Author: Alison DeJaeger

Grapevine, TX

Using the Market Discovery Tool from StorTrack Explorer, we located Grapevine, TX. This charming city thrives on travel and tourism however the supply metrics indicate an interesting market for storage. The square footage per capita in Grapevine is 7.44. The US national average is 7.98 square feet per capita and the Texas state average is 10.53 square feet per capita. Across all unit types, 75% of unit pricing is currently advertised online. Rate Trends The rates in this market have trended down in the last three months by -5.52%. The…

Recent Transactions 10.11.2022 to 10.17.2022

Property: Main Street Self Storage Location: Havelock, NC Seller: The Storage Acquisition Group Broker and Brokerage: Hal H. Tanner of Midcoast Properties Inc. NRSF: 31,231 Units: 257 traditional drive-up and climate-controlled units plus parking Portfolio: Two Tropical Self Storage Properties Location: Stuart, FL Buyer: StorageMart Units: 972 NRSF: 100,000  Property: CubeSmart Self Storage (Managed) Location: Dallas, TX Brokers and Brokerage: Brian Somoza, Steve Mellon, Matthew Wheeler, Adam Roossien and Jake Kinnear of JLL Capital Markets Seller: CSW Development Buyer: NRSF: 117,503 Units: 1,252 Occupancy: 50% Portfolio: Three Self Storage Facilities…

Former Family-Owned Grocery Store to Become Storage Facility

A building once home to a family-owned grocery is heading toward a new use, following a vote Tuesday from the Weirton Zoning Board of Appeals. Antonio Magnone went before the board with a request for a conditional use to establish an indoor self-storage facility at 3684 Pennsylvania Ave in Weirton, WV. “I want to do an indoor, climate-controlled storage,” Magnone explained, noting the building has “good bones,” although the parking lot has some issues. Board Chair Keith Huntzinger stated the building in question once was the home of DeCaria’s Market.…

Featured Brokers: Tom Flannigan, Alex Ihrke and Matt Haugen

Tom Flannigan is the director of investment services with KW Commercial in Minneapolis. He has worked in commercial real estate since 2012 and has established himself as an expert in self storage. Tom has a bachelor’s degree from the University of Minnesota Duluth in economics and financial markets finance and is licensed to sell real estate in Minnesota, Iowa and North Dakota. A lifetime resident of Minnesota, Tom has a deep understanding of the nuances of the markets he works in and longstanding relationships within the community. He focuses on…

Recent Transactions 10.04.2022 to 10.10.2022

Property: Rock Hill, Class A, C/O Property Location: Rock Hill, SC (Charlotte, NC MSA) Brokers and Brokerage: Gabriel Coe, Nathan Coe, Benjamin Yelm and Brett Hatcher from the Hatcher-Coe Group of Marcus Millichap Units: 763 Climate-controlled units and 48 non climate-controlled Property: Gem City Storage Location: Dayton, OH Broker and Brokerage: Kirk Martin of Lindsey Self Storage Group NRSF: 14,211 Buyer: Scott Street Group LLC Property: Extra Garage Location: Sarasota, FL Brokers and Brokerage: Kyle Baptist, Richard Riddle, Scott Schoettlin and Bryce Josepher of Sky View Advisors NRSF: 88,565 Units:…

Featured Broker: Luke Elliott

Luke Elliott is the vice chairman of the Cushman & Wakefield Self Storage Advisory Group. He is responsible for private client and mid-market assignments in the firm’s national footprint. The Self-Storage Advisory Group represents private clients, institutional investors and other financial institutions by advising them on acquisition tactics and strategic disposition of self storage assets. In 2021 alone the Self-Storage Advisory Team closed 84 transactions and 188 facilities, bringing the team sales volume to over $2.3 billion. Luke joined Cushman & Wakefield in 2019, as part of a large-scale, multi-market…

Recent Transactions: 9.27.2022 – 10.03.2022

Property: Stuff Hotel Location: El Paso, TX Brokers and Brokerage: Jon Danklefs of Marcus & Millichap NRSF: 48,753 Unit Count: 424 (six-building facility with units ranging from 25 square feet to warehouse spaces) Amenities: Video surveillance Gated access Boxes and supplies Drive up access Parking On-site management Property: Climate Storage Location: Lawrence, KS Brokers and Brokerage: Robert Cook and Sean Delaney of Marcus & Millichap NRSF: 14,025 Expansion: Yes Unit Count: 214 climate-controlled units Property: CubeSmart-managed self storage facility Location: Swansea, MA Brokers and Brokerage: Thomas Palumbo and Bill Sitar…

Newmark Facilitates $170 Million Financing for Centerbridge Partners and Merit Hill Capital’s Self Storage Portfolio

Newmark Group, Inc. (Nasdaq: NMRK) (Newmark) has arranged the $170 million financing of a 33-asset, 1.8 million-square-foot national self storage portfolio on behalf of Centerbridge Partners and Merit Hill Capital. The portfolio is well-leased and located in strong primary markets and submarkets across 16 states. The properties are third-party managed by a combination of CubeSmart and Extra Space, broadly considered among the top operators in the self storage sector. Merit Hill Capital’s ability to source deals locally and bring them to institutional standards speaks to their deep knowledge of local…

Northern New Jersey Self Storage Asset Refinanced with $12 Million Loan

JLL Capital Markets announced today that it has arranged a $12 million refinancing for 10 Van Buren Avenue, an 830-unit, climate-controlled, self storage facility in the Northern New Jersey community of Westwood. JLL worked exclusively on behalf of the borrower, Maxim Realty Trust, to place the 10-year, fixed-rate loan with Lakeland Bank. Lakeland Bank, recognizing the strength of the asset and the sponsor, provided a competitive 10-year, fixed-rate permanent mortgage to take out the initial construction loan as the property reached stabilization.” The self storage facility was constructed in 2017…

How Cloud Computing Differs from On-Premise Technology

Historically, on-premise technology — software installed on servers owned by the company and located behind the company’s firewall — was the only way to access advanced programs and systems. The organization purchased a license or copy of the software and then manually updated the software when the provider released new versions. Another option for hosting critical programs involves using cloud computing technology. Cloud technology allows companies to host programs offsite through a third-party application. Although this difference may seem insignificant, utilizing a cloud-based solution has advantages over its on-premise counterpart.…