Corporate budgets for self-storage properties include many different business expenses – from maintenance costs and the water bill to acquiring tenants and mowing grass. Amongst these expenses, one of the most important variable costs includes the monthly electricity bill. According to the 2012 Commercial Building Consumption Survey (a new survey is currently underway), commercial property…
Blackstone Real Estate Income Trust, Inc (BREIT), a REIT managed by the worldwide real estate investment firm Blackstone, has struck a deal to purchase the Simply Self Storage portfolio for an estimated $1.2 billion. The portfolio is being sold by Brookfield Asset Management, which first acquired a majority stake in the company for $830 million…
A near zero rate of CMBS loan delinquencies for self-storage facilities during the pandemic-fueled recession helps demonstrate the industry’s resilience, according to a new report from data and analytics provider Trepp LLC. The report, released this month, shows that while CMBS delinquency rates generally have soared during the pandemic — particularly in the hotel and…
The world’s second richest man is joining forces with the eighth largest self-storage company. Bill Gates, co-founder of Microsoft, has acquired an ownership stake in Columbia, MO-based storage operator StorageMart. The investment in the company was made via Cascade Investment LLC, a private investment entity controlled exclusively by Gates. Gates was not the only investor…
It was almost like flipping a switch. You might even call it shocking. As soon as Bob Hayworth turned his first RV-and-boat storage project into solar-powered RV-and boat storage, frowns brightened into smiles. Local officials and lenders, who initially took a dim view of the project, suddenly began saying “yes” instead of “no” to the…
In recent years, a partnership between Devon Self Storage and Inland Private Capital Corp. has purchased two dozen self-storage facilities. Now, the two companies are pivoting to redevelopment opportunities in Opportunity Zones. Devon and Inland Private Capital recently launched an initiative that’ll seek to buy existing properties — including former stores, office spaces and manufacturing…
A high-profile legal case of a moving-storage firm selling the belongings of an active-duty Air Force sergeant in Massachusetts is once again highlighting the importance of storage companies checking before auctioning off items of those in the military. Last month, the U.S. Attorney’s office in Boston filed suit against PRTaylor Enterprises LLC, a company doing…
RVs are on a roll. As Americans seek pandemic-era alternatives to traditional travel, they’re buying and renting RVs in huge numbers. Research released in June by the RV Industry Association shows 46 million Americans planned to take an RV trip within the following 12 months. Eleven percent of the people surveyed wanted to buy an…
Established self-storage facilities across the country are starting to see revenues stabilize—two months after the coronavirus crisis shut down the nation’s economy this spring. But it may take new lease-up facilities a while longer before prices return to normal, according to a new report by Cushman & Wakefield. The report by Cushman & Wakefield paints…
Irvine, CA – June 18, 2020 – Self storage and commercial real estate advisor Talonvest Capital, Inc. negotiated the late-May closing of a $10,240,000 bridge loan on behalf of York RE Capital Partners with its institutional JV equity partner as well as the early-June closing of $9,000,000 in CMBS financing on behalf of an experienced…
