Author: Alison DeJaeger

Pitfalls of a Database: Why Good Data Management Matters for Your Self Storage Operation (Part One)

As a self storage owner or operator, much of your ability to make the right decisions hinges on your data quality. If your database contains outdated, inaccurate or incomplete data, you will lack visibility to the information you need to reduce costs, retain tenants and grow your business. With technology quickly becoming a determining factor in self storage success, effective data management plays an even more significant role in your operation’s bottom line. But what is data management? And how can you improve data management to achieve better outcomes for…

Edmonds, WA

Using the Market Discovery Data Tool from StorTrack Explorer, we were able to review data on Edmonds, a city in Snohomish County, WA. Rates have been trending upwards by nearly 11% over the past year and current supply is less than six square feet per capita. To view additional metrics, visit the link labeled “Click Here to View Market Information” or go to StorTrack.com to purchase historical data.

Featured Broker: Guy Blake

Guy Blake, Associate Broker of Pyramid Brokerage Company, has been licensed since 1994 and involved in both residential and commercial real estate. He has extensive experience selling income properties including apartments, strip centers, mobile home parks and marinas. Guy has earned the prestigious CCIM designation and is also a certified exchange advisor for those clients performing 1031 exchanges. He is a member of the New York State Association of Realtors, the National Association of Realtors and the Ulster County Chamber of Commerce. Guy represents Argus Self Storage Advisors in Upstate…

Public Storage Announces Closing of the All Storage Acquisition Amid Significant Growth Acceleration

Public Storage (NYSE:PSA), the leading owner, acquirer, developer, and operator of self storage properties, announced today that it has closed on the acquisition of All Storage, a high-quality self storage portfolio, for $1.5 billion. The transaction adds 56 self storage properties (7.5 million net rentable square feet) primarily located in the growing Dallas-Fort Worth market. The 52 properties in Dallas-Fort Worth add prominent locations in new, high-growth submarkets in addition to complementary locations in Public Storage’s existing submarkets. With the addition of the portfolio and additional properties recently closed or…

Recent Closings: 11.30.21 – 12.6.21

Portfolio: Extra Self Storage Closing Price: $17 Million Locations: Reno and Sparks, NV Brokers and Brokerage: Tom de Jong and Dana Chobor of Colliers’ Self Storage Group Buyer: Northwest Building LLC NRSF: 98,565 Unit Count: 914 Occupancy: 93% Cap Rate: 4% Property: California Development Land Closing Price: $2.4 Million Location: East San Jose, CA Brokers and Brokerage: Tom de Jong and Dana Chobor of Colliers’ Self Storage Group Acreage: 0.76 NRSF: 70,000 Property: Cary, NC Self Storage Facility Closing Price: $15 Million Location: Cary, NC Buyer: Extra Space Storage Seller:…

SmartStop Self Storage REIT, Inc. Opens Newly Constructed Facility in the Greater Toronto Area

SmartStop Self Storage REIT, Inc., a self-managed and fully-integrated self storage company, today announced the opening of a newly constructed self storage facility in Scarborough, Ontario, Canada in partnership with SmartCentres (TSX: SRU.UN). This is SmartStop’s 19th owned or managed location in the Greater Toronto Area (GTA), and 159th property in North America. The ground-up, five-story development is located at 799 Milner Avenue in the Scarborough community. This prime location provides visibility from Highway 401, North America’s busiest highway, as well as Morningside Avenue. This facility serves the communities of Morningside, Malvern, Dean…

StorageVault Completes the Purchase of Eight Storage Assets for $98.6 Million

StorageVault is pleased to announce that, further to its October 13, 2021 news release, it has completed the acquisition of eight stores from five vendor groups, for an aggregate purchase price of $98.6 million. Three of the Acquisitions are arm’s length and five, totaling $72 million, are related party acquisitions with Access Self Storage Inc. or its affiliates or associates as the vendor. The purchase price for the acquisitions in the amount of $98.6 million, subject to customary adjustments, was paid by the issuance of an aggregate of 3,327,246 common…

CBL Properties Completes Sale of JV Storage Portfolio

CBL Properties (NYSE: CBL) today announced the sale of its self storage portfolio for a gross sales price of $42.0 million ($22.0 million at CBL’s share). After repayment of approximately $25.7 million ($16.4 million at CBL’s share) in recourse loans secured by the properties, the sale generated cash to CBL of approximately $8.5 million. We developed these assets with less than $300,000 of cash invested, utilizing existing land as our equity. Within three years of starting this program, we are able to take advantage of terrific pricing and monetize the…

Terrydale Capital Arranges $24.2 Million Acquisition Loan for South Texas Self Storage Portfolio

Dallas-based Terrydale Capital has arranged a $24.2 million acquisition loan for a portfolio of self-storage properties located in South Texas. The portfolio consists of eight existing facilities, four vacant sites and one site that is under construction. Cody Baker of Terrydale Capital arranged the five-year loan, which carried a fixed interest rate of 3.25 percent, two years of interest-only payments and a 25-year amortization schedule. An undisclosed correspondent bank provided the loan. The borrower was also not disclosed. Source

Ready Capital Closes $9.3 Million Loan for Self Storage Property in Miami Beach

Ready Capital has closed on a $9.3 million loan for the acquisition, renovation and stabilization of a 696-unit, Class A self storage property in Miami Beach. Upon acquisition, the sponsor plans to reconfigure the unit mix to drive occupancy and maximize revenue. The non-recourse, interest-only, floating-rate loan features a 48-month term, one extension option and is inclusive of a facility to provide future funding for capital expenditures. Source