The Hampshire Cos. and Harrison Street have formed a joint venture to develop self-storage facilities along the I-25 corridor, from Boston to Washington, DC. Their first project will be a ground-up development of a 110,000-square-foot self-storage facility along I-95 in Providence, RI at 145 Corliss Street. The seven-story project will have 876 units and is…
Culver City, CA-based on-demand storage company Clutter has closed the nascent industry’s biggest funding round yet. Investors are putting $200 million into the four-year-old company, which will enable the firm to rapidly expand into new markets across the United States. Clutter also says it will be “doubling down” on its existing operations in Los Angeles,…
The record high levels of new supply delivered to the self-storage market last year don’t appear to be diminishing buyer appetite. According to Real Capital Analytics, transaction volume jumped to $6.16 billion last year. Even excluding a $1.3 billion entity level transaction, sales were up about 15 percent year-over-year. Development and how that supply is…
Livible Inc., the Seattle pick-up-and-delivery storage company founded by serial entrepreneur Terry Drayton, is planning to use a recent infusion of funds to expand into southern California later this year – and hopefully be in the top 40 metro markets in the U.S. within two to three years. After securing $16 million in funding via…
Here’s hoping they get a “green” light. The Village Board approved a master conceptual plan that includes a 127,000-square-foot Extra Space Storage facility at the southwest corner of 88th Avenue and Wilmot Road in Pleasant Prairie, WI. It would be at 9201 Wilmot Road. Prairie Holdings LLC owns the vacant property. However, the proposed strong…
Columbus, OH-based The Hatcher Group at Marcus & Millichap handled the sale of Mr. Stor-It in Westland, MI. The buyer and seller weren’t identified. The purchase price wasn’t disclosed. The facility was originally listed at $13.2 million. The facility, at 5235 S. Merriman Road, consists of 908 units in 127,640 net rentable square feet. The…
Slowly but surely, self-storage investors are taking advantage of perhaps the most buzzed-about real estate tax-saving tool of 2019 — Opportunity Zones. San Antonio, TX-based business management company DPR Investments Ltd. recently became the first investor to hop on the Opportunity Zone bandwagon in Texas with the announcement that it’s building a $16 million self-storage…
More change is in the air for the self-storage industry. In mid-January, Newmark Knight Frank added Chris Sonne and Jonathan Lang to its Valuation & Advisory Self-storage practice. Both moved to NKF’s Irvine, California, office from CBRE’s Newport Beach office. NKF created a self-storage valuation specialty about six months ago and has added several industry…
Philadelphia-based First Neck University Avenue LLC purchased Too Much Stuff storage in Little Rock, AR, from Jacksonville, AR-based Northgate Mini-Storage LLC for $8.325 million, according to media reports. The facility, at 2010 S. University Ave., comprises 574 units. The square footage wasn’t available. The facility now operates as Snapbox Self-Storage. Compass Self Storage LLC and…
In Colorado, the Carbondale Planning and Zoning Commission listened to proposals for two self-storage facilities at its Jan. 24 meeting. But the commission was not making any decisions about the sites, instead just submitting comments to Garfield County, to which the two sites are land applications. (If a development is within 3 miles of Carbondale…
