Renderings of Cornerstone RPC's first two development projects in Texas. Renderings of Cornerstone RPC's first two development projects in Texas.

Two Dallas, TX-based real estate firms are making good on their plans to develop a sizable portfolio of self-storage facilities. Cornerstone RPC Storage Development, a joint venture between Rosewood Property Company and Cornerstone Development, formed in late 2014 setting aside $75 million to develop self-storage facilities. The first phase of its development plan will bring…

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This week the SpareFoot Storage Beat identified 15 self-storage developments projects across the U.S. that are either planned, under construction or recently completed. These projects combined will bring more than a million square feet of new rental supply to the sector. Planned Highland Development Ventures, a real estate development firm based in White Plains, NY,…

AAA-Storage-South-Lamar AAA-Storage-South-Lamar

San Diego-based The Caster Group purchased its first Texas facility at 1708 S. Lamar in Austin, TX for an undisclosed price. The company, which operates facilities under the name A-1 Self Storage, operates 48 facilities in California. The 26,740-square-foot facility (pictured above) was developed in 1975 and also features 3,186-square-feet of retail space. The facility previously…

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Shareholders of Amerco, the publicly-traded parent company of moving and storage operator U-Haul, will vote later this month whether to spin off part of the company into a real estate investment trust. The proposal, submitted by Cambridge, MA-based company shareholder AFR Value Partners LP, would compel the company to: “engage an investment banking firm to…

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As self-storage construction heats up across the country, Irvine, CA-based Westport Properties is scaling up its development efforts in several key markets. “We are seeing double digit returns and occupancy at all-time highs. There is room for more product, and definitely a need for it,” said Drew Hoeven, president of real estate (pictured at top)….

National Storage Affiliates National Storage Affiliates

Newly formed REIT National Storage Affiliates issued its first ever earnings release as a public company, and its CEO Arlen Nordhagen said the company is poised for growth. “We expect to be a major consolidator within the sector,” Nordhagen said during a conference call with analysts. The company acquired 21 self-storage facilities during the second…

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After completing its first quarter as a public company, Jernigan Capital CEO Dean Jernigan realized that he made one significant miscalculation: under estimating the demand for development loans in the self-storage industry. “I anticipated this company to be wildly successful with our development product,” said Jernigan during the company’s conference call with analysts. “I should…

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Cary, NC-based Ultimate Storage Company is building two new facilities in the Raleigh-Durham market. Both projects will offer about 75,000-square-feet of space inside of 500 units, 90 percent of which will be climate controlled. The facility at 9300 Fayetteville Road in Raleigh, NC is tentatively scheduled to open in January 2016 under the name South…