Investors getting whipsawed by the stock market could push to diversify more heavily into real estate in 2019, and if they do, self-storage could be the ticket for higher returns than institutional-grade property types. The Dow Jones Industrial Average (DJIA) finished 2018 down 3.5 percent and lost 13 percent of its value between October and…
On the heels of its $5.9 billion merger with one of its managed funds, W.P. Carey Inc. is mulling the sale of more than three dozen self-storage facilities that are now part of its operating portfolio. When W.P. Carey absorbed Corporate Property Associates 17 – Global Inc., one of its managed funds, on Oct. 31,…
Even after a long bull run in the self-storage investment sales market, the sector is continuing to attract new capital to the space that is helping provide a steady pipeline of activity. “Deal flow this year has been very strong with no real slow down thus far,” says James Ashley Compton, MBA, national director of…
Two related self-storage REITs, Strategic Storage Growth Trust Inc. and Strategic Storage Trust II Inc., are merging in a stock-and-debt deal valued at $340 million that would bring ownership of more than 100 self-storage facilities under one umbrella. The $12-per-share deal materialized after Strategic Storage Growth Trust explored “strategic alternatives.” The boards of the two…
The self-storage building boom appears to have reached an impressive financial milestone. Talonvest Capital Inc., the California self-storage financial adviser and mortgage broker, reports that lenders are now offering extremely attractive bridge loan deals to developers who want to get out of their original construction loans earlier than anticipated. Traditionally, bridge loans have loan-to-cost ratios…
Investors are still investing steadily in self-storage, although the rates of growth have slowed compared to recent years, according to CBRE’s latest Self-Storage Investor Survey. In conducting the survey, CBRE interviewed more than 50 market participants including buyers, brokers, owners (small and large operators including REITs, national and regional owners), investors, lenders and REIT analysts….
National Storage Affiliates, a Greenwood Village, CO-based real estate investment trust, has struck a deal to acquire 112 self-storage locations from Orlando, FL-based Simply Self Storage for $1.325 billion dollars. Simply is majority owned by Toronto-based Brookfield Asset Management. The portfolio features 8.7 million rentable square feet of space in over 68,000 storage units. The properties…
Bolstered by self-storage veteran Hugh Horne, a new joint venture aims to create a national portfolio of storage facilities over the next several years. HPI Horne Storage, a collaboration between Austin, TX-based Horne Partners LLC and Austin-based HPI Real Estate Services & Investments, already has six self-storage facilities underway. The first three are under construction…
Houston, TX-based commercial real estate giant Hines Interests LP, known primarily for its office and mixed-use projects, is jumping into the self-storage business. Hines already has three self-storage projects underway in the Phoenix, AZ, metro area — one each in suburban Gilbert, Litchfield Park and Tempe — and is considering projects in the Phoenix suburbs…
Shopping malls and other retail centers might be on shaky ground these days, but the ground at some of those developments is becoming valuable territory for self-storage. Chattanooga, TN-based mall owner CBL Properties Inc. (NYSE: CBL) is tapping into the potential of self-storage in a unique way. While developers across the country have purchased shuttered retail…
