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Self-Storage Facility Aims to Expand With Five New Buildings in Naperville, IL

A self-storage business is looking to expand its Naperville operations to meet increased demand. Plans call for adding five new, one-story buildings to the Extra Space Storage complex on Ogden Avenue near Raymond Drive. The buildings would contain a total of 169 self-storage units. Naperville’s planning and zoning commission last week cast an 8-0 advisory vote in support of the proposed project. The zoning request is expected to go before the city council in January. Extra Space Management Inc., on behalf of the owner, Extra Space Properties Two, LLC, is…

Featured Brokers: David Perlleshi and Frank DeSalvo

David Perlleshi and Frank DeSalvo lead Franklin Street’s National Self-Storage Investment Sales Practice. David is based in Tampa, Florida and Frank in Charlotte, North Carolina, the team represents owners and investors in the acquisition and disposition of self-storage assets throughout the country, while also helping them navigate development, site selection and asset valuation. Additionally, the team leverages Franklin Street’s collaborative, full-service platform to provide their clients with a complete scope of real estate solutions, including financing and insurance. Perlleshi and DeSalvo bring two decades of combined experience in the commercial…

Recent Transactions: 12.03.2024 – 12.09.2024

Stay up-to-date on the latest self-storage transactions happening nationwide! If you have a recent transaction to share, let us know—your updates help keep our community informed.   Property: Interstate Secure Storage Location: Janesville, WI Address: 3031 E. County Road O, Janesville, Wisconsin Year Built: 2015 Closing Deal: $2.3 Million Buyer: Hastings Property Group LLC Broker and Brokerage: Dan Bowar of Marcus & Millichap (Milwaukee office) NRSF: 44,250 Unit Count: 233 units Highlights: Currently plans to expand Has two additional buildings totaling 25,950 square feet     Property: Lake Wales Storage…

Self-Storage Investment Surge: Key Transactions and Trends from the Second Half of 2024

Overview StorTrack data shows steady activity in the self-storage sector in the second half of 2024, with 110 transactions completed across the United States. To date, multi-operators and REITs (Real Estate Investment Trusts) each represented over 40% of the total transaction volume, with investment activity largely concentrated in the Southeast. Multi-operators were especially active in the Midwest, completing five transactions involving Storage Rentals of America facilities in Michigan and Illinois. Meanwhile, REITs focused their efforts primarily on the Southeast, with Florida standing out as a key market. Transaction Breakdown by…

Development in Self Storage: A Lesson in Delayed Gratification

Self-storage development has emerged as a compelling opportunity in the real estate market, offering steady returns and economic resilience. However, success in this sector often requires embracing the principle of delayed gratification – the ability to forgo immediate rewards for greater long-term benefits. The delayed gratification comes in the form of appreciation, depreciation, cash flow, and the ability to use amortization, which provides several key advantages: Equity growth: In an example of a $10M new development, your initial $1.5 million (15% down) investment using a SBA loan could grow to…

Q3 2024 Self-Storage REIT Report Insights: Key Challenges and Opportunities Ahead

Join StorTrack’s Christine Wachsman and James Breunig, along with Andrew Jones of JustStorage, as they discuss key takeaways from the REITs’ Q3 reports. The conversation covers industry resilience amid revenue dips, demand shifts, and challenges from severe weather events like Hurricane Milton. They also examine rising competition, strategic third-party management, West Coast development costs, and strategies for adapting to a dynamic market. About StorTrack StorTrack is the leading provider of self-storage market data and analytics, providing operators, investors, and developers with actionable insights. Our tools help clients understand pricing trends,…

6 Safety and Security Issues That Should be on Your Radar

As an industry, we’ve been focusing, rightly so, on security measures to protect facilities from rising break-ins, theft and other vandalism. But there are other areas of safety and security in self-storage that are often overlooked. Read on for 6 that you don’t want to miss—and how you can easily remedy them. Delayed Repairs: Whether it’s tenant damage from backing into a door or natural disasters like the recent hurricanes, delaying repairs for damaged units leaves your units at risk because it can create a ripple effect of further damage…

Self Storage Market of the Month: Passaic, NJ

StorTrack’s featured market this month is Passaic, NJ. Passaic is located north of Newark on the Passaic River and boasts a diverse economy spanning health care, manufacturing, and retail. How is Passaic 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 Passaic, NJ   Current Supply There is a supply of 2.87 square feet per capita in this market. For comparison, New…

Newmark Secures $315 Million Loan for Self-Storage Assets Across 24 Markets in 11 US States

Newmark Group (NASDAQ:NMRK), Inc. has facilitated a $315 million refinancing deal for a national portfolio of self-storage facilities, representing a significant transaction within the alternative real estate sector. The loan was arranged by Newmark’s top executives for TPG Angelo Gordon, in partnership with Andover Properties, and was provided by a consortium of lenders including Wells Fargo (NYSE:WFC), Goldman Sachs (NYSE:GS), and 3650 REIT. The refinanced portfolio comprises 43 properties with over 21,300 units, totaling 3.1 million rentable square feet and operating under the Storage King USA brand. These facilities are…

JLL Capital Markets Led the Sales Effort for the Self-Storage Portfolio in Philadelphia and West Florida

JLL Capital Markets announced today that it has completed the sale of a six-property self-storage portfolio totalling 468,266 rentable square feet in the Philadelphia MSA and the Tampa, Sarasota and Fort Myers areas of West Florida. JLL’s National Self-Storage team represented the seller, a partnership between Metro Self Storage and Heitman, and procured the buyer, Andover Properties. The properties were operated and managed under the Metro Self Storage brand at the time of sale and will be rebranded to Andover’s Storage King USA brand. The portfolio consists of three properties…