Tips for Boosting Self Storage Tenant Insurance Enrollment

Striving to make sure each and every one of your tenants is covered by a tenant insurance policy not only protects your customers’ best interests, but also your own. Many customers storing items outside their home may assume their goods are covered by their existing homeowners or renters policy. But that isn’t always the case and when it is, the coverage isn’t always sufficient. When tenants who have suffered a loss realize they lack coverage, they often turn to the facility operator to place blame. Although self storage operators are…

Parkview Financial Originates $18.3 Million Construction Loan for Development of a Class A 949-Unit CubeSmart Self Storage Facility in Yonkers, NY

Parkview Financial announced today it has provided an $18.3 million construction loan to KCT, Inc. for the development of a Class A, 949-unit self-storage facility located at 1060 Nepperhan Avenue in Yonkers, NY. KCT plans to demolish the existing 9,820 square-foot (sf) industrial building where it had operated its business, Health Products Corp. since 1973, and will build an eight-story building with 77,000-square feet of rentable space on the .55-acre lot. Parkview Financial saw this as a favorable opportunity to finance a high-quality self storage facility in Yonkers, a New…

Recent Transactions: 8.23.2022 – 8.29.2022

Portfolio: Two Auburn Self Storage Facilities Closing Price: $21 Million Location: Auburn, CA Broker and Brokerage: Morgan Windbiel of CBRE Buyer: Merit Hill Capital Unit Count: 938 Property: Weekender Storage Closing Price: $8.9 Million Location: Woodland, WA Broker and Brokerage: Christopher R. Secreto of Marcus & Millichap NRSF: 99,316 Unit Count: 245 Occupancy: 99% Properties: Two Self Storage Facilities Closing Price: $32.5 Million Location: Palm Beach County, FL Buyer: State Storage Group Property: Snohomish, WA Self Storage Facility Closing Price: $24.5 Million Location: Snohomish, WA Buyer: Cairn West NRSF: 104,672…

Current State of the Market

Well, most kids are back in school and summer vacations have come and gone. It is time to get back to work and down to business. First, let’s touch on the economy. Many experts believe we have hit peak inflation and certainly the trend is moderating. The long-term impact on CRE remains to be seen, but the unique attributes of self storage assets (short-term leases, non-concentrated rent roll, etc.) should continue to prove beneficial compared to other sectors. It’s one more reason institutional investors find the self storage business an…

Reeling in Recruits

Demand for workers has been a prevalent topic across the nation in recent months. We have seen more and more opportunities become available to job seekers, meaning more options for employment and a greater need to convince applicants that your company is the place to be. With that being said, how can the recruiting process be adjusted to show greater success? Try Texting Consider communicating with candidates primarily through text. Let’s face it, the spam folder located in everyone’s email inbox is filled to the brim with messages that are…

Featured Broker: Maggie Steury

With an extensive background in self storage operations and management, Maggi brings a wealth of knowledge and unique insights to every transaction. Prior to joining Storage Exchange, Maggi served as vice president of operations at Red Dot Storage, where she oversaw 170+ facilities across 16 states. Subsequent to Red Dot Storage, Maggi served as co-founder and president of StoreLine Self Storage. Maggi earned a BA from the College of Media & Communication at the University of Colorado, where she was also a co-captain of the women’s soccer team.

Recent Transactions: 8.16.2022 – 8.23.2022

Portfolio: Self Storage Portfolio of 11 Properties Locations: San Francisco, CA Bay Area, Portland, OR and Austin, TX Brokers and Brokerage: Steve Mellon, Brian Somoza, Adam Roossien and Matthew Wheeler of JLL Capital Markets Seller: Pegasus Buyer: SecureSpace Self Storage NRSF: 650,000 Unit Count: 6,550 Portfolio: Extra Space Managed Two-Property Portfolio Closing Price: $23.6 Million Locations: Salisbury and Mooresville, NC Broker and Brokerage: Morgan Windbiel of CBRE’s Self Storage Advisory Group Seller: Lakeland Village NRSF: 136,994 Unit Count: 1385 Property: MAX Storage Closing Price: $26.95 Million Location: Hurricane, UT Broker…

RVParkIQ.com Introduces Listing and Data Platform to Serve RV Park and Campground Investment Community

RVParkIQ.com, the premier platform for listing and evaluating RV park and campground investment opportunities, has officially launched with 214 listings and market data on more than 11,100 properties to serve the growing RV park and campground property acquisition community in the US. RVParkIQ.com will be a part of Aggregate Intelligence’s market data division along with List Self Storage (ListSelfStorage.com), which connects buyers and sellers of self storage facilities, development land and conversion opportunities, and StorTrack, the world’s leading self storage market data provider. The RVParkIQ.com platform will offer investors access…

SBA 504 Program Appraisal Rule Change

On July 29, 2022 the Small Business Administration (SBA) released SBA Procedural Notice 5000-835230, revising procedures relating to commercial real estate appraisals that CDCs must submit to the Sacramento Loan Processing Center (SPLC) for approval. Under current SBA procedures, if the appraisal that CDCs must submit for approval to the SLPC is less than 95% of the estimated value of the commercial real estate, the debenture (the 25-year fixed rate loan) must be reduced or the CDC must secure additional collateral or additional investment from the borrower and/or guarantors. SBA…