It appears that competition from new self-storage development is having an impact on Public Storage’s bottom-line—at least in a few select markets. During the company’s second quarter conference call, CEO Ron Havner singled out two markets in particular: Denver and Houston, which saw revenues decline 8.3 percent and 6.6 percent, respectively, during the second quarter….

Extra Space Storage grew profits by more than 50 percent during the second quarter, bringing in more than $83 million. Revenue grew 31.4 percent to $244 million, driven primarily by rate increases. CEO Spencer Kirk expects the company’s strong performance to continue, dismissing any potential threats posed by new supply and up-and-coming full-service storage operators….

Public Storage purchased the 100,350-square-foot self-storage facility (pictured at top) at 1669 Chatham Parkway in Savannah, GA for an undisclosed price.  The 858-unit facility was 83 percent occupied at the time of closing. Bill Bellomy, Michael Johnson and John Arnold of Bellomy & Co. represented the Savannah-based seller. American Fork, UT-based Wasatch Storage Partners purchased…

Steve Wasserman gives a simple reason why Gelt Inc. is going to include self-storage units when it builds The Watermark apartment complex in Reseda, CA. “People are asking for amenities like that,” said Wasserman, father of Gelt principal Keith Wasserman. “There’s a heavy demand.” “People that are moving into apartments sometimes come from houses. They…

Ramser Development Company will build a 97,000-square-foot self-storage facility on South Harbor Boulevard in Fountain Valley, CA. The project has been approved and construction is expected to start during the fourth quarter of 2016. The project involves transforming a former RV & Boat storage yard and used car dealership into a state of the art storage…

Following the $1.3 billion acquisition of 84 stores from Sacramento, CA-based Life Storage, publicly traded self-storage REIT Sovran Self Storage announced that they are eliminating the Uncle Bob’s Self Storage brand name. The self-storage operator will rebrand its 563 operating facilities to Life Storage starting in August. Sovran Self Storage will also rename itself Life…

Burbank-based company Olive Properties LP purchased the 61,919-square-foot self-storage facility at 1038 Fir Street in Arnold, CA for $2.5 million. The facility was sold by ABC Mini Storage and operated under the name Secured Self Storage. The transaction was arranged by Bobby Loeffler and Tyler Skelly of the Loeffler Self-Storage Group. An unidentified regional buyer…

red tape caught red tape caught

Getting a new self-storage facility through the entitlement process has always been difficult, but it’s especially challenging as municipalities add layers of regulations and restrictions despite strong consumer demand for self-storage. “The big issue on regulations is that it is so location specific,” said Justin Hodge, an attorney with Johns Marrs Ellis & Hodge law…

Orlando-based Self Storage Associates Inc is developing a CubeSmart facility at 3211 San Pablo Road South in Jacksonville, FL. The 107,000-square-foot facility will cost an estimated $4 million to build, according to the Jacksonville Daily Record. Planned Ziff Properties Inc. of Mount Pleasant, SC will redevelop the former Mountain Creek Shopping Center in Chattanooga, TN into…