Recreational Storage Group is riding the Boat-RV storage wave that began a few years ago during the height of the COVID-19 pandemic. RSG, a New Jersey-based company led by industry veterans Erik Johnson and George Hristodoulou, recently announced that it has broken ground on a new 135,000-square-foot self-storage facility, with exterior Boat-RV storage, in Ocala,…
Warehouse Anywhere is now a standalone business following a deal between a group of former Life Storage employees and Extra Space Storage (NYSE: EXR). Extra Space sold the Warehouse Anywhere division of Life Storage to the new operators after acquiring the subsidiary as part of the recent merger of the two major storage operators. Life…
The city of Providence, RI has a message for self-storage developers: stay away. The Providence City Council last month approved an ordinance that effectively bans construction of new self-storage facilities throughout Rhode Island’s capital city, with supporters saying the city needs more housing and jobs, not new self-storage space. “It’s not something people want to…
Public Storage will buy the 127-facility Simply Self Storage portfolio from Blackstone Real Estate Income Trust for $2.2 billion. The REIT, an arm of New York-based private equity behemoth Blackstone, is selling the portfolio as it navigates a backlog of redemption requests driven by international investors. Blackstone has owned the portfolio for less than three…
Contributed by Hunter Reynolds and Austin McLeod of Matthews Real Estate Investment Services. Consumers are seeking convenience over everything else. This evolving consumer preference has caused a dramatic shift in customer-driven operations nationwide. In particular, the self-storage sector has seen an influx of operation adaptation as the industry works to meet consumers’ needs. Although the…
Extra Space Storage has struck a deal to acquire Life Storage for $12.4 billion in an all-stock transaction. The combined company will operate more than 3,500 self-storage facilities, surpassing Public Storage as the country’s largest operator. “We believe this combination will create the preeminent storage platform and team in the country,” said Joe Margolis, CEO…
MyPlace, a new self-storage venture recently founded by industry veteran Kurt O’Brien and financially backed by Nuveen Real Estate, expects to acquire and develop hundreds of self-storage facilities as it expands primarily in secondary markets in coming years, a top Nuveen executive says. Nuveen Real Estate, the huge real-estate investment company with $154 billion in…
“Well done is better than well said.” I repeat Benjamin Franklin’s wisdom in the boardroom regularly. In an era of corporate governance hogwash where buzzwords pollute conversations and mission statements, leaders must be held accountable and given the impetus to take action on the environmental front. Business is challenging enough with the geopolitical and inflationary…
In what could be the largest deal in self-storage history, industry leader Public Storage made an $11 billion unsolicited offer to purchase all outstanding shares of Life Storage. Life Storage, the country’s fourth largest self-storage owner, said the proposal was “substantially similar” to a privately made offer it rejected last month. “Our proposal would create…
Enter the lobby of the new StoreEase self-storage facility in Hoover, AL and you’ll receive an enthusiastic greeting from a human manger. But don’t expect to shake their hand. That’s because StoreEase facilities and its managers aren’t physically there. Instead they appear on large video screens equipped with cameras to welcome customers, answer questions and…
