What does the rest of the year hold for the self-storage sector? To answer the question we checked in with JLL Managing Director Brian Somoza. He co-leads the national self-storage real estate brokerage team at JLL with Steve Mellon, with Mellon based in Houston and Somoza out of Los Angeles. Somoza specializes in investment sales,…
From my home office in Lincoln, Nebraska, and with apologies to David Letterman, I bring you the top ten things your lender wants to make sure you know for the most positive transaction experience possible. 10. Verify your credit ahead of time. “Get your credit report from a legitimate site like freecreditreport.com or directly from…
Earlier this year my storage facility in Anchorage Alaska took the unfortunate brunt of a mudslide that caused extensive damage to my buildings and required a large number of repairs. The cause of the mud slide was a water main break in the condominium complex adjacent to my property. The break caused tens of thousands…
From my home office in Lincoln, Nebraska, and with apologies to David Letterman, I bring you the top ten things your broker wants to make sure you know for the most positive transaction experience possible. 10. Think about the big picture ahead of time. “Before engaging in the process, analyze what potential returns you might…
MCSS Development & Investment LLC has named Ben Carr its new President. Carr will work closely with MCSS founders Jay Massirman, Steve Garchik and Steve McBride on the successful execution of the joint venture’s strategic plan. Carr brings substantial experience cultivated over a two-decade career to MCSS. In his new role, Carr is responsible for…
From my home office in Lincoln, Nebraska, and with apologies to David Letterman, I bring you the top ten reasons you should build your next self-storage facility now. 10. It’s a good time to secure financing. “There is plenty of money available. At the recent mortgage bankers association annual meeting it was business as usual…
As this development cycle enters the later stages there are many instances of submarket trade areas where multiple new self-storage projects have been delivered within short-order of each other. Numerous developer clients that work nationally have raised the question of the impact of these deliveries to their leasing velocity and the timing to attain “economic…
The state of Arizona is experiencing a period of mass migration. In fact, Maricopa County, where the city of Phoenix is located, had more people move to it than any other county in the country last year. This influx of people moving from the west coast and an increase in apartment complexes in Arizona has…
More change is in the air for the self-storage industry. In mid-January, Newmark Knight Frank added Chris Sonne and Jonathan Lang to its Valuation & Advisory Self-storage practice. Both moved to NKF’s Irvine, California, office from CBRE’s Newport Beach office. NKF created a self-storage valuation specialty about six months ago and has added several industry…
Now under the umbrella of Cushman & Wakefield, veteran self-storage broker Mike Mele envisions his team executing $1 billion in annual deal volume by 2024. Ten years after its formation, most members of the Mele-directed self-storage brokerage team at Marcus & Millichap recently jumped to commercial real estate competitor Cushman & Wakefield. The team ranks…
