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…

An unidentified California-based investment group purchased Airport Road Self Storage in Port Angeles, WA, from an unidentified LLC for $4.25 million. The facility, on about 16.5 acres at 4114 S. Airport Road, provides 293 units in 44,770 square feet. The deal includes more than 8 adjacent acres earmarked for expansion or development. Christopher Secreto of…

An LLC led by Steve Juiris of North Carolina purchased nine self-storage facilities in Arkansas from LLCs controlled by Patrick Byrd and Alex Baumeister of Arkansas for $30.3 million, according to the Northwest Arkansas Business Journal. The facilities encompass about 600,000 square feet and 4,000 units. The facilities are: Blue Mountain Storage, 8231 Trafalgar Road,…

One of the country’s largest self-storage companies is starting the year by refinancing the bulk of its U.S. portfolio with a major CMBS deal. Columbia, MO-based self-storage operator StorageMart landed the $814.1 million financing from Citi Real Estate Funding. The CMBS (short for commercial mortgage-back securities) funding is secured by 101 self-storage facilities spread across…

Have you seen San Francisco and Bay Area housing prices lately? They’ve long ranked among the nation’s highest. Among those affected are developers of self-storage facilities, who are starting to find it harder to build or stay in the city. That inspired co-founders Daniel Kluesing, formerly a group product manager for Dropbox, and Dan Kao,…