Author: Shinil Krishnan

Devon Self Storage to Manage Six Properties in Five US States

Oak Brook, Ill.-based Devon Self Storage, a member of The Inland Real Estate Group of Cos. Inc., has been awarded the property management contract for six self-storage properties in Indiana, Colorado, Michigan, Nevada, and Louisiana totaling roughly 361,000 square feet. The assets include a 603-unit property in Fort Wayne, Indiana, a 487-unit property in Northglenn, Colorado, a 459-unit facility in Waterford, Michigan, a 387-unit facility in Las Vegas; and a 595-unit property in Baton Rouge, Louisiana. To date, Devon manages 119 properties for 12 owners across the U.S. The firm…

Where Has All The Value Gone?

It’s no secret that capital markets and all forms of real estate have been impacted by the rise in interest rates over the past few years. Coming from historically low rates to a higher rate environment comes with plenty of challenges, particularly for those who have bought or built assets over the past 3-4 years. Of course, interest rates aren’t the only issue facing the self-storage industry and current asset values. Additional headwinds have come from a few different sides, and each of these could be the subject of separate…

Recent Transactions: 5.07.2024 – 5.13.2024

Property: Sedona Self Storage Location: Sedona, AZ Closing Deal: $ 1.15 Million Broker and Brokerage: Jeff Gorden of Keller Williams Commercial – Arizona and Nevada Broker Affiliate for the Argus Self Storage Advisors NRSF: 9,062 Unit Count: 93 units     Property: StoreEase Middleburg Location: Middleburg, FL Seller: Inkana Development Buyer: U-Haul Brokers and Brokerage: Ian Lindahl, Adam Schlosser and Ryan Nee of The LeClaire-Schlosser Group of Marcus & Millichap Square Feet: 63,280 Unit Count: 444 climate-controlled and 90 modified non-climate units Highlights: Consists of one single-story building Gated entry…

JV Secures $18 Million Loan for Hialeah Self-Storage Build in Hialeah, FL

  Hialeah Storage Associates, an affiliate of H&M Development and Blue Vista Capital Management, has obtained an $18 million construction loan from Old National Bank for a self-storage facility. The project will be built on a two-acre site at 2401 W. Okeechobee Road. The S. Florida Business Journal reports that the developer purchased the land for $5.58 million in 2023. Subsequently, it received an okay from the area planning agency for a 113,000-square-foot facility that can go three stories high and have 1,025 climate-controlled storage units. Kenneth Carlson will be…

Talonvest Capital Negotiates $16.8 Million Full Capital Stack for a Self-Storage Development in Magnolia, NJ

Talonvest Capital, Inc., a boutique self-storage and commercial real estate advisory firm, and Nuvo Development are pleased to announce a successfully tailored full capital stack which includes pari-passu joint venture equity investment as well as construction financing for a class A, self storage development in Magnolia, New Jersey. The site is centrally located in the core of a strong residential suburb of northwest NJ, a few miles southeast of Philadelphia, with a population of 102,000 in a 3-mile radius. Gary Cardamone, Chief Executive Officer at Nuvo, commented, “We couldn’t be…

True Storage Opens its Third Self-Storage Development This Year in Wilbraham, MA

True Storage opened its third self-storage development this year located at 2201 Boston Rd. This completion marks the company’s first ground-up completion in 2024, and their second multi-story new build in Massachusetts. The design build self-storage developer bought the acreage on Boston Rd. in 2022 and completed the two-story build earlier this month. This class A self-storage ground up features True Storage’s expertise in development of storage facilities that serve a public need. Day-to-day operations will be managed by Extra Space Storage, while True Storage retains ownership of the property.…

Stack And Store Opens 2nd Bel Air Site, Marking the 8th Location in Harford County, MD

Family-owned Stack and Store has opened its 2nd new 100,000-square-foot self-storage facility in Bel Air, making it the 8th store in Harford County with high-tech features. The state-of-the-art self-storage unit officially opened on April 30 at 726 Belair Road off Route 1. The facility offers climate-controlled units, site fencing, 24-hour surveillance, an on-site resident manager, 18 different-sized units, and 24-7 support. Customers can access the site via an electronic keypad with a personalized code or a mobile app. Alarmed units also are available. There are 697 leasable units with large…

AW Properties Global and AuctionWorks Present UCC Foreclosure Sales of 100% Stock Interest to Self Storage Facility in Lake Ariel, PA

AW Properties Global and AuctionWorks, its auction division, announced a unique opportunity for investors to participate in the UCC Foreclosure sales of two East Coast properties. These upcoming sales offer a chance to acquire 100% stock interest in the LLC or corporation holding title to the real property with exceptional potential upside. The stock interest in the limited liability company holding title to Nepa Storage Solutions, LLC offers full equity interest in a self-storage facility located at 537 Stock Farm Road in Lake Ariel, PA. The stock interest in the…

Terrydale Capital Sources $3,695,000 Refinance for a Self-Storage Development in Kings Mountain, NC

Terrydale Capital, a trusted name in the real estate financing industry, is pleased to announce that Cody Baker, Vice President of Self-Storage, has arranged a loan of $3,695,000 for the refinance of a self-storage development project in Kings Mountain, North Carolina. The buyer has requested to remain anonymous. Through one of Terrydale Capital’s correspondent banking relationships, Baker was able to secure a 13% interest rate, full term interest only for 2 years. Terrydale Capital is dedicated to providing personalized financial solutions that meet the unique needs of their clients. With…

SecureSpace Announces Opening of New Self-Storage Facility in Los Angeles, CA

SecureSpace Self Storage today announced the grand opening of a new self-storage facility, SecureSpace Santa Fe Springs, located in and serving the city of Santa Fe Springs, CA. The newly-built Class A facility is strategically located at 11212 Norwalk Boulevard and offers 96,471 square feet of 100% climate-controlled self-storage space, with units ranging from 5’x5′ to 20’x25′. The facility sits on the heavily trafficked Norwalk Boulevard, where 24,000 vehicles pass by daily. The dense residential area is undersupplied, and the two closest alternative facilities do not offer climate-controlled units. SecureSpace…