Author: Alison DeJaeger

Lender Lesson: Making the Deal Work

With the recent SBA 504 25-year fixed rates near historic lows (3.08% in April) along with allotted loan payments being covered by CARES Act stimulus payments, the 504 loan program has become a popular financing solution. Each loan file brings unique challenges. The primary goal of the 504 loan program is to encourage economic development by enabling small businesses to create or retain jobs within their communities. The challenge, sometimes, with self storage is they create few, if any, jobs. When the job creation requirement is not met, the only…

The Golf Capital of the World: Self Storage in Palm Beach Gardens, FL

Florida is considered by many to be a mature, perhaps even over-supplied market for self storage.  However, we all know that self storage is a micro-market industry where there can be wild fluctuations in supply and demand in closely neighboring cities. This month, we take a look at Palm Beach Gardens, which is famous perhaps for being headquarters to the Professional Golfers Association of America (as well as many golf courses and clubs). PBG is located on the coast, roughly 70 miles north of Miami and was voted Best City…

Acquisition Review – Longview TX

Recently, Marcus & Millichap completed the sale of a 55,956 square foot self storage facility in Longview, TX. Within just two weeks of marketing the listing, the team generated ten offers, more than half of which came in at or above the asking price. FreeUp Storage I-20 had 10 offers within two weeks The Facility The property is situated roughly 130 miles east of Dallas along the I-20 just south of the city of Longview, TX, about 60 miles east of Shreveport, LA. Positioned alongside the I-20, it sits on…

Anatomy of a Non-Disclosure Agreement (NDA)

Reviewing and potentially signing a NDA can be an overwhelming responsibility. Candidly, I get a minor headache just thinking about it but without guidance, it could result in legal repercussions so I sought advice from Scott Zucker of Weissmann Zucker Euster Morochnik & Garber P.C. With his help, this was drafted as a standard example of an acceptable NDA. It is also important to avoid ambiguous language. In the attached file, “Evaluation Material” clearly defines what information is not readily available to others. Often, these materials are delivered to the…

Standard Confidentiality and Nondisclosure Agreement Example

***THE FOLLOWING IS NOT A LEGAL DOCUMENT. PLEASE CONSULT AN ATTORNEY WHEN DRAFTING AN AGGREMENT***   CONFIDENTIALITY AND NONDISCLOSURE AGREEMENT THIS CONFIDENTIALITY AND NONDISCLOSURE AGREEMENT is made and entered into as of the ____ day of ______ 20__, by and between _____________________________ (“Seller”) and ________________________, (“Buyer”). W I T N E S S E T H: WHEREAS, Buyer is interested in pursuing the purchase of (Address:)__________________________________________________. (Address:)__________________________________________________. (Address:)__________________________________________________. (collectively, the “Transaction”) To assist Buyer in the evaluation of this Transaction, Seller will provide Buyer with certain information (defined below as…

SpareBox Storage Purchases 13 Stabilized Properties

SpareBox Storage, a national self storage platform focused on consolidating the highly fragmented self storage market across the United States, recently purchased 13 stabilized properties in Myrtle Beach, SC and Amarillo, TX from multiple sellers. Combined, these properties are comprised of approximately 330,000 net rentable square feet and 2,500 units with over 88% occupancy. “These acquisitions underscore SpareBox’s strategy in building a diversified portfolio of high-quality, stabilized assets in secondary and tertiary markets with great demographic fundamentals.”   The South Carolina portfolio acquisition opens a promising new market for SpareBox…