Author: Shinil Krishnan

Self-storage Building Approved by Planners in Mount Kisco, FL

Mount Kisco’s Planning Board has given approval to plans for the development of a self-storage facility at 2 Morgan Drive at the intersection with Radio Circle. The approximately 2.67-acre parcel is in the RDX Zoning District, which allows self-storage facilities. The three-story building would contain approximately 93,960 square feet and provide 12 off-street parking spaces. The developer is Asset Realty & Construction Group, which is based in Brooklyn. A plan to build a two-story structure at the site for housing a private car collection had been abandoned and the self-storage…

Great American Storage & RSG Development Demo Site for a New State-of-the-Art Storage Facility in Stratford, NJ

Great American Storage, RSG Development (RSG), and Stratford Borough Mayor Linda Hall began demolition for a new 107,100 sq ft self-storage facility. Great American Storage, an experienced developer and manager of Class-A Self-Storage, RV/Boat, and Garage Suites, joined by RSG Development (RSG) and Stratford Borough Mayor Linda Hall, began demolition on November 20th, 2024 for a new 107,100 gross square-foot self-storage facility in Stratford, New Jersey. The facility, Great American Self Storage of Stratford, is another collaboration between Great American Storage and RSG. The state-of-the-art storage facility, which is scheduled…

NexPoint Fully Subscribes $46 Million Self-Storage DST (a Delaware Statutory Trust) which Includes Self-Storage Properties in the United States

NexPoint, a multibillion-dollar alternative investment firm, today announced that it has fully subscribed its NexPoint Storage V DST, a Delaware Statutory Trust (“DST”) offering. The offering has reached its total goal of $46 million in equity raised since its launch in June. NexPoint Storage V includes two GenerationV (“GenV”), Class-A storage facilities located in Cape Coral, Florida, and Dundalk, Maryland. Both properties are managed by Extra Space Storage, a leading third-party manager of self-storage properties in the United States. The properties benefit from being accessible to high-growth metropolitan statistical areas,…

5 Questions With… Rona Siegel and Amy Monson of StorQuest

In our “5 Questions With…” conversation, Rona Siegel, National Director of Third-Party Management, and Amy Monson, Business Development Director, from StorQuest shared valuable insights on self-storage investment and operations. They discussed critical factors for buying or developing facilities, common pitfalls for newcomers, and the evolving role of third-party managers. They highlighted industry changes over the past five years, strategies for customer retention, and the importance of digital marketing. They also explored how to future-proof businesses and adapt to shifting customer expectations. Tune into this super insightful conversation!   Connect with…

Self Storage Market of the Month: Corvallis, OR

StorTrack’s featured market this month is Corvallis, OR. Corvallis is a city in central western Oregon with a growing population, strong rental demand from Oregon State University, rising incomes, and a diverse economy driven by education, tech, and healthcare sectors. How is Corvallis as a self-storage market and is it a good place to consider investing in? We’ve used StorTrack’s Explorer platform to look at some metrics to analyze its potential as a self-storage investment. Self Storage Market Metrics for Corvallis, OR Current Supply: There is a supply of 6.80…

StorTrack’s National Pricing Trends Report: 3Q 2024

Overview The self-storage market in 3Q 2024 reflected an industry-navigating transition, pressured by elevated interest rates, inflation, and regional oversupply. Average street rates declined 0.9% quarter-over-quarter and 2.3% year-over-year to $1.49/sq ft., while promotional rates dropped more steeply by 10.2% year-over-year to $1.20/sq ft., signalling heightened competition and increased reliance on discounts to maintain occupancy. This competitive pressure stems from oversaturation, driven by a surge in pandemic-era development that left many new facilities struggling to stabilize in overbuilt markets. Despite these challenges, demand for climate-controlled units and premium features remains…

SBA 504 Debt Refinance Just Got Easier

The SBA has introduced important updates to its 504 refinance program, enhancing flexibility and benefits for business owners. Here’s a brief overview of the changes: Expanded Access to Working Capital Previously, borrowers could take out up to 20% of the appraised collateral value for working capital during a refinance, limited to an 85% loan-to-value (LTV) ratio. The new guidelines eliminate this 20% cap and increase the LTV limit to 90%, providing businesses with more financial options Eased Refinancing Restrictions on 7a and 504 Loans Before, businesses had to demonstrate a…

Cushman & Wakefield Advises Bank of America in Sale of Iconic SF Office Tower, to U-Haul International, in Midtown Phoenix, AZ

Historic transaction marks one of largest owner/occupier office sales in U.S. and largest in Southwest since early pandemic. Arizona’s third largest office building sells for $23.7 million following foreclosure Cushman & Wakefield announced the firm has advised an entity controlled by Bank of America in the sale of 20 East Thomas Road, an iconic 25-story office tower totaling 548,938 square feet in Phoenix’s Midtown submarket. The third largest office building in the state of Arizona and third largest in the Phoenix market sold for $23.7 million to U-Haul International, a…

JLL Capital Markets Closed on a Refinancing Package for Self-Storage Portfolio in New York and New Jersey

JLL Capital Markets closed on a $115-million refinancing package for a portfolio of nine Tri-State self-storage facilities owned and operated by Storage Post. Nuveen Real Estate provided the first mortgage financing. Ownership has grown the original 633,364-square-foot portfolio, located in prime regions of New York and New Jersey, to 723,664 rentable square feet across 9,578 units. The New York assets are located in the Bronx, Floral Park, Garden City, Huntington Station and Yorktown Heights. The New Jersey assets are located in Haledon, Elizabeth, Linden and Perth Amboy. The JLL Capital…

1784 Capital Secures Bridge Loan for SoCal Self Storage in San Gabriel, CA

1784 Capital Holdings has secured a $41.3 million bridge loan for a Class A self-storage project in San Gabriel, Calif. Talonvest Capital Inc. arranged the note provided by a REIT. The bridge loan has a three-year term with two extension options, as well as interest-only payments throughout its duration. Because the self-storage development broke ground in 2022 and is still under construction, the funds from the loan will be used to repay the current construction debt and cover all costs associated with the loan. The development previously became subject to…