Day: September 24, 2024

Colliers Arranges Financing on Midtown Office-to-Storage Project in New York, NY

Colliers has arranged $50.2 million of construction financing and $17.3 million of limited-partner equity for the redevelopment of 152 W. 36th St. in Midtown Manhattan. The developer, a joint venture between Flatiron Equities and Mequity Companies, will convert the eight-story office building into a 16-story self-storage facility. The new development will be operated by Manhattan Mini Storage. The Colliers team was led by Dylan Kane, Zach Redding, Peter Nicoletti and Jared King of the New York Capital Markets group. The debt was provided by Elsee Partners and the equity was…

U-Haul Expanding, Renovating Self-Storage Facility in Palencia area of St. Johns County, FL

The project comprises 134,126 square feet of improvements at the 12-acre site. The proposed development is at 6810 U.S. 1 N. at northeast U.S. 1. and Stokes Landing Road. It is about a half-mile north of King’s Head Pub. The proposed use for the 12.42-acre site is a self-storage and rental facility for relocation. The project comprises the renovation of an existing U-Haul rental building, the construction of a three-story, 117,114-square-foot self-storage building and the construction of a one-story 17,012-square-foot-warehouse. In addition to the proposed buildings, an RV/trailer long-term storage…

Atlantic Self Storage Celebrates 54th Location Opening in Jacksonville, FL

Atlantic Self Storage announced the opening of its 54th location, a four-story storage facility, Yellow Bluff; located at 12357 Yellow Bluff Rd, Jacksonville, FL, 32226. Atlantic Self Storage has been a local family-owned and operated company for over 40 years and has grown to be an important part of the First Coast community; partnering with numerous non-profits, schools, and major sports teams. “We are excited to open our 54th location in the expanding Northside of Jacksonville on Yellow Bluff. Our new 4-story, class A facility will offer 72,000 net rentable…

SecureSpace Announces Opening of New Self-Storage Facility in San Jose, CA

SecureSpace Self Storage announced the grand opening of a new self-storage facility, SecureSpace San Jose Winfield, located in and serving the city of San Jose, California. The newly-built Class A facility is strategically located at 5775 Winfield Boulevard and offers 67,570 square feet of 100% climate-controlled self-storage space with units ranging from 5’x5′ to 10’x30′. The facility sits in a densely populated area of 189,000 people within a three-mile radius, with a high median income of $161,000. The area has limited competition to serve these residents, with a three-mile self-storage…

StorTrack’s National Pricing Trends Report: August 2024

The U.S. self-storage industry, with over 65,000 facilities, remains stable but has seen a pricing decline over the past year. While some markets face oversupply, states like Florida and Arizona are growing due to population increases and the shift to remote work. Notably, the gap between street and online rates has widened by 8%, with online rates dropping 5.6% and street rates rising 1.4%. This trend reflects operators offering aggressive online discounts to attract digital customers while maintaining higher street rates to balance revenue. Dynamic pricing and online marketing are…

Hernandez Development and XSITE Real Estate Receive Planning and Zoning Approval on Class-A Self Storage Facility in Deer Park (Lake County), IL

Hernandez Development and XSITE Real Estate have announced the approval from the Planning and Zoning Department for a Class A Self-Storage facility and mixed-use development situated in the thriving Village of Deer Park, IL. Upon completion of construction, this project will feature a Class A climate-controlled self-storage facility, a retail multi-tenant building, and a dedicated drive-thru-only for Scooter’s Coffee. The total square footage of the self-storage facility will be 120,000. The development is located on N Rand Road. With a daily volume of 44,900 vehicles per day, Rand Road is…

Maximizing Storage Doors: Maintenance Tips and When to Replace

Storage doors are a key component of any self-storage facility, and their maintenance is crucial for smooth operations, safety, and customer satisfaction. Since they’re among the first things customers notice, well-maintained doors create a positive impression, while neglected ones can deter potential clients. Caring for your storage doors ensures longevity and safety, protecting both your investment and tenants. Why Maintenance Matters Beyond aesthetics, functional doors enhance customer experience by making units easy to access. Proper maintenance can also prevent accidents caused by heavy or faulty doors. Additionally, clean, well-functioning doors…

Unlock the Potential of Your Land with Free Land-Review Program

For individuals and investors looking to maximize the use of their vacant land or buildings. Storage Authority Franchise, a leading operator of self-storage facilities, that helps busy professionals find land, get approvals, get developed and run a first-class facility has introduced a complimentary land-review program. This initiative aims to help determine whether a piece of land or an existing structure is suitable for a self-storage project, providing valuable insights that could save thousands of dollars in feasibility studies. The Challenge of Feasibility Studies Traditional industry feasibility reports can be costly,…

Recent Transactions: 9.17.2024 – 9.23.2024

These self-storage transactions reflect a strategic investment focus on suburban and regional markets across the U.S., targeting both residential and commercial demand. With a mix of climate-controlled, drive-up, and commercial spaces, properties in Oklahoma, New Jersey, Minnesota, and Texas are positioned to capture local market needs, particularly in urbanizing areas. The emphasis is on diverse service offerings and operational efficiency to meet growing demand from businesses and homeowners, with more advanced facilities in markets like Glassboro and Rochester attracting higher-income clientele.   Property: Premium Storage Location: Tuttle, OK Address: 4945…

Featured Broker: Kirk Silas

Kirk Silas is a Financial Analyst on the Investment Sales team at Versal, based in the Austin, Texas office. Focused exclusively on underwriting self-storage assets across the United States, he has assisted in evaluating transactions for a range of clients, from private investors to publicly traded REITs. Kirk joined the Versal team as a licensed real estate professional in early 2024 and has since underwritten 10 million square feet of self-storage assets. He has developed a deep understanding of storage market fundamentals and has been published in the Texas Self…