Day: December 10, 2024

StorTrack’s National Pricing Trends Report: 3Q 2024

Overview The self-storage market in 3Q 2024 reflected an industry-navigating transition, pressured by elevated interest rates, inflation, and regional oversupply. Average street rates declined 0.9% quarter-over-quarter and 2.3% year-over-year to $1.49/sq ft., while promotional rates dropped more steeply by 10.2% year-over-year to $1.20/sq ft., signalling heightened competition and increased reliance on discounts to maintain occupancy. This competitive pressure stems from oversaturation, driven by a surge in pandemic-era development that left many new facilities struggling to stabilize in overbuilt markets. Despite these challenges, demand for climate-controlled units and premium features remains…

SBA 504 Debt Refinance Just Got Easier

The SBA has introduced important updates to its 504 refinance program, enhancing flexibility and benefits for business owners. Here’s a brief overview of the changes: Expanded Access to Working Capital Previously, borrowers could take out up to 20% of the appraised collateral value for working capital during a refinance, limited to an 85% loan-to-value (LTV) ratio. The new guidelines eliminate this 20% cap and increase the LTV limit to 90%, providing businesses with more financial options Eased Refinancing Restrictions on 7a and 504 Loans Before, businesses had to demonstrate a…

Cushman & Wakefield Advises Bank of America in Sale of Iconic SF Office Tower, to U-Haul International, in Midtown Phoenix, AZ

Historic transaction marks one of largest owner/occupier office sales in U.S. and largest in Southwest since early pandemic. Arizona’s third largest office building sells for $23.7 million following foreclosure Cushman & Wakefield announced the firm has advised an entity controlled by Bank of America in the sale of 20 East Thomas Road, an iconic 25-story office tower totaling 548,938 square feet in Phoenix’s Midtown submarket. The third largest office building in the state of Arizona and third largest in the Phoenix market sold for $23.7 million to U-Haul International, a…

JLL Capital Markets Closed on a Refinancing Package for Self-Storage Portfolio in New York and New Jersey

JLL Capital Markets closed on a $115-million refinancing package for a portfolio of nine Tri-State self-storage facilities owned and operated by Storage Post. Nuveen Real Estate provided the first mortgage financing. Ownership has grown the original 633,364-square-foot portfolio, located in prime regions of New York and New Jersey, to 723,664 rentable square feet across 9,578 units. The New York assets are located in the Bronx, Floral Park, Garden City, Huntington Station and Yorktown Heights. The New Jersey assets are located in Haledon, Elizabeth, Linden and Perth Amboy. The JLL Capital…

1784 Capital Secures Bridge Loan for SoCal Self Storage in San Gabriel, CA

1784 Capital Holdings has secured a $41.3 million bridge loan for a Class A self-storage project in San Gabriel, Calif. Talonvest Capital Inc. arranged the note provided by a REIT. The bridge loan has a three-year term with two extension options, as well as interest-only payments throughout its duration. Because the self-storage development broke ground in 2022 and is still under construction, the funds from the loan will be used to repay the current construction debt and cover all costs associated with the loan. The development previously became subject to…

Storage Post Self Storage Expands Operations With Five Additional Locations in Chicago, IL

Storage Post Self Storage marks a significant milestone by entering the Midwest market with the acquisition of five premium self-storage facilities in Chicagoland, bringing its renowned service to one of the nation’s busiest cities. These preexisting locations strategically surround downtown Chicago and are located in high-traffic, densely populated neighborhoods. The facilities are located in the following neighborhoods: Albany Park, 3215 W. Lawrence Ave., Chicago, IL Belmont, 2051 N. Austin Ave., Chicago, IL Edgewater, 6331 N. Broadway, Chicago, IL Little Village, 3245 W. 30th St., Chicago, IL Uptown, 5145 N. Clark…

U-Haul Repurposes Kmart for Full-Service Storage Store in Lima, OH

U-Haul recently completed its adaptive reuse of the former Kmart building at 2200 Allentown Road and is now serving customers at the new home of U-Haul Moving & Storage of Lima. The 13.4-acre property was acquired in 2023. U-Haul opened for business at the 104,685-square-foot facility on Nov. 18. Implementation of the U-Haul Adaptive Reuse program led to the eco-friendly repurposing of a vacant big-box store into a state-of-the-art retail, moving and self-storage facility that offers 700 indoor climate-controlled storage units with high-tech security features at affordable price points. U-Haul…

Benson Construction Building a LuxeLocker Storage facility in Goodyear, AZ

Benson Construction is building a LuxeLocker Storage facility in Goodyear, Ariz. The new facility will be located near the Phoenix-Goodyear Airport at 14585 West El Sol. Construction has begun and will take about a year to complete, with an opening date of January 2026. How popular are luxury self-storage units? LuxeLocker Adam Pakes says, “Our units resonate so strongly with customers that 78% of our premium units pre-sell before construction is complete, underscoring the demand for premium storage solutions.” The facility spans 140,090 square feet and features 206 units averaging…

Great American Self Storage Hosts Grand Opening Celebration and Toy Drive in Lake Norman, NC

Great American Self Storage of Lake Norman is excited to announce its grand opening celebration on Friday, December 6th, from 11:30 AM to 1:30 PM. In the spirit of giving back, the event will also feature a toy drive to support children in need throughout Western North Carolina. The company is proud to partner with the Great Toy Convoy and the Mooresville Fire Department to bring the community together for an afternoon of holiday cheer and family-friendly fun. The celebration will include a range of exciting activities, such as a…

Self-Storage Facility Aims to Expand With Five New Buildings in Naperville, IL

A self-storage business is looking to expand its Naperville operations to meet increased demand. Plans call for adding five new, one-story buildings to the Extra Space Storage complex on Ogden Avenue near Raymond Drive. The buildings would contain a total of 169 self-storage units. Naperville’s planning and zoning commission last week cast an 8-0 advisory vote in support of the proposed project. The zoning request is expected to go before the city council in January. Extra Space Management Inc., on behalf of the owner, Extra Space Properties Two, LLC, is…