Author: Alison DeJaeger

Self Storage Development Considerations in the Current Market

This video chat offers insights from John Bilton of Janus International, Matt Mawer of BETCO and Mitch Feldman of Feldman Companies. In addition to discussing construction timelines and site preparation, we’ll cover ways to stretch the dollar, investments that pay off in the long run and financing concerns. Join us for this educational conversation regarding how the development market has changed over the past few years and what to consider as a result.

SBA 504 Loan: Lower Down Payment AND More Favorable Rules for Seller Financing

Every year Bank Five Nine funds numerous transactions based on complex change-of-ownership transactions that include the purchase of real estate. In many cases, financing is provided in combination with the both the SBA 7(a) Program (intangible assets) and the SBA 504 Program (fixed assets). Seller financing is also common in these types of projects, but it is important to structure the deal right on the front end in order to allow for seller financing to count toward the required down payment and also ensure the payback terms are acceptable to…

Featured Broker: Thomas Gustafson

Tom Gustafson is the national director of the Colliers Self Storage Group, a sales investment brokerage team that transacts nationally. He services owners and sellers by creating value to their portfolios and navigating the sales process through this higher interest rate environment. Tom and his team have transacted over $1 billion in self storage assets since the team’s formation in 2014. Let Tom assist you in understanding the best course of action for your assets by providing a free Market Valuation. You can contact Tom at 216-409-3186 or at Thomas.gustafson@colliers.com.

Holladay Properties Converts Industrial Site in South Bend into Self Storage Facility

Holladay Properties is converting an industrial site at 850 Marietta St. in South Bend into a 39,990-square-foot self storage facility. Store Space Self Storage will manage the facility, which is slated to open in the second quarter. The property will feature four buildings with 183 climate-controlled units and 165 drive-up units. Store Space will provide day-to-day operations, call center support, marketing, branding and technology solutions. Holladay expects to partner with Store Space on additional locations. Source

Metro Storage Delivers Tampa-Area Facility

Metro Storage has opened a new self storage facility in Spring Hill, Fla. The 675-unit property is the company’s latest addition to its Florida portfolio. The property includes a three-story building with climate-controlled units and two single-story buildings with standard units and drive-up access. The unit size ranges between 25 to 600 square feet. The facility also offers a total of 114 parking units, divided into 83 covered RV and boat parking spots with electrical hook-ups and 31 car parking spaces. On-site amenities include 24-hour video surveillance, motion-sensor lighting, locks,…

Wentworth Property Sells 18-Property Self Storage Portfolio for $266.2 Million

Phoenix-based Wentworth Property Co., in a joint venture with an institutional equity investor, has completed the disposition of a portfolio of 18 self storage properties across Arizona, Texas, Colorado, Utah and Idaho. A New York-based investment management company acquired the portfolio for $266.2 million. In total, the portfolio includes 9,600 storage units and 1.3 million square feet of rentable space. Six properties are in the greater Phoenix area, four facilities are in the Dallas/Fort Worth area, two assets are in El Paso, Texas, three properties are in Salt Lake City,…

Public Storage Pressures Rival Life Storage with $11 Billion Bid

After several failed attempts to push for a deal in private, Public Storage is taking its case to acquire one of its top rivals straight to shareholders. Public Storage made an $11 billion unsolicited bid to acquire Life Storage, the Wall Street Journal reported. The all-stock proposal was cemented with a letter sent to Life Storage management on Sunday. The proposal is worth roughly $129 per share. That’s a premium over Life Storage’s stock price, which closed at $110.58 before the weekend. Public Storage’s push to acquire its rival started…

2022 Closing Highlights from Bank Five Nine

As the second largest SBA 504 lender, Bank Five Nine can offer aggressively low rates for your self storage opportunity. Bank Five Nine’s 2022 closing highlights include: Deal Size: $14 Million LTC: 90% Financing Location: Utah Lender: Nick Collins Program: Combination of SBA 504 and SBA 7a for interest carry and start-up costs Details: 118,200 NRSF New self storage development Deal Size: $4 Million LTC: 85% Financing Location: Tennessee Lender: Nick Collins Program: Combination of SBA 504 and SBA 7a for interest carry and start-up costs Details: 36,800 NRSF New self…

Morningstar Secures $65.8 Million to Purchase Three Newly Built Facilities

First Citizens Bank announced that its Middle Market Banking business provided a total of $65.8 million in financing for affiliates of Morningstar Properties, an investor in and operator of self storage facilities, marinas and other specialty real estate assets. The money was used for Morningstar’s purchase of three newly built self storage properties that will operate as Morningstar Storage. The portfolio includes a 105,000 square-foot facility in Henderson, NV (above); a 141,000-square-foot self storage site off Eldridge Parkway in Houston, TX; and a 151,000-square-foot site off South Voss Road in…

Arcland Property Company and Self Storage Plus Open Class A Storage Facility in Randallstown, MD

Arcland Property Company, a leading developer and owner of self storage in the mid-atlantic region, has brought another Class A self storage facility to Maryland. The facility will be managed by Self Storage Plus, which marks the 31st property in Maryland for the property management platform. We are ecstatic to add another well designed Class-A facility to suburban Baltimore.” Within one mile of two shopping centers, the facility boasts visibility from 30,000 cars a day, making it an ideal investment for Arcland. “We are ecstatic to add another well designed…