Culver City, CA-based on-demand storage company Clutter has closed the nascent industry’s biggest funding round yet. Investors are putting $200 million into the four-year-old company, which will enable the firm to rapidly expand into new markets across the United States. Clutter also says it will be “doubling down” on its existing operations in Los Angeles,…
Livible Inc., the Seattle pick-up-and-delivery storage company founded by serial entrepreneur Terry Drayton, is planning to use a recent infusion of funds to expand into southern California later this year – and hopefully be in the top 40 metro markets in the U.S. within two to three years. After securing $16 million in funding via…
Wasatch Storage Partners may be a new name in the self-storage development and investment sector. However, its leadership from two industry veterans – along with capital from a private equity group – is helping to fuel a national expansion. The Utah-based firm has been on a growth track ever since acquiring its first land parcel…
One of the country’s largest self-storage companies is starting the year by refinancing the bulk of its U.S. portfolio with a major CMBS deal. Columbia, MO-based self-storage operator StorageMart landed the $814.1 million financing from Citi Real Estate Funding. The CMBS (short for commercial mortgage-back securities) funding is secured by 101 self-storage facilities spread across…
Have you seen San Francisco and Bay Area housing prices lately? They’ve long ranked among the nation’s highest. Among those affected are developers of self-storage facilities, who are starting to find it harder to build or stay in the city. That inspired co-founders Daniel Kluesing, formerly a group product manager for Dropbox, and Dan Kao,…
For years, institutional investors and equity funds mostly shied away from the self-storage sector. In 2015, they represented just 5 percent of self-storage acquisitions of at least $2.5 million, data from Marcus & Millichap Research Services and Real Capital Analytics shows. But the institutional tide keeps turning in self-storage. Through August of this year, institutional…
Avid art collector Steven Guttman, who’s founder and chairman of self-storage developer and operator Storage Deluxe Management Co., is crafting a lucrative business out of the art and science of storing fine art, couture clothing and collectibles. The high-end storage provider that Guttman founded, New York City, NY-based UOVO, is gearing up to open its…
Alain Gingras is going to be a busy man over the next 30 months and beyond. A long-time veteran of the self-storage industry, Gingras earlier this summer was appointed senior director of operations for the fast-growing StorageMart – and he and others have already gotten the company’s marching orders: Grow the privately owned StorageMart by…
Owned by Santa Monica-based real estate firm The William Warren Group, storage operator StorQuest Self Storage has steadily grown from its SoCal beginnings into a network of 145 self-storage facilities across the country. As developers churn out new facilities across the country, StorQuest is putting an even bigger emphasis on its third-party management platform than ever before. Many of…
Might NorthPoint Development’s new project in Farmington Hills, MI serve as a potential template for future self-storage developments as America’s population ages? The Riverside, MO-based NorthPoint earlier this summer got the go-ahead from Farmington Hills, a city of 81,000 people northwest of Detroit, to build a new complex that includes one of its Stonecrest Senior…
