The two-facility A Self Storage Depot portfolio in the Asheville, NC, area changed hands for just over $8 million. The names of the buyer and seller weren’t available. Located at 450 Naples Road in Hendersonville, NC, and 875 Charlotte Highway in Fairview, NC, the two properties offer a combined 71,450 rentable square feet and 503…
Extra Space Storage is revving up its third-party management engine, undeterred by rival Public Storage’s plan to make a hard run at the business. In 2017, Salt Lake City, UT-based Extra Space brought 156 facilities into its program for managing properties on behalf of third-party owners; about half of those locations were newly built facilities….
They say everything’s bigger in Texas. For self-storage REIT Life Storage Inc., that translates into bigger competitive challenges in 2018 and 2019 in its four big Texas markets — Austin, Dallas, Houston and San Antonio. During a Feb. 22 call with Wall Street analysts, CEO David Rogers said new supply coming online will hit Life…
It’s been a busy week in the world of self-storage. Here are a few stories that you might have missed: Talk about a bad experience It is probably in the best interest of any self-storage operator to read through “My self-storage hell”, an article published by The Outline. The post outlines what one customer perceives…
New life has come to a proposed self-storage facility near the Tramonto development in Phoenix, AZ. Developer High Range Partners withdrew its application after local residents objected to the facility at a meeting of the Phoenix North Gateway Village Planning Committee. But Brexton LLC came along, partnered with High Range Partners and revived the pitch…
Denver, CO-based self-storage storage developer and investor Baron Properties bought EDEO Self Storage in West Allis, WI, for $10.75 million from self-storage developers Gallacher Development LLC and Self-Storage Ventures LLC, both based in Lone Tree, CO. The first phase of the facility, at 11100 W. Cleveland Ave., is a warehouse-to-storage conversion with 531 units in 71,248…
This time next year, self-storage giant Public Storage will have a new leader at the helm. The company announced that Ron Havner will step down as CEO at the end of 2018 after more than 15 years in the role. Joe Russell, who currently serves as president, will replace Havner effective January 1, 2019. Havner…
Live Oak Bank’s self-storage lending team has been on a hot streak since its 2015 formation. The Wilmington, NC-based company finished its 165th self-storage loan in December 2017, reaching a combined $350 million in loans made to company owner/operators nationwide. But lending team leader Terry Campbell said things are cooling a bit. “I think we’re going to…
Self-storage REIT CubeSmart expects its same-store portfolio to feel increasing pressure from new supply in 2018. In a Feb. 15 call to discuss 2017 financial results with Wall Street analysts, Tim Martin, chief financial officer of Malvern, PA-based CubeSmart, said 40 percent of its same-store portfolio will face competition from new facilities this year, up…
Three storage properties in various stages of development by Wheat Capital Management will likely be seized by the federal government as the company founder Daniel Touizer awaits trial. The office of the U.S. Attorney for the Southern District of Florida filed liens to seize the properties, along with two residential properties owned by Touizer. In…
