In what’s billed as the largest acquisition of its type in the history of the self-storage industry, a fund affiliated with self-storage owner and operator SROA Capital LLC has purchased a 50-facility, six-state portfolio. SROA Capital Fund VII LP — managed by West Palm Beach, FL-based SROA Capital — acquired the portfolio on behalf of…
Prime Storage Group, one of the country’s largest privately held owners and operators of self-storage facilities, is refinancing debt through a CMBS loan package totaling $278 million. This transaction is backed by two fixed-rate loans collateralized by 49 facilities in 17 states that are owned and operated by Saratoga Springs, NY-based Prime Storage Group, according…
New self-storage development has slowed in some key markets across the country after years of rapid expansion. Spurred by high demand and an influx of institutional investment dollars, record levels of construction have led to a surge of new storage space across the country over the last five years. But most experts are not quite…
The city of Birmingham unanimously passed a moratorium on new self-storage facilities July 2 to give it time to evaluate its current land use policies and decide whether to pass more stringent self-storage restrictions. The 180-day moratorium, which took effect immediately, restricts new business permitting for self-storage in areas zoned M-2 or I-2 and includes…
New York-based REIT W.P. Carey has struck a deal with Extra Space Storage in which the self-storage operator will lease 36 self-storage properties from W.P. Carey for 25 years. The triple net lease agreements include termination rights for both companies on the 10 and 20 year-anniversaries, contingent on performance metric. W.P. Carey may also terminate…
Storage Vault has further solidified its position as Canada’s largest self-storage owner and operator with its recent acquisition of the 38-property Real Storage portfolio controlled by a Toronto investment management company. The $204 million purchase ($275 million in Canadian dollars) of Real Storage is just the latest acquisition by Storage Vault, which has now completed…
Self-storage investors frequently focus on major markets like Atlanta, GA; Dallas-Fort Worth, TX; and Phoenix, AZ. After all, top-tier metro areas are where the most people — and potential customers — are. Yet if you look at where the most population growth is occurring on a percentage basis, it’s not those places. Rather, the metro…
Jones Lang LaSalle Inc. is buying HFF Inc. in a roughly $2 billion cash-and-stock deal combining two commercial real estate brokerages that are active in self-storage. Chicago, IL-based JLL said March 19 that it expects its purchase of Dallas, TX-based HFF to be completed in the third quarter of 2019. Mark Gibson, CEO of HFF,…
The on demand storage wars are heating up. Iron Mountain (NYSE: IRM), the Boston-based document storage and data management behemoth, is making a major investment in New York-based consumer storage provider MakeSpace. The deal will infuse MakeSpace with $30 million in new funding, and allow the on demand storage company to leverage Iron Mountain’s existing…
The self-storage acquisition market in the Sunshine State is quite sunny, with no clouds in sight. Data supplied to the SpareFoot Storage Beat by data provider Yardi Matrix shows the number of self-storage deals in the 10 Florida metro areas that it tracks jumped 64 percent from the second half of 2017 to the second…
