One of the newest self-storage developers in the industry is shaping up to be among the most prolific. Launched in 2013 and completing its first facility in 2014, Northbrook, IL-based Banner Storage Group is now in the throws of a full-fledged building spree, with a...
Two Dallas, TX-based real estate firms are making good on their plans to develop a sizable portfolio of self-storage facilities. Cornerstone RPC Storage Development, a joint venture between Rosewood Property Company and Cornerstone Development, formed in late 2014...
As self-storage construction heats up across the country, Irvine, CA-based Westport Properties is scaling up its development efforts in several key markets. “We are seeing double digit returns and occupancy at all-time highs. There is room for more product, and...
Public Storage is on a big building spree. And we mean big. Not only is the Glendale, CA-based self-storage REIT building a slew of facilities, but these new facilities frequently are bigger than Walmart stores—200,000 to 300,000 square feet in some cases. That could...
With self-storage development ramping up across the country, The SpareFoot Storage Beat decided to track how much and how fast new construction is coming. The following two graphics look at the state of self-storage construction from January through June. We will...
After more than 20 years in self-storage manufacturing, Terry Campbell left to bring a different product to the industry — Small Business Administration (SBA) loans. In March, Campbell joined Wilmington, NC-based Live Oak Bank, a preferred SBA lender for several niche...
Most industry watchers say the nascent self-storage development cycle will ramp up slowly and steadily. For self-storage builder Mako Steel, however, the ramp-up has been more like an explosion. Caesar Wright, president of Mako Steel, said the Carlsbad, CA-based...
SmartStop Self Storage, a storage operator being purchased by Extra Space Storage for $1.4 billion, has broken ground on a combination sports complex, storage facility and office space in its hometown of Ladera Ranch, CA. The $32.6 million solar-powered Ladera Sports...
For years, construction of self-storage facilities in the U.S. has lagged population growth. The gap is so wide, in fact, that industry veteran Dean Jernigan says about $25 billion worth of storage facilities needs to be built in major metro markets for the industry...
Next Door Self Storage has floated the idea of converting a former bowling alley in a Chicago, IL, suburb into a self-storage facility. The plan also calls for construction of storage buildings on the property. At a recent meeting, several village trustees in North...
Father-and-son developers Ron and Shawn Valk are revving up their self-storage business in the Dallas, TX, metro area. The Valks are developing seven self-storage facilities in the Dallas market under the name Platinum Storage. Shawn Valk said the company has several...
In five years, Storage Authority co-founder Marc Goodin envisions that the self-storage franchise business he launched this year will have grown to 500 locations nationwide. “We see it growing exponentially,” Goodin told The SpareFoot Storage Beat. “The most...
Two years ago, Fargo, ND-based Five Star Services bought a self-storage development site across the state in the booming town of Dickinson. At the time, Dickinson was one of the fastest-growing places in the U.S. Now, however, a major slump in oil prices is slamming...
Northbrook, IL, self-storage developer Banner Storage Group is looking at converting a vacant movie theater in Chicago, IL, into a self-storage facility. The theater and adjacent car wash, at 6385 N. McCormick Road, have been vacant for years. Cineplex Odeon Cinemas...
Extra Space Storage is developing a self-storage facility inside a historic movie and TV studio in New York City, NY. The Salt Lake City, UT-based self-storage REIT purchased a portion of the historic JC Studios building at 1262 E. 14th St. in Brooklyn, NY, for $10.85...
This year is poised to be another big one for the U.S. multifamily industry, and that could bolster the self-storage sector. Developers are on track to start construction of 405,000 apartment units in 2015, according to the annual construction report from Dodge Data...
RoboVault, a high-end, high-tech storage center in South Florida, might be expanding in 2015. Susan McGregor, president and general manager of the facility, told The SpareFoot Storage Beat that RoboVault is considering the use of up to 20,000 existing square feet for...
Back in the 1960s, the Midland-Odessa area of West Texas was grappling with a slump in its oil-dependent economy. For more than a dozen years, locals had lived lavishly thanks to the region’s gushing oil wells. During this lull in the oil action, local oilman Russ...
Three of the four publicly traded self-storage REITs are embracing a special type of development deal that enables them to assume less risk in expanding their portfolios. In what’s called a “certificate of occupancy” deal, or “C/O” for short, a REIT agrees to buy a...
Metro Self Storage, a storage operator with more than 90 facilities, continues to ramp up development with the acquisition of a former liquor distribution center in suburban Milwaukee. Metro plans to convert the building at 4059 W. Bradley Road in Brown Deer, WI, into...
A McKinney, TX-based storage operator has three new facilities underway in the Dallas-Fort Worth area and is setting its sights on growth elsewhere in its home state. Advantage Storage’s 26 storage facilities are clustered in the Dallas-Fort Worth and Oklahoma City,...
Starting with the development of two facilities, a Northbrook, IL-based apartment developer is breaking into the self-storage business. Banner Storage Group, a subsidiary of Banner Apartments, closed in April on its first self-storage development site. Banner paid...
One of the biggest hurdles for any self-storage developer is rezoning property for a facility. A developer must convince a municipality’s zoning panel and city council that a project is worth changing city regulations about how a piece of land can be used. The process...
Self-storage REIT CubeSmart is developing a five-story storage facility in Arlington, VA, a suburb of Washington, DC. CubeSmart bought the nearly 4.7-acre property and two-story warehouse, at 2631 Shirlington Road (top photo), in November for $13.1 million, according...
Where the Encore Lounge nightclub once stood in Virginia Beach, VA, a local developer soon will build a three-story storage facility. In 2011, Lefcoe Development Co. bought the Air Station Storage facility next to the former nightclub, which is at 1889 Virginia Beach...
