A Chattanooga, TN-based commercial real estate developer and investor is fueling the growth of its new self-storage division with proceeds from a recent asset sale. Hutton Co. Inc. is on track to launch its first two self-storage developments in early 2021, said Aaron Breeden, vice president of Hutton. Breeden said the company will seek self-storage…

Oak Brook, Illinois-based real estate firm Inland has purchased a 12 property self-storage portfolio in Michigan from a joint venture group.  The portfolio covers 747,146 net rentable square feet and offers a total of 6,209 units. Charles “Chico” LeClaire, executive managing director investments and Adam Schlosser, senior vice president investments, in Marcus & Millichap’s Denver…

Street rates are down for self-storage properties. Will a slowdown in new deliveries provide relief? Yardi Matrix reports that street rates dropped in about 75 percent of the markets it tracks, according to its December National Self Storage Report. Street rates for standard 10×10 non-climate-controlled units fell 1.7 percent year-over-year in November and 3.3 percent…

Public Storage purchased a three facility self-storage portfolio covering 300,000 square feet in the Charleston, SC area. The facilities were developed and sold by a partnership between the Miller-Valentine Group and The Coastal Storage Group. The facilities offer more than 2,000 self-storage units combined and have been open since 2018. Two facilities were located in…

Fresh off its recent sale of three facilities to Extra Space, New Mexico’s Guardian Storage is planning to build two more self-storage buildings, one in Albuquerque and the other just outside Phoenix, Arizona. Paul Hedges, a partner at Guardian Storage, said he hopes to start construction next spring on a new 120,000-square-foot, three-story facility on…

GYS Development LLC has begun building a three-floor, 644-unit, 101,000-square-foot self-storage project at 1012 Carbon Court in Erie, CO. The first floor will have 7,000 square feet of commercial space; climate-controlled units will go on the second and third floors. Construction is expected to be finished by around November 2020. The company, which builds self-storage…