Author: Shinil Krishnan

StoreEase Virtual Management Announces the Launch of Virtual Software-as-a-Service (SaaS)

StoreEase announces the launch of their cutting-edge Virtual Technology Platform as a software-as-a-service (SaaS) to complement its existing third-party management service. This new offering provides a White Label Solution for self-storage operators to revolutionize their existing management platforms. Pre-announcement StoreEase has procured multiple partnerships with top operators to beta-test the platform across a significant number of stores. The groundbreaking technology platform features proprietary hardware and software enabling self-storage operators’ access to industry-leading efficiencies and benefits. The Virtual solution is designed to help operators of all sized facilities overcome the challenges…

Market of the Month: Lakewood, OH

StorTrack’s featured market this month is Lakewood, OH. Lakewood is a city in Cuyahoga County, and is located about 6 mile west of Downtown Cleveland. This city has a total of 32,000 housing units citywide including 12,700 one- or two-family homes. How is Lakewood 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 Lakewood, OH (5 mile radius analysis)   Current Supply:…

Recent Transactions: 8.08.2023 – 8.13.2023

Property: Box Self Storage Location: Panama City Beach, FL Buyer: Evelyn Capital Seller: Hickory Capital Group (HCG) Broker and Brokerage: Ashley Compton of Colliers Acreage: 2.45 acres NRSF: 75,225 Unit Count: 670 Highlights: Drive-through loading lane that provides immediate access to two freight elevators Surrounded by an estimated 14,402 individuals (5-mile radius) 16+ multifamily complexes     Property: River Rock Storage Location: Gastonia, NC Brokers and Brokerage: Jonathan Spencer and Scott Eckert of The Storage Acquisition Group Acreage: 11.20 acres Square Feet: 124,374 Unit Count: 631

Featured Broker: Brian Somoza

Brian is a Senior Managing Director and National Self Storage Group leader based out of the Los Angeles office of JLL Capital Markets, Americas. He specializes in self storage asset sales, equity placement and advisory. He has been directly involved in more than $7.5 billion of self storage property transactions throughout his career, including the development, operation and management of self storage. Prior to joining JLL, Brian was an acquisitions manager at Public Storage, the largest publicly-traded REIT focusing on self storage properties. Public Storage Responsibilities: Devoted full-time efforts to…

BWE Arranges $10 Million Loan for Self Storage Project in Lancaster, CA

BWE closed a $10,000,000 construction loan for the ground-up development of a new 733-unit self-storage facility in downtown Lancaster, CA. Arash Kouhi, VP in BWE’s Phoenix office, originated the loan from a credit union on behalf of Frontera Real Estate Investments. The loan has a 15-year term with three years of interest-only payments. “We worked closely with our partners at Frontera Real Estate to complete this deal despite the adverse market conditions, and we’re proud to help them develop this project in an area that’s seeing high demand for reliable…

Farrell Pitches Huge Self-Storage Complex in 251 Butter Lane, Bridgehampton, NY

Farrell Companies was before the Southampton Town Planning Board on July 13 with two intertwined applications that could result in 156,162 square feet of self-storage space spread over four buildings, with additional outdoor storage areas and nearly 100 parking spots, at 251 Butter Lane in Bridgehampton. One application was for the subdivision of the lots, and the other was for a site-plan review. To put that into perspective, the Home Sweet Home storage facility application that has been tied up in knots before the East Hampton Town Planning Board for…

Davis Cos., Highland Development Complete 6,000-Unit Self-Storage Facility in 155 West 29th St in Manhattan, NY

A joint venture between The Davis Cos., a Boston-based development and investment firm, and Highland Development Ventures has completed a 6,000-unit self-storage facility at 155 West 29th St. in Manhattan’s Chelsea neighborhood. Public Storage will operate the facility, which rises 18 stories and spans roughly 180,000 net rentable square feet. Project partners included Mancini Duffy (architect of record), Cauldwell Wingate Construction (general contractor), GEA Consulting Engineers (mechanical, electrical, plumbing and fire protection engineer) and McNamara Salvia (structural engineer). Source

Devon Self Storage Facility Coming to 124-128 Delsea Drive, Glassboro, NJ at Former Liscio’s Property

A new Devon Self Storage facility is being developed on Delsea Drive at the site of the former Liscio’s Bakery facilities. The plans for the self storage facility at 124-128 Delsea Drive include a new two-story drive-thru self storage building that will connect to the existing older warehouse structure (which will also be used for self-storage). Recently the former free-standing retail store building on the site (closer to the Delsea Drive roadway) was demolished. Currently, workers are focused on the larger warehouse-style building at the rear of the property, removing…

Store Space Transforms an Underused Industrial Space into Self-Storage Facility in 40 Edison St, New Bedford, MA

We have transformed an underutilized industrial space into a beneficial asset for the community. We are excited to continue revitalizing and reusing spaces in new markets, bringing premium self-storage to the communities we serve.” – Rob Consalvo, Store Space President Store Space today announced the newest addition to its rapidly growing portfolio, a 114,652 sq. ft. converted industrial space in New Bedford, MA. The facility, located at 40 Edison Street, is easily accessible from major thoroughfares, including I-195, MA-140 and Kings Highway. The facility is comprised of 800 climate-controlled units.…

Victoria (Canada) Approves Self Storage Building on Douglas Street

The City of Victoria has waived a public hearing for a project that will transform a parking lot on three city lots into a four-storey mixed-use commercial building at the northwest corner of Douglas Street and Queens Avenue. Council unanimously gave initial approval this week for the $17-million four-storey building, which will feature retail and light manufacturing space on the ground floor and a self-storage warehouse in the rest of the building. The retail spaces facing Douglas Street will range in size from 335 to 2,534 square feet. The 56,500-square-foot…