Sometimes it doesn’t pay to follow the leader. From the viewpoint of Public Storage CEO Joe Russell, bigger isn’t always better when it comes to the size of new facilities being run by rival self-storage operators. During the self-storage REIT’s Feb. 27 earnings call, Russell said that among new facilities that came online in 2017…
They’re worried about appearances. Venture Storage Group LLC of North Carolina had hoped to invest more than $6.5 million to build an approximately 105,000-square-foot, three-story self-storage warehouse at South Peak on 3.1 acres near the intersection of Virginia 419 and U.S. 220, in Roanoke, VA. But the Roanoke County Board of Supervisors voted 4-1 against…
Columbia, MO-based StorageMart recently purchased five facilities in the Kansas City, MO, market. In one deal, it purchased the Self Storage Depot portfolio, with four facilities in Blue Springs, Independence and Lee’s Summit, MO. The purchase price wasn’t disclosed. The facilities encompass more than 1,300 storage units and nearly 200 parking spaces. StorageMart also purchased…
For some of the assets owned by self-storage operator Life Storage, it’s out with the old and in with the new. In 2019, the REIT says it will keep up its recycling of assets — shedding older, lower-revenue facilities in markets with less desirable demographics in favor of newer, higher-revenue facilities in markets with more…
On the heels of nearly $1.7 billion worth of self-storage deals in 2018, self-storage REIT National Storage Affiliates Trust has earmarked as much as $600 million for acquisitions this year. But it’s being picky about facilities that it adds to its portfolio. “We definitely see a lot of properties on the market that are not…
Self-storage REIT CubeSmart expects about half of its same-store pool to be hit in 2019 by the continuing wave of new supply. During the REIT’s Feb. 22 earnings call, Tim Martin, chief financial officer of CubeSmart, said the estimated 50 percent of the same-store portfolio that will compete with new supply this year compares with…
A California judge has tentatively sided with Public Storage in a $100 million class-action lawsuit that alleged the self-storage REIT tricked California tenants into believing they had to buy company-sold insurance when they rented storage units. In a Feb. 21 order, Judge Carolyn Kuhl of Los Angeles County Superior Court wrote that the plaintiffs had…
The state of Arizona is experiencing a period of mass migration. In fact, Maricopa County, where the city of Phoenix is located, had more people move to it than any other county in the country last year. This influx of people moving from the west coast and an increase in apartment complexes in Arizona has…
Self-storage REIT Extra Space Storage is dipping its toe into the bridge lending pool as a complement its third-party management platform. During the company’s Feb. 21 earnings call, CEO Joe Margolis said Salt Lake City, UT-based Extra Space recently launched the bridge lending program “to fill what we perceive as a capital void in the…
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…
