Day: October 4, 2021

CubeSmart Launches Management Reporting App

Today, CubeSmart (NYSE: CUBE), the third-largest owner and operator of self storage properties in the United States, introduced SmartView by CubeSmart, its proprietary mobile app, designed to connect users seamlessly to key performance metrics. Utilizing SmartView, third-party management clients have easy access to their data wherever and whenever they want. SmartView is the latest enhancement from CubeSmart as part of an ongoing focus to build innovative technology to help drive the self storage industry forward. “SmartView is our newest way of leveraging technology to enhance our third-party management experience by…

Featured Broker: Luke Elliott

Luke Elliott is the vice chairman of the Cushman & Wakefield Self Storage Advisory Group. He is responsible for Private Client and Mid-Market assignments in the firm’s national footprint. The Self-Storage Advisory Group represents private clients, institutional investors, and other financial institutions by advising them on acquisition tactics and strategic disposition of self- storage assets. In 2021 alone the Self-Storage Advisory Team closed 84 transactions and 188 facilities, bringing the team sales volume to over $2.3 billion. Luke joined Cushman & Wakefield in 2019, as part of a large-scale, multi-market…

Self Storage Firm Plans 140,000 Square-Foot Complex

A Dallas-based self storage developer is planning to build its second complex in Los Angeles, which continues to see strong demand for properties in the sector. Baranof Holdings is proposing a 142,000-square-foot self storage facility at 1810 Venice Boulevard in Pico Union, according to city planning documents. The seven-story building will store household goods, according to the filing, and will include 1,527 storage units, as well as 24 parking units and 30 bicycle parking spots. L.A. is the largest self storage market in the country, attracting $92 million in self…

California Self Storage Development Lands $28M Loan

Arizona-based 1784 Capital Holdings has received a $28.5 million construction loan for a self storage project in Goleta, Calif. White Oak Real Estate Capital provided the senior secured note, marking the firm’s first debt financing since its launch in July this year as an affiliate of White Oak Global Advisors. Development plans call for a 97,860-rentable-square-foot facility with three above-ground stories and one below-ground level. The project will include 1,023 units, of which more than 900 will be climate-controlled units. The facility is slated for completion within 16 months. Identifying…

Anacortes, WA, Enacts Six-Month Moratorium on Self-Storage Development

The Anacortes, Washington, City Council has enacted a six-month moratorium on self storage development in its commercial zones. A public hearing will be held within 60 days to discuss how to address self storage use moving forward, according to the source. Though the city hasn’t received any formal land-use applications, there’s been an inquiry from Lance Campbell, principal of Jedi Holdings LLC and owner of Skagit Self Storage in Sedro-Woolley, Washington. Campbell, who’s also a veterinarian, purchased the property at 2821 Commercial Ave. for $2 million earlier this year from…

Turnstone Group Completes Development of Self-Storage Facility

Turnstone Group, a real estate developer and investor, announced that its Fayetteville, Georgia self storage development has been completed and opened in spring 2021. The 55,000 square foot, 100% climate-controlled facility is being managed by CubeSmart. “We’re excited to begin our relationship with CubeSmart. Their expertise in self storage management and operations has already helped our facility in Fayetteville outperform projections,” said Adam Goldstein, who leads the self storage developments for Turnstone. “Fayetteville was underserved by Class A climate-controlled storage facilities, and we look forward to meeting the area’s storage…

StorageMart Acquires Nine Stores in the Milwaukee Metro Area

StorageMart announces the official closing of an acquisition deal that adds nine first-class self storage properties in the Milwaukee Metro area to the company’s growing portfolio. This is a total of 712,899 net rentable square feet across 5,664 storage units. The new locations were acquired from former owners, Storage Masters, and are now operating under StorageMart management. Whether it’s a one-property deal or a multi-property acquisition, StorageMart is looking for the same base characteristics: Well-maintained properties at locations that are conducive to business with the right blend of market demand,…

Recent Closings: 9.28.21 – 10.4.21

Property: Conversion Project Location: Faribault, MN Broker and Brokerage: Kirk Martin of Lindsey Self Storage Group NRSF: 90,000 Property: Secure Boat and RV Development Site Location: Vero Beach, FL Broker and Brokerage: Josh Koerner and Frost Weaver, of Weaver Realty Group and Argus Self Storage Advisors Acreage: 8.8 Unit Count: 240 (Proposed) Property: K2 Storage Location: Seguin, TX Buyer: Andover Properties NRSF: 54,300 Unit Count: 321 Acreage: 5.0 Room for Expansion: Yes Property: Storage Made EZ Location: Evans Mills, NY Broker and Brokerage: Luke Dawley, Nathan Coe, Brett Hatcher and…