The Hampshire Cos. has taken on a unique project with historical aspects. The private real estate investment firm has purchased a former armory building that was built in 1912, at 1189 Magnolia Ave. in Elizabeth, NJ, with plans to convert it into a 100,000-square-foot (75,000 net rentable), 800-unit, three-story self-storage facility. Construction begins later in…

Did self-storage giant Public Storage mislead tenants into buying their in-house insurance product? That’s the central question at the heart of a class action trial that started in California on Monday. The suit seeks $100 million in restitution for the plaintiffs who claim that employees of the storage REIT told customers that they must buy…

Nuveen Real Estate, a unit of New York City, NY-based financial services giant TIAA, has purchased a majority stake in a portfolio of 21 Morningstar Storage facilities. Financial terms weren’t disclosed. Under their new joint venture, Nuveen Real Estate owns 90 percent of the portfolio, while Morningstar Storage owns the remaining 10 percent and serves…

As lenders cautiously assess risk in a somewhat uncertain economic environment, Talonvest Capital Inc. recently secured an almost $17.5 million loan for acquisition of a three-facility self-storage portfolio in Rhode Island. Irvine, CA-based Talonvest, a self-storage and commercial real estate advisory firm, arranged the $17.455 million loan for an affiliate of Dallas, TX-based Rosewood Property…

Irvine, CA-based US Storage Centers purchased a self-storage facility in Summerlin, NV, from Durango Mini Storage and Charleston Mini Storage. The purchase price wasn’t disclosed. The facility, at 8470 W. Charleston Blvd., offers 1,269 units in 177,955 square feet in the Las Vegas MSA. New York City, NY-based Andover Properties LLC, which does business as…

Storage Deluxe is finishing up a 99,000-square-foot self-storage facility that’s expected to open in mid-March at 2225 46th St. in Astoria, Queens, in New York City. It has room for 1,900 units. CubeSmart will manage the site. Recently, Storage Deluxe opened a 240,000-square-foot facility with about 400,000 units in The Bronx, also in New York…

One of the biggest names in storage development is taking one of its partners to court. In a nearly $18 million lawsuit, self-storage financing REIT Jernigan Capital Inc. is seeking to foreclose on a storage facility that’s under construction in Miami, FL. The South Florida Business Journal reported that Jernigan Capital Operating Co. LLC, which…

Investors getting whipsawed by the stock market could push to diversify more heavily into real estate in 2019, and if they do, self-storage could be the ticket for higher returns than institutional-grade property types. The Dow Jones Industrial Average (DJIA) finished 2018 down 3.5 percent and lost 13 percent of its value between October and…