Category: Self Storage News

SmartStop Self Storage REIT, Inc. Expands Portfolio in the New York Metropolitan Region

SmartStop Self Storage REIT, Inc. (“SmartStop” or the “Company”), a self-managed and fully integrated self-storage company, is pleased to announce the acquisition of two premier Class A storage facilities in the New York Metro region. The first facility, located at 1204 Broad St. in Clifton, New Jersey, encompasses approximately 116,100 net rentable square feet. Boasting a traffic count of approximately 158,800 vehicles daily from State Highway 3 and Broad Street, this prime location is conveniently situated across from a well-established retail store. The property features a three-story building with a…

NexPoint Launches Sixth Storage DST, Continuing Expansion of Firm’s Self-Storage Platform in the US

NexPoint, a multibillion-dollar alternative investment firm, today announced the launch of NexPoint Storage VI DST, a Delaware Statutory Trust (“DST”) offering, which includes two Generation-V (“GenV”), Class-A storage facilities in the Nashville and Washington-Arlington-Alexandria (“Washington DC MSA”) metropolitan statistical areas (“MSAs”). The two GenV storage facilities, located in Temple Hills, Maryland, and Nashville, Tennessee, will be managed by Extra Space Storage, an industry-leading owner and operator of self-storage properties. NexPoint believes both regions present attractive long-term investment opportunities given the favorable demographic qualities. The $45 million offering qualifies for 1031…

StoragePRO Management Inc. Acquires New York-based Self-Storage Management Company Storage Investment Management Inc.

StoragePRO Management®, Inc., “StoragePRO®, the nation’s leading independent third-party property management company specializing in self-storage, has announced that on January 1, 2025, it will acquire New York-based boutique storage management company Storage Investment Management, Inc. (SIMI). This acquisition is a testament to StoragePRO’s commitment to expanding its national management footprint. The acquisition of the SIMI portfolio of 20 managed properties adds 1 million square feet and over 8,700 units to the StoragePRO Management portfolio, bringing their total managed assets to over $2 billion. This growth into twenty new cities and…

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…