New York-based self-storage operator Andover Properties has purchased RoboVault Self Storage in Fort Lauderdale, FL from BBX Capital Corp. for $12.35 million. The 82,000-square-foot-rentable facility, located at 3340 S.E. Sixth Avenue, features a robotic arm that retrieves individual units—eliminating the need to navigate elevators and hallways. Units are brought to one of seven loading bays…
Life Storage has completed the roll out of its digital rental platform Rent Now, and so far a growing number of customers are opting to “skip the counter” and complete the rental process completely online. “With on average of 8 percent of our new move-ins using this platform, already we believe that the operating expense…
Public Storage expects 2019 to be on par with 2018 when it comes to new self-storage deliveries in the marketplace. One side effect of surging supply? More acquisition opportunities for Public Storage. “There are a number of conversations that are becoming more pronounced, based around the theme of ‘I want out,’” said Public Storage CEO…
Extra Space Storage had a strong first quarter despite heightened competition in markets surging with new supply. But CEO Joe Margolis cautioned that the most severe impacts of excess supply may still be ahead. “We still believe 2018 was likely the high water mark for total deliveries, and we expect 2019 deliveries to be only…
U-Haul plans to convert a former Toys ‘R’ Us into a self-storage facility at 2115 West St. in Annapolis, MD. The closed store has 41,440 square feet. U-Haul Moving & Storage of Annapolis, which is operating from a temporary space, plans to reopen in the new space in 2020, using about 10,000 square feet. U-Haul…
SmartStop has purchased a 1,777-unit self-storage facility in Newark, NJ for $30 million according to Commercial Property Executive. The three-building FlatRate Storage facility is located at 856-882 Frelinghuysen Avenue. The deal was put together by Levin Johnson of Marcus & Millichap and includes a leaseback arrangement with the moving company operating on the site. Marcus…
