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Innovative Self-Storage Facility with Space for Autos, Jet Parts, Wine and Lounge Opens in Redding, CT

As self-storage facilities continue to proliferate in Connecticut, another is nearing completion on Route 7. But the design on this one is a U-turn from the typical cookie-cutter garage-door style concept that has proliferated the nation — something the developer hopes to expand regionally. Designed by Darien-based Fletcher Development at 241 Ethan Allen Highway in Redding, Riverworks on 7 will include not just climate-controlled storage units, but storage bays as well for at least 50 vehicles and accompanying space for auto tinkerers. An indoor driving lane spares clients the chore…

Hernandez Development and XSITE Real Estate Receive Planning and Zoning Approval on Class-A Self Storage Facility in Naperville, IL

Hernandez Development and XSITE Real Estate have announced the site plan approval from the Planning and Zoning Department of DuPage County for a Class A Self-Storage facility and mixed-use development situated in the thriving Village of Naperville, IL. Upon completion of construction, this project will feature a Class A climate-controlled self-storage facility, a one-story Little Sunshine Playhouse & Playschool Facility, and a drive-thru-only Scooter’s Coffee. The total square footage of the self-storage facility will be 120,300. The development is located on 75 th Street. With a daily volume of 41,900…

StorTrack’s National Transactions Report: August 2024

In recent months, investment activity in the self-storage market saw a sharp decline, with just 25 transactions totaling $131 million, a significant drop from the 1,203 deals and $6.77 billion seen in Q4-2021. This downturn, driven by rising interest rates, inflation, and oversupply concerns, has shifted investor focus to larger, high-value properties. By Q3-2024, transaction volume had plummeted by 93% compared to last year. However, the average building size per deal rose by 51%, and the average sale price surged by 171%, indicating more selective investment in high-quality assets. A…

StorTrack’s National Pricing Trends Report: August 2024

The U.S. self-storage industry, with over 65,000 facilities, remains stable but has seen a pricing decline over the past year. While some markets face oversupply, states like Florida and Arizona are growing due to population increases and the shift to remote work. Notably, the gap between street and online rates has widened by 8%, with online rates dropping 5.6% and street rates rising 1.4%. This trend reflects operators offering aggressive online discounts to attract digital customers while maintaining higher street rates to balance revenue. Dynamic pricing and online marketing are…