Author: Alison DeJaeger

SpareBox Storage Strengthens Balance Sheet with Successful $463 Million Refinance with Bank of America

With 7.4 Million Square Feet in 21 Markets Across Nine States, SpareBox is Poised for Rapid Growth The Leading Unmanned Operator in Self Storage September 22, 2022 09:00 AM Eastern Daylight Time DENVER–(BUSINESS WIRE)–SpareBox Storage, the leading unmanned operator in the self storage industry, today announced it successfully strengthened its balance sheet with a $462.5 million refinancing with Bank of America. SpareBox is one of the fastest growing self storage companies participating in the consolidation of the highly fragmented sector, and in just over two years, has acquired 7.4 million…

Recent Transactions 09.20.2022 to 09.26.2022

Property: 70,000-square-foot complex Closing Price: $6.026 million Location: Vancouver Island, BC, Edmonton, AB, Calgary, AB, Kitchener, ON and Mississauga, ON Buyer: Life Storage, Inc Property: St. Stephen Storage Location: Saint Stephen, SC Brokers and Brokerage: Jonathan M. Fawley, Brett R. Hatcher and Gabriel Coe of the Hatcher-Coe Group of Marcus & Millichap NRSF: 43,820 Unit Count: 348 (323 non-climate-controlled units and additional 25 parking spaces) Occupancy: 93% Property: Flatlander Self Storage Location: Davenport, WA Brokers and Brokerage: Ryan Layton of Argus Self Storage Advisors Buyer: LFIG1, LLC Unit Count: 160 boat/RV…

Growth Momentum for JLL’s Valuation Advisory Group Continues

JLL’s Valuation Advisory group announced today that it has expanded its team in Seattle, Washington, with five new hires: Aaron DeCollibus, MAI, Executive Vice President; Keith Lee, MAI, Executive Vice President; Andrew Chapman, Senior Vice President, Derek Mason, MAI, Senior Vice President and Jimmy Ryerson, Associate. The Seattle team will be responsible for driving growth, enhancing the customer experience and providing value to clients in the Pacific Northwest and the entire West Coast region across several in-demand property types including multi-housing, industrial, manufacturing housing, self storage and office. “One of…

Recent Transactions 9.13.2022 – 9.20.2022

Portfolio: Seven Self Storage Facilities across Canada Closing Price: $51.6 Million Location: British Columbia, including Vancouver Island, BC, Edmonton, AB, Calgary, AB, Kitchener, ON and Mississauga, ON Buyer: Make Space Capital Partners NRSF: 450,000 Unit Count: 3,800 Property: Killian Hill Storage Closing Price: $8.9 Million Location: Lilburn, GA Broker and Brokerage: Dale C. Eisenman, CCIM of Midcoast Properties, Inc. NRSF: 27,970 +/- Unit Count: 200 Occupancy: 90% Property: Lowery’s True Value Storage Closing Price: $7.75 Million Location: Bushnell, FL Brokers and Brokerage: Christopher Travis and Hunter Robey of Marcus &…

Extra Space Storage Inc. Acquires Storage Express and Appoints Jefferson Shreve to Its Board of Directors

Extra Space Storage Inc. and its subsidiaries (Extra Space) ( NYSE: EXR) announced today that it has completed the acquisition of multiple entities doing business as Storage Express, which own 107 remote storage properties across Indiana, Ohio, Illinois and Kentucky. The acquisition includes all Storage Express assets, including trademarks, contracts, licenses, intellectual property and 14 future development sites. Total consideration for the acquisition was approximately $590.0 million. The company also purchased E-Tracker, a storage software operating platform, which supports Storage Express locations, as well as Bargold Storage Systems, LLC, which…

TPG Real Estate and Value Store It Announce Self Storage Partnership

TPG Real Estate Partners (“TREP”), the dedicated real estate equity investment platform of global alternative asset management firm TPG and Value Store It, a best-in-class self storage owner and operator, today announced the recapitalization of a portfolio in the Value Store It platform. The new partnership will seek to acquire high-quality self storage assets in Florida. Value Store It currently owns and operates over 1.8 million square feet of net rentable storage space in South Florida, Tampa, Orlando, the Florida Space Coast, and Boston. The company prides itself on providing…

Make Space Capital Partners Completes the Acquisition of Seven New Storage Investments

Make Space Capital Partners is pleased to announce that it has completed a $51.6 million acquisition of seven storage investments from related party vendors. The storage investments are located from British Columbia to Ontario, including Vancouver Island, BC, Edmonton, AB, Calgary, AB, Kitchener, ON and Mississauga, ON. The addition of these assets validates the incredible work our team has done to create value in the fund for both present and future inventors.” The acquisition of these assets adds over 3,800 units and over 450,000 square feet of net rentable space…

Recent Transactions: 9.06.22 – 9.12.22

Properties: Two Extra Space Storage Managed Facilities Closing Price: $23.6 Million Locations: Mooresville and Salisbury, NC Brokers and Brokerage: Morgan Windbiel of CBRE Acreage: 2.06 NRSF: 136,994 Unit Count: 1,385 Property: Go Store It Self Storage Location: Coral Gables, FL Buyer: SecureSpace Self Storage NRSF: 78,094 Unit Count: 1,070 Year Completed: 2019 Property: VIP Self Storage Location: El Cajon, CA Brokers and Brokerage: Keith Phillips and Charles “Chico” LeClaire of the LeClaire Schlosser Group of Marcus & Millichap NRSF: 23,620 Unit Count: 376 Non-Climate Controlled Property: Clinton Self Storage Location:…

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…