Day: July 17, 2023

What’s the Cap? – Hunter Molnar, Co-Founder & Managing Director of Storage Exchange

What’s the Cap? One of the most important qualities of an effective broker is the ability to be objective. This can be challenging as brokers often operate between presenting an attractive proposal and following appropriate market pricing guidance. Pricing guidance is determined by three factors: current in-place cap rate, effective cap rate, and stabilized pro forma cap rate. In this article, we’ll review a case study of one of our recent sales and discuss how each cap rate affects pricing. Deal Highlights: Occupancy: 92% physical, 83% economic Expense load: 23%…

10 Federal Raises an Additional $27 Million in Q2 for 4th Self Storage Offering, Bringing Total Capital Raised to $60 Million

10 Federal, a leading operator of self-storage facilities, is pleased to announce the successful capital raise of over $27 million during the second quarter of the year for their 4th Self Storage offering. This impressive achievement has propelled the total capital raised by 10 Federal to an impressive $60 million for the year. The substantial capital infusion highlights the strong investor confidence in 10 Federal’s innovative business model and their consistent track record of delivering exceptional returns. These funds will further fuel the company’s growth strategy and facilitate the acquisition…

New U-Haul Center Slated for San Antonio

A modern U-Haul retail, moving and self-storage complex is coming to 9451 Interstate 10. The company bought the property in 2022. Currently, there is a temporary showroom already open and offering truck and trailer rentals, boxes and moving supplies, U-Box portable storage containers, towing equipment and much more. U-Haul Storage of Wurzbach will soon offer 1,000-plus indoor ADA-accessible storage units with climate-control options and high-tech security features at affordable price points. There will also be a spacious retail showroom, and services like propane and professional hitch installation. The company is…

CubeSmart Self Storage Open in Wildlight

An 82,000-square-foot CubeSmart self-storage facility developed by Skinner Bros. Realty and The Silverfield Group is open at Village Center in Wildlight, the master-planned development near Yulee in Nassau County. A news release from Wildlight said Skinner Bros. Realty also added two more retail tenants: Icon Golf Cars and Great Clips. “We aim to deliver quality services and products that not only provide value for Wildlight residents, but strengthen the local community,” Chet Skinner, vice president of Skinner Bros. Realty, said in the release. “We planned the Wildlight community with thoughtful…

Abacus Grows Self-Storage Empire as Spin-Off Listing Looms

Abacus Storage King will comprise the $3-billion Storage King portfolio of assets and $100-million business platform to be a fully integrated self-storage owner, operator and manager.” With the spin-off of its Storage King assets into a $3-billion listed property trust in full swing, Abacus Property Group has filed plans for a four-storey self-storage facility on the Gold Coast. The proposal is an expansion of its existing facility comprising three warehouses across a site spanning two lots and more than 1ha at Miami. Under the plans, it would develop a fourth…

Recent Transactions: 7.11.2023 – 7.17.2023

Portfolio: Self Storage Portfolio (2 Properties) Location: Caldwell, ID Buyer: StorageMart Square Feet: 131,686 (Combined)   Portfolio: Self Storage Portfolio Locations: Greater Toronto, Hamilton and Montreal, Canada Closing Deal: $310 Million Buyers: Bluebird Self Storage and Storewest Developments ( purchased properties where 3,000 new units are planned) Buyer: SmartStop Self Storage (purchased 7,500 existing rentable storage units) Seller: NYX Capital Corp.   Property: Andover Street Self Storage Location: Peabody, MA Closing Deal: $19 Million Year Built: February 2023 Buyer: Public Storage Seller: LCI Management Brokers and Brokerage: Nathan Coe, Brett…

Safeguard Self Storage Expands Presence in Yonkers with New Facility on Nepperhan Avenue

Situated at 324 Nepperhan Avenue, Yonkers, NY, this state-of-the-art facility boasts an impressive 132,000 square feet of storage space, offering a remarkable selection of 1,252 climate-controlled units.” Strategic Location Offers Unparalleled Convenience for Yonkers Residents Safeguard Self Storage is thrilled to announce the acquisition of a new facility in Yonkers, NY, further bolstering its footprint in the region. This strategic expansion, coupled with our soon to open location at 390 Riverdale Avenue and our original Yonkers facility location at 188 S. Broadway, solidifies the firm’s commitment to meet the growing…

Market of the Month: Westminster, CO

StorTrack’s featured market this month is Westminster, CO. The City of Westminster is a municipality located in Adams and Jefferson counties, Colorado. Westminster’s top employers represent leading companies in high-tech, medical, energy, and other expanding fields. How is Westminster as a self-storage market and is it a good place to consider investing in? We’ve used StorTrack’s Explorer platform to find out the potential as a self-storage investment. Self Storage Market Metrics for Westminster, CO   Current Supply: The square feet per capita in this market is 5.71. For comparison, Colorado’s square feet…