Day: May 31, 2022

Augusta Considers New Use for Former Kmart Building as Demand for Self Storage Rises

An increasing demand for places to stow personal items and equipment is driving a proposal to convert the vacant former Kmart building, and its parking lot, on Western Avenue into self storage space. The effort is part of a larger trend of repurposing large box stores that were driven out of business into storage facilities. I appreciate the concept, I think repurposing these types of large box retail spaces — since retail is being done differently these days, thank you Amazon — is something that needs to be done.” Several…

First Quarter Results for Absolute Storage Management

Absolute Storage Management (Absolute), a leading third-party management company for self-storage facilities in the United States, announced operating results for the three months ended March 31, 2022. 2022 Highlights for Three Months Ended March 31, 2022: Increased same-store revenue by 18.3% vs. the same period in 2021. Maintained Square Ft. and Unit Occupancy vs. the same period in 2021. Ended the period with 21% increase in GPI vs. the same period in 2021. Acquired nine (9) management contracts: four (4) operating facility and five (5) facilities at the completion of…

Recent Closings: 5.24.2022 – 5.30.2022

Property: Public Storage (Managed) Location: Birmingham, AL Broker and Brokerage: Ashley Compton of Colliers Self Storage Group NRSF: 102,292 Unit Count: 834 Acreage: 8.82 Properties: Two Development Sites Closing Price: $4.9 Million Location: Winston-Salem, NC Buyer: SROA Acreage: 5.2 Property: Storage and Retail Property Closing Price: $3.9 Million Location: Frederick, VA Buyer: Frederick Pike Holdings, LLC. Broker and Brokerage: Jamie A. Scully of Cushman & Wakefield NRSF: 27,000 (Storage) and 21,322 (Retail) Property: My Space Indoor Storage and Retail Location: South Bend, IN Brokers and Brokerage: Hunter Sells, Scott Schoettlin…