Author: Shinil Krishnan

RV & Boat Storage Continues to be in High Demand

The millennial generation is now the largest consumer group in the United States.” According to estimates, Gen Z and millennial consumers are almost twice as likely as GenX and boomer consumers to express an intention to purchase a boat or recreational vehicle. In 2021, the Boat and RV industry trade group reported that over half of all boat and RV buyers were younger than 55 years old, and more than one-fifth were between 18 and 34 years old. Millennials are expected to remain the largest consumer group for boats and…

Storage Facility Planned for Loon Hill Road Property in Dracut

The Planning Board recently approved True Storage’s project site plan and granted a special permit for what was described as a self-storage, mini-warehouse facility.” The future of 55 Loon Hill Road now seems settled after several years of inaction on its disposition and sale. True Storage, based in Manchester, N.H., bought the 3.67-acre lot for nearly $1.4 million in a deal put together by Mansard, a real estate firm based in Andover specializing in commercial properties. The Planning Board recently approved True Storage’s project site plan and granted a special…

Recent Transactions: 5.02.2023 – 5.08.2023

Property: Meadowlark Self Storage Location: Tonakset, WA Broker and Brokerage: Ryan Layton of AREA Commercial Real Estate of the Argus Self Storage Advisors NRSF: 13,400 Unit Count: 82 steel-framed units Occupancy: 98% Rate Per SF: $78.35 Highlights: The facility consists of two steel-framed storage buildings There is room for expansion and rental rate increases Secure in/out access gate Security system   Property: Recreational Storage Location: Royal, AR Broker and Brokerage: John C. Lindsey, Jim Ritchie and Matt Rosendale of Lindsey Self Storage Group NRSF: 24,720   Property: Sandia Skies Self…

U-Haul to Produce Jobs, Self Storage with Land Acquisition in San Luis Obispo

  A modern U-Haul® retail, moving and self storage facility is coming to San Luis Obispo thanks to the Company’s recent land acquisition of 4.03 acres at 1109 Kendall Road. U-Haul Moving & Storage of San Luis Obispo is scheduled for completion in 2025. Preliminary plans call for the creation of a multi-story self storage building including at least 700 indoor, ADA-accessible units with climate-control options and high-tech security features at affordable price points. U-Haul also plans to build a separate warehouse for portable moving containers. “Expanding our self storage…

Anticipated Changes to the SBA Rulebook

On April 11th, 2023, the Small Business Administration (SBA) released their final rule, which includes eligibility and procedural changes that make SBA 504 financing even more obtainable. The SBA aims to make the SBA 504 loan available to more small businesses by relaxing eligibility criteria, reducing required documentation and implementing an updated credit policy. They anticipate the changes to go into effect, May 12, 2023. Changes are subject to SBA’s release of guidance and procedural notices. Highlights of changes: No more Franchise Directory Simplified Affiliation Rules Affiliation is now generally…

Recent Transactions: 4.25.2023 – 5.01.2023

Property: Ace Storage Location: Billings, MT Year Built: 1993 Brokers and Brokerage: Brandon Lavern, Aaron Sanchez and Scott Schoettlin of SkyView Advisors Acreage: 1.73 Acres NRSF: 33,600 Unit Count: 201 units Occupancy: 99% Vehicles Per Day: 11,600 Highlights: The subject property offers 3 buildings of well-maintained self-storage options The buyer will have the opportunity to increase revenue by implementing a tenant insurance program Capability to raise rental rates 23 percent to meet the market level No planned or new self storage construction in the five-mile radius Direct view of the…

Why Boat/RV Storage Is a Smart Venture for Self Storage Operators and Other Investors

The even better news is interest in boats and RVs doesn’t appear to be waning. In fact, the U.S. RV market is forecast to grow from a 2021 value of $55.9 billion to $87.98 billion by 2028, according to global market-research firm Fortune Business Insights Pvt. Ltd. In the past five years, more than 2.5 million RVs and 1.6 million motorboats have been registered in the United States.” A surge in boat and RV sales and a correlating need for vehicle-storage space has created fresh opportunities for investors from self…

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 team…

New Management For Local Self Storage Facility in Aiken, South Carolina

Local acquisition of Absolute Storage is bringing professional self storage management to the city of Aiken. The facility is located at 1504 Silver Bluff Road Aiken, SC 29803. This facility is comprised of 349 units totaling 46,775 rentable square feet, providing safe and secure climate-controlled unit options to the local communities of New Ellenton, Aiken, and Augusta. The ownership group has contracted with Absolute Storage Management (Absolute) to provide professional self storage management services and the facility is officially under Absolute’s management as of 4/19/2023. If you would like to…

Public Storage Plans New 301,451 Sq Ft Building in Los Angeles’ Baldwin Hills Neighborhood

The new six-story building would consist of approximately 294,731 square feet of self storage use and approximately 6,720 square feet of ground-floor retail use, for a total of approximately 301,451 square feet of floor area.” Los Angeles’ Baldwin Hills neighborhood could soon see some much-needed self storage added to the area, according to a recent proposal submitted to the City. The proposal comes from Public Storage with designs by Ware Malcomb and would include a six-story building with both retail and self storage uses. The project site is located at…