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…
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…
