Author: Alison DeJaeger

Andover Properties Closes on the “Stash Self Storage Portfolio” in Tucson, AZ

Andover Properties, LLC (dba Storage King USA) has recently acquired a two-property portfolio in Tucson, AZ, increasing its footprint in the city to five properties. Combined, the two properties total over 200,000 NRSF across 1,750 units. “Our business plan is to stabilize occupancy at Fort Lowell and bring in-place rents to that of the market for both properties.” The properties, Fort Lowell and Coca Cola Place, are strategically situated within a 10–20-minute drive from each other and the three existing Storage King USA Tucson assets. Between them they have a…

Woodstock Storage and Car Wash, Woodstock, GA Sold by Midcoast Properties, Inc.

Midcoast Properties, Inc. announces the recent sale of Woodstock Storage and Car Wash located in Woodstock, Georgia. Midcoast Properties represented the Seller, with Michael Morrison as lead broker. The facility was sold to an in-state buyer, who formed an LLC for the purpose of acquiring the facility. The facility is situated on 1.87 +/- acres, with 81 standard self storage units (13,200 +/- rsf), 17 vehicle parking and a 5 bay self-serve plus 1 automatic bay car wash. Amenities include two new security camera systems, LED lighting, personalized Digigate keypad…

Maine Stabilized Four Property Portfolio Sells

The Hatcher Group of Marcus & Millichap recently brokered the sale of four stabilized self storage facilities in Southern Maine consisting of 92,275 combined net rentable square feet throughout 793 total units. The portfolio had a combined physical occupancy of 93.95% and there is an opportunity for upside via 15,000 fully approved and graded square feet for expansion in Oxford, a site which was built in 2019 and is already more than 96% occupied. The Windham location was expanded in 2018, which included climate controlled units and is already at…

CARES Act and Economic Aid Act Information to Remember

A lot has transpired over the past 14 months as it relates to the CARES Act and Economic Aid Act. Below are some important notes to keep in mind as you navigate your SBA loans. For complete details, please refer to SBA Procedural Notices 5000-20079 and 5000-20095. Round 1 Section 1112 must be completed before Round 2 payments can begin. Round 1 Section 1112 payments are not capped at $9,000 per month, including loans that are eligible to begin receiving Round 1 payments after deferment. Borrowers are responsible for paying…

Argus Broker Affiliate Announces Sale of Missouri Self Storage Facility

Larry Goldman, CCIM, of Goldman Investment Advisors, is pleased to announce the sale of I 35 Self Storage in Cameron, Missouri. I 35 sits on approximately 1.4 acres and offers 41,880 rentable square feet of storage. The sale closed May 4, 2021. The facility sold to a local investor who will be enhancing and streamlining operations. After the buyer stabilizes the facility, he plans to expand the property and gain the economies of scale of a larger facility. First Missouri Bank of Brookfield, Missouri provided conventional bank financing for the…

JLL Sells Two-Property Portfolio

JLL Capital Markets announced today that it has closed the sale of a two-property self storage portfolio totaling 1,603 units in the Houston and Chicago MSAs. JLL worked on behalf of the seller, a private equity real estate fund advised by Crow Holdings Capital. National Storage Affiliates Trust acquired the assets. The portfolio comprises the 857-unit Sugar Land Self Storage in Richmond, Texas, and the 746-unit Crestwood Self Storage in Crestwood, Illinois. Sugar Land Self Storage is a well-maintained, stabilized asset that features a mix of climate-controlled and drive-up units,…

StorQuest Self Storage Hits Milestone with 200th Location

StorQuest Self Storage, the premier national self storage brand known for its innovative operating platform and loyal customer base, just crossed an important milestone by opening its 200th location. “We’re incredibly proud to be 200 StorQuest locations strong,” said founder and CEO Bill Hobin. “But I’m even more proud of the nearly 500 members of our team spread across the country who create an awesome experience for our guests and partners, and deliver excellent results to our investors.”   Hobin also attributed his company’s success to its unique “best of…

Understanding the Process of Cost Segregation

Storage facilities can take advantage of cost segregation. Owners and investors may be eligible to use this strategic tax planning tool if they have constructed, purchased, expanded or remodeled recently. Cost segregation itself is a specialized service. The process works as such: After reaching out to a cost segregation company, they will come to your facility. They will then segregate out all your assets, which means they will break everything down. In doing so, they will shift it from being a commercial building that is depreciated over 39 years to…

StorTrack

This presentation is hosted by StorTrack and is specifically geared toward the broker community. Viewers will learn: How to determine attractive markets Rental rate trends Market conditions and growth potential Special guests include John C. Lindsey of Lindsey Self Storage Group and RK Kliebenstein of Coast-To-Coast Realty Advisors, LLC.

Right Move Storage, LLC Awarded Management and Leasing of a 4,000 Unit Self Storage Portfolio in Florida and Massachusetts

Right Move Storage, LLC., headquartered in Houston, Texas announced this week that it has been awarded the management and leasing of a 4,000 unit Class “A” self storage portfolio consisting of five properties located in Florida and Massachusetts. LandPark Advisors, LLC., an affiliate of Right Move Storage, will oversee operations and provide advisory services. The properties are owned and developed by Farrell Storage. This brings the total number of units under management by Right Move Storage to over 20,000 and the total managed square footage to over 3,000,000. Right Move…