming as the trend toward urbanization continues across the United States—and owners are running out of places to stash them. RV shipments (or new RV sales) for 2017 surged 17.2 percent to a record 504,599 units, marking the eighth consecutive years of wholesale shipments growth, according to the Recreational Vehicle…
Some 73 million jobs could be eliminated through automation by the year 2030, according to a recent report from McKinsey. Advanced robotics and artificial intelligence threaten to slash work opportunities for everyone from insurance adjusters to fruit pickers. So, just how vulnerable are self-storage managers? Self-storage kiosks are not a new phenomenon – they have…
Marcus Mollmann has “moved on” from his role of CEO at full-service storage company Closetbox and has plans to launch a new venture in the near future. Mollmann told the SpareFoot Storage Beat that the reason for his departure was due to “a difference in strategic direction for the company” with the board of Closetbox….
Full-service storage company Closetbox kicked off the New Year by expanding into 10 new markets – bringing the total number of cities it serves across the United States to 88. Specifically, the concierge, or valet, storage company now has expanded into: Napa, CA Baton Rouge, LA Canton, OH Chattanooga, TN Huntsville, AL Jackson, MS Knoxville,…
A newly formed joint venture is targeting urban infill development in Los Angeles and Northern California, and it’s looking to take risks. Miami City Self Storage (MCSS) – a developer of urban infill self-storage facilities – and real estate investment firm Cypress Equity Investments (CEI) have teamed up to create Pacific Storage Partners. MCSS Partner…
It’s a fact that self-storage rental rates have continued to surge in California in recent years. A variety of factors have contributed to the price increases including population growth and a well-performing economy. Specifically, the average monthly rent for a storage unit in California has climbed more than 26 percent since 2014, according to data…
A new Bay Area on-demand storage company is on a mission to help alleviate the area’s homelessness problem while growing its business. Founded in February 2017, San Francisco-based Boombox Storage has pledged to donate the first month’s rent of any customer who switches from self-storage to its full-service model to a Bay Area homeless shelter….
A middle market national investment bank out of Virginia has created a new real estate practice group that will be run by the former principal of a self-storage company. Jeff Weber well serve as the managing director of The McLean Group and head up the firm’s new real estate practice out of its Newport Beach,…
A North Carolina-based company is raising up to $10 million to acquire self-storage facilities and convert them into fully automated, unmanned operations. Raleigh-based 10 Federal Storage said their acquisition fund will focus on acquiring ‘mom & pop’ operated facilities located throughout the Southeast, with a concentration in North Carolina. The company started raising money in…
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…
