Author: Shinil Krishnan

True Storage Completes Retail to Storage Conversion in Connecticut

True Storage opened a new self-storage facility at 10 Prospect Hill Terrace in East Windsor, CT. It opened on Jan. 24. The renovated, 51,383-square-foot facility has 585 climate-controlled units and previously was a site for Burlington Coat Factory (below). It is the second store in the True Storage portfolio that Store Space Self Storage is managing, and a third property, located in Columbus, GA, is scheduled for late Q1 or early Q2 of 2023. The first facility together is in Lafayette, IN. Based in Manchester, NH, True Storage also has…

Recent Transactions: 02.14.2023 – 02.20.2023

Property: U-Stor-It Location: Lansing, MI Brokers and Brokerage: Meir Perlmuter, Nathan Coe, Brett Hatcher and Gabriel Coe of the Hatcher-Coe Group of Marcus & Millichap NRSF: 41,600 Unit Count: 385 non-climate-controlled units Physical Occupancy: 94% Highlights: Undersaturated self storage market Dense and growing surrounding population: 155,073 people living within five miles Portfolio: LaFayette Storage Solutions Location: LaFayette, GA (North and South) Broker and Brokerage: Michael Morrison of Midcoast Properties, Inc. NRSF (North): 8,700 NRSF (South): 28,530 Unit Count (North): 74 standard drive-up units Unit Count (South): 189 standard drive-up units…

Recent Transactions: 02.07.2023 – 02.13.2023

Property: Goudchaux’s Building Location: Nashville, TN Closing Price: $3.9 Million Broker and Brokerage: Matthew Shirley of Saurage Rotenberg Commercial Real Estate Buyer: Baton Rouge QOZ Self-Storage LLC Seller: Renaissance Park LLC Square Feet: 158,000   Property: Go Store It Self Storage Location: Nantucket County, MA Closing Price: $42 Million Buyer: Go Store It Nantucket Storage DST Seller: Go Store It Nantucket LLC   Property: Creekside Storage Location: Grand Rapids, MI Year Built: 2019 Brokers and Brokerage: Brian Kelly, Brett Hatcher and Gabriel Coe of the Hatcher-Coe Group of Marcus &…

Pogoda Companies Expands Self Storage Management to Carmel, IN

  Pogoda Companies, one of the largest self storage owner/operators in the country, announces a new management account in Carmel, Indiana. With this new management account, Pogoda Companies adds its 58th self storage property to its portfolio and its third property in Indiana. The well-located Carmel Self Storage property, which boasts 95% occupancy, offers 20,000 square feet of climate-controlled storage and 50,000 square feet of drive-up access to 492 units. Pogoda Companies plans to bring its institutional management practices to boost income through rent increases and higher tenant insurance penetration.…

SBA 504 Loan – Lower Down Payment and More Favorable Rules for Selling Financing

Every year Bank Five Nine funds numerous transactions based on complex change of ownership transactions that include the purchase of real estate. In many cases financing is provided in combination with both the SBA 7(a) Program (intangible assets) and the SBA 504 Program (fixed assets). Seller financing is also common in these types of projects, but it is important to structure the deal right on the front end in order to allow for seller financing to count toward the required down payment and also ensure the payback terms are acceptable…

National REIT Acquires Austin Area Self Storage Facility

JLL Capital Markets arranges sale of the 709-unit Oak Hill Self Storage facility outside of Austin, Texas. JLL Capital Markets announced today that it has closed the sale of Oak Hill Self Storage, a 709-unit self-storage facility located along W. Hwy 71 in Austin, Texas. JLL marketed the property on behalf of the seller, The Jenkins Organization, and procured the buyer, Extra Space Storage. Completed in 2019, Oak Hill Self Storage is comprised of 93,813 rentable square feet and features true class A construction and amenities. The facility is 97%…

Fourth Quarter 2022 and Year-End Review for Absolute Storage Management

Absolute Storage Management (Absolute), a leading private, third-party management company for self-storage facilities in the United States, announced operating results for the three months and year ended December 31, 2022. 2022 Highlights for Three Months Ended December 31, 2022: • Increased same-store revenue by 6.5% compared to the same period in 2021. • Acquired six (6) management contracts: five (5) operating facilities and one (1) facility after construction. 2022 Highlights Year Ended December 31, 2022: • Increased same-store revenue by 13.5% compared to the same period in 2021. • Acquired…

Janus International Group Makes Organizational Realignment Within Nokē, Inc. to Support Next Stage of Growth

Alessandro Araldi Named President of Nokē, Inc. and Head of Janus Corporate Strategy, Sanjay Khinvasara named Nokē, Inc. Senior Vice President of Engineering, and Christine DeBord named Nokē, Inc. Chief Commercial Officer Janus International Group, Inc (NYSE: JBI) (“Janus” or the “Company”), a leading provider of cutting-edge access control technologies and building product solutions for the self storage and other commercial and industrial sectors, today announced the organizational realignment within Nokē, Inc. (“Nokē”) to support continued growth and accelerate future development. The changes include the appointment of Alessandro Araldi as…

Recent Transactions: 01.31.2023 – 02.06.2023

Portfolio: Ozark Self Storage, Double Springs and Elkins Mini-Storage Closing Price: $22 Million ($8.45 million for Ozark Self Storage, $7.4 million for Double Springs Storage and $6.2 million for Elkins Mini-Storage) Locations: Springdale and Fayettville, AR Buyer: Dallas Beck Seller: Gregson, LLC Unit Count: 600+ Property: Eclipse Self Storage Closing Price: $14.1 Million Location: Evans, GA Broker and Brokerage: Michael Morrison of Midcoast Properties Buyer: Highline Real Estate NRSF: 105,714 Acreage: 4.0 Property: LaFayette Storage Solutions Closing Price: $14.1 Million Location: LaFayette, GA Broker and Brokerage: Michael Morrison of Midcoast…

Vacant Kmart Building in Englewood to be Redeveloped into Self Storage Facility

Redevelopment of the long-vacant former location of Kmart on West National Road in Englewood is underway and the facility will soon operate as a self storage facility. Located at 360 W. National Road, the storage facility will be owned and operated by the business Extra Space Storage. Preliminary construction work has begun, including demolition of the parking lot and some interior clean-up work, according to Community and Economic Development Director William Singer, who added that necessary permits are under review. Late last year, the developer proposed the retrofitting of the…