Category: Self Storage News

Self-Storage Investment Sales Update

The self-storage investment sales market at the end of 2024 is still in price discovery with the bid-ask spread divided based on asset type with the market split into several distinct buckets; core market stabilized, certificate of occupancy/lease-up, small market and development opportunity. Distressed deals have not surfaced in a material way and will likely be limited to a small handful of assets, primarily new construction in oversupplied markets with high levels of non-recourse debt.  A slowing of new development should help stabilize struggling markets in 2025-2026! CORE MARKET –…

Eight Self-Storage Properties Trade to New Owner in Memphis MSA, TN

JLL Capital Markets led the sales efforts on behalf of Gelt Venture Partners for the portfolio, which totals more than 3,500 storage units JLL Capital Markets announced today that it has completed the sale of an eight-property self-storage portfolio, totaling more than 3,500 storage units and 485,000 rentable square feet, and is located in the greater Memphis, Tennessee area. JLL’s Self Storage Capital Markets team represented the seller, Gelt Ventures, in the sale of the portfolio to Mini Mall Storage Properties. The portfolio consists of over 485,000 square feet of institutional-quality…

NexPoint Fully Subscribes $46 Million Self-Storage DST (a Delaware Statutory Trust) which Includes Self-Storage Properties in the United States

NexPoint, a multibillion-dollar alternative investment firm, today announced that it has fully subscribed its NexPoint Storage V DST, a Delaware Statutory Trust (“DST”) offering. The offering has reached its total goal of $46 million in equity raised since its launch in June. NexPoint Storage V includes two GenerationV (“GenV”), Class-A storage facilities located in Cape Coral, Florida, and Dundalk, Maryland. Both properties are managed by Extra Space Storage, a leading third-party manager of self-storage properties in the United States. The properties benefit from being accessible to high-growth metropolitan statistical areas,…

StorTrack’s National Pricing Trends Report: 3Q 2024

Overview The self-storage market in 3Q 2024 reflected an industry-navigating transition, pressured by elevated interest rates, inflation, and regional oversupply. Average street rates declined 0.9% quarter-over-quarter and 2.3% year-over-year to $1.49/sq ft., while promotional rates dropped more steeply by 10.2% year-over-year to $1.20/sq ft., signalling heightened competition and increased reliance on discounts to maintain occupancy. This competitive pressure stems from oversaturation, driven by a surge in pandemic-era development that left many new facilities struggling to stabilize in overbuilt markets. Despite these challenges, demand for climate-controlled units and premium features remains…

Cushman & Wakefield Advises Bank of America in Sale of Iconic SF Office Tower, to U-Haul International, in Midtown Phoenix, AZ

Historic transaction marks one of largest owner/occupier office sales in U.S. and largest in Southwest since early pandemic. Arizona’s third largest office building sells for $23.7 million following foreclosure Cushman & Wakefield announced the firm has advised an entity controlled by Bank of America in the sale of 20 East Thomas Road, an iconic 25-story office tower totaling 548,938 square feet in Phoenix’s Midtown submarket. The third largest office building in the state of Arizona and third largest in the Phoenix market sold for $23.7 million to U-Haul International, a…

JLL Capital Markets Closed on a Refinancing Package for Self-Storage Portfolio in New York and New Jersey

JLL Capital Markets closed on a $115-million refinancing package for a portfolio of nine Tri-State self-storage facilities owned and operated by Storage Post. Nuveen Real Estate provided the first mortgage financing. Ownership has grown the original 633,364-square-foot portfolio, located in prime regions of New York and New Jersey, to 723,664 rentable square feet across 9,578 units. The New York assets are located in the Bronx, Floral Park, Garden City, Huntington Station and Yorktown Heights. The New Jersey assets are located in Haledon, Elizabeth, Linden and Perth Amboy. The JLL Capital…

1784 Capital Secures Bridge Loan for SoCal Self Storage in San Gabriel, CA

1784 Capital Holdings has secured a $41.3 million bridge loan for a Class A self-storage project in San Gabriel, Calif. Talonvest Capital Inc. arranged the note provided by a REIT. The bridge loan has a three-year term with two extension options, as well as interest-only payments throughout its duration. Because the self-storage development broke ground in 2022 and is still under construction, the funds from the loan will be used to repay the current construction debt and cover all costs associated with the loan. The development previously became subject to…

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…

Self Storage Facilities Add U-Haul Rentals for DIY Movers in Loganville and Monroe, GA

U-Haul Co. of Georgia recently announced that two self-storage facilities had signed on as U-Haul neighborhood dealers to serve their communities in Walton County. Self Storage Loganville at 2390 Claude Brewer Road will offer essential services like U-Haul trucks, trailers, towing equipment, moving supplies, and in-store pickup for boxes. The normal business hours are 9 a.m.-5 p.m. Monday to Saturday and 12-4 p.m. on Sunday. You can reserve U-Haul products at this dealer location by calling (770) 466-5970 or visiting https://www.uhaul.com/Locations/Truck-Rentals-near-Loganville-GA-30052/031795/. Self Storage Loganville owner Nathan Purvis said he is…

10 Federal Storage Reports Record Third-Quarter Results and Expands Third-Party Management Platform

10 Federal Storage, a leader in autonomous self-storage operations, is pleased to announce record-breaking third-quarter performance, with standout growth across its offerings. Building on this success, the company is expanding its third-party management platform to a limited number of properties and select self-storage owners starting in Q1 2025. Over the past three months, 10 Federal has added 23 properties to its portfolio, demonstrating the growing demand for its proven, tech-enabled management model. Exceptional Q3 2024 Results in a Challenging Market In a self-storage market marked by declining street rates and…