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…
Some 73 million jobs could be eliminated through automation by the year 2030, according to a recent report from McKinsey. Advanced robotics and artificial intelligence threaten to slash work opportunities for everyone from insurance adjusters to fruit pickers. So, just how vulnerable are self-storage managers? Self-storage kiosks are not a new phenomenon – they have…
An $11 million construction loan will enable a New Jersey developer to build a self-storage facility in Miami, FL. Storage Partners of Miami II, an affiliate of Morristown, NJ-based Hampshire Real Estate, received the loan from Citizens Bank of Pennsylvania for the project at 3095 SW 39th Ave., between Coconut Grove and Coral Gables. The…
The William Warren Group, based in Santa Monica, CA, purchased Storage Depot in Shirley, NY, for $10 million from an unidentified seller. The property was listed previously at $11.5 million. The facility, at 331 Smith Road, comprises 46,730 net rentable square feet and 546 units. The facility, which sits on nearly 1.8 acres, now operates…
Self-storage buyers hungry for yield have been chasing freshly developed “certificate of occupancy” deals where they can earn a higher return in exchange for taking on the lease-up risk—and none of the construction risk—of a newly built property. Buyers of C/O deals, as they are commonly called, are finding they can cash in with a…
