The competition is stiffer, but CubeSmart’s outlook just got a little rosier. The publicly traded storage company has sketched out a slightly more optimistic outlook for its financial performance in 2018. In an April 27 earnings call with Wall Street analysts, executives at the Malvern, PA-based self-storage REIT bumped up their forecast for two key…
Dozens of Sears and Toys R Us stores recently have hit the real estate market amid the continuing upheaval in bricks-and-mortar retail, and some of those locations might gain new life as self-storage facilities. Sixteen Sears stores are being auctioned online May 1, and a number of those sites come with agreements allowing them to…
With about $3.5 billion spent on self-storage development in 2016, and up to $4 billion expected this year, the outlook for next year is still up in the air. Even the country’s largest self-storage operator is still discerning which way the development winds will blow. “2019 I would say is still a bit cloudy,” said…
A self-storage facility may replace the once-notorious strip club Dockside Dolls – known to law enforcement for fights, drug use and prostitution – in Graham, NC. Developer 10FssI85, an LLC in Raleigh, NC, bought the property in December. The building has 17,000 square feet and sits on 6.7 acres. Graham officials are considering the proposed…
Bargain Storage at Grand & Camelback in Glendale, AZ, has changed hands for $3.13 million. The facility, at 4616 NW Grand Ave., features 325 units in 45,146 square feet. Bill Alter of Rein & Grossoehme Commercial Real Estate in Scottsdale, AZ, represented the buyer and seller, who weren’t identified. The facility is now listed on…
As development brings a surge of new supply to the market, renting a storage unit in New York City is getting cheaper. The average price to rent a storage unit in New York City dropped 9.8 percent from 2016 to 2017, according to reservations made on SpareFoot’s network. In 2017, the average monthly price to…
Could the empty corner in your neighbor’s garage compete against the newly built self-storage facility off the interstate? The founders of a new startup and its new financial bakers definitely think so. Neighbor, a Salt Lake City, UT, company that matches people with spare space to rent out in their homes, garages or apartments with…
The city of Arvada, CO, which is just west of Denver, has put a 180-day moratorium on self-storage facilities. The Arvada City Council on April 2 voted unanimously that no self-storage facilities could submit plans while city staff evaluates the potential impacts to property, public health, safety and welfare. “We have not liked to see…
Bloomington, IN-based Storage Express bought a portfolio of 12 Storage General facilities in central Illinois from the Plummer family of RP Lumber Co. Inc., a home improvement and building materials retailer based in Edwardsville, IL. The purchase price wasn’t disclosed; the portfolio was listed at $13.75 million. The portfolio comprises 370,000 net rentable square feet…
The Raleigh, NC, metro area sits in the bull’s-eye when it comes to self-storage growth among the country’s major regions. But how sustainable is the self-storage boom in Raleigh? The Raleigh area will see a 23.1 percent jump in self-storage supply, according to STR Inc., a research and analytics firm in Hendersonville, TN. That growth…
