Argus Self Storage Advisors report the following: BCSS Ventures LLC purchased McCalla Mini Storage in Bessemer, AL for $1,700,000. Bill Barnhill and Stuart LaGroue, members of Argus Self Storage Advisors, represented the seller. The facility covers 26,500 rentable square feet and contains 189 regular storage units. BCSS Ventures LLC also purchased Cahaba Mini Storage in…
Quinlan Development Group LLC, which is based in Manhattan, NY, is building a self-storage facility at 174 Route 17 North in Rochelle Park, NJ. It will have 1,034 climate-controlled units plus nine drive-up ones, as well as 75 climate-controlled lockers. PS Advantage Inc. will manage the site, which is on the northbound side of Route…
As self-storage professionals know, moving ranks among the biggest drivers of self-storage rentals. But what happens to that chunk of business once the relocation rate in the U.S. drops to an all-time low? In 2018-19, just 9.8 percent of Americans moved, according to data released in November by the U.S. Census Bureau. That’s the first…
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…
More RV and boat storage is coming to PremieRVehicle Storage in Marana, AZ. Jeff Gordon of Eagle Commercial Realty Services in Phoenix, AZ, handled the Jan. 8 sale of 4.75-plus acres of development land to PremieRVehicle, which currently has 465 covered spaces and plans to add an unknown number of new ones. Construction is expected…
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…
U-Haul has taken over a 9.38-acre property that includes a closed Kmart store, now called U-Haul Storage at Jolly & Cedar, at 5400 Cedar St. in Lansing, MI. It will be managed by the U-Haul facility at 56020 S. Cedar. U-Haul plans to add about 800 climate-controlled indoor self-storage units to the 119,791-square-foot building. In…
There’s a battle going on in the Seattle area over the fate of a proposed self-storage facility. Urban Bainbridge (Seattle-based Urban Self Storage Inc.), which wants to build a facility on Day Road in the city of Bainbridge Island, WA, is suing the city, claiming it unlawfully approved a six-month moratorium that has stopped its…
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…
