Featured Broker: Luke Elliott

Luke Elliott is the vice chairman of the Cushman & Wakefield Self Storage Advisory Group. He is responsible for private client and mid-market assignments in the firm’s national footprint. The Self-Storage Advisory Group represents private clients, institutional investors and other financial institutions by advising them on acquisition tactics and strategic disposition of self storage assets. In 2021 alone the Self-Storage Advisory Team closed 84 transactions and 188 facilities, bringing the team sales volume to over $2.3 billion. Luke joined Cushman & Wakefield in 2019, as part of a large-scale, multi-market…

SpareBox Storage Strengthens Balance Sheet with Successful $463 Million Refinance with Bank of America

With 7.4 Million Square Feet in 21 Markets Across Nine States, SpareBox is Poised for Rapid Growth The Leading Unmanned Operator in Self Storage September 22, 2022 09:00 AM Eastern Daylight Time DENVER–(BUSINESS WIRE)–SpareBox Storage, the leading unmanned operator in the self storage industry, today announced it successfully strengthened its balance sheet with a $462.5 million refinancing with Bank of America. SpareBox is one of the fastest growing self storage companies participating in the consolidation of the highly fragmented sector, and in just over two years, has acquired 7.4 million…

Recent Transactions 09.20.2022 to 09.26.2022

Property: 70,000-square-foot complex Closing Price: $6.026 million Location: Vancouver Island, BC, Edmonton, AB, Calgary, AB, Kitchener, ON and Mississauga, ON Buyer: Life Storage, Inc Property: St. Stephen Storage Location: Saint Stephen, SC Brokers and Brokerage: Jonathan M. Fawley, Brett R. Hatcher and Gabriel Coe of the Hatcher-Coe Group of Marcus & Millichap NRSF: 43,820 Unit Count: 348 (323 non-climate-controlled units and additional 25 parking spaces) Occupancy: 93% Property: Flatlander Self Storage Location: Davenport, WA Brokers and Brokerage: Ryan Layton of Argus Self Storage Advisors Buyer: LFIG1, LLC Unit Count: 160 boat/RV…

Nate Paul’s World Class Sells 64-Property Self-Storage Portfolio Across 10 States for $588 Million

Nate Paul’s World Class Holdings has sold a 64-property self storage portfolio across 10 states to global real estate investment firm CBRE (NYSE: CBRE) and facility operator William Warren Group/StorQuest for $588 million in a bankruptcy sale. The portfolio comprises over 4.1 million rentable square feet in Texas, Ohio, Illinois, Colorado, Missouri, Mississippi, Tennessee, Indiana, New York and Nevada. The facilities were previously operated by Great Value Storage, Paul’s operating platform. The sale did not include any of Paul’s facilities in California and any of the firm’s new self storage developments and conversions nationally. We plan to…

Software Support: Your First Line of Defense

Sometimes it can be daunting to know who to contact when something goes wrong. Support should be your first line of defense when something stops working and functionality is impacted. Whether it’s a gate not communicating with the software or a payment portal that is failing multiple payments, any loss of functionality can point to problems with back-end settings that you’ll likely need help with. Each software company has a different style of handling inquiries. Some primarily use email and phone calls to communicate with facilities. Some have an online…

Recent Closings: 9.14.21 – 9.20.21

Property: Posen Storage Location: Posen, IL (Chicago MSA) Brokers and Brokerage: Dan Lynch of Colliers’ Self Storage Group Unit Count: 540 Highlights: Three Stories Climate Controlled Year One Leasing Exceeded Owner Expectations Property: John Fayard Self Storage Location: Gulf Shores, AL Brokers and Brokerage: Jonathan Fawley, Brett Hatcher and Gabriel Coe of the Hatcher Group of Marcus & Millichap NRSF: 48,075 Unit Count: 418 Climate Controlled Highlights: Opened in April 2019 and Demonstrated Fast Lease-Up Coastal Gateway Boulevard Just Completed a $9,000,000 Renovation Five-Mile Population has Doubled Since 2000 Brand…

What Is in a Feasibility Study?

A feasibility study provides boots-on-the-ground research for a market of interest. The data collected is granular and covers all relevant components of a project including economic conditions, legal aspects and scheduling considerations. The goal is to determine the viability of a successful operation in that particular trade area by objectively evaluating the strengths and weaknesses of that market. A sample report can be viewed here.

List Self Storage Offers Additional Market Data Resources and Implements Website Enhancements

List Self Storage (“List”), the national online platform for buying and selling self storage facilities, recently launched the upgraded ListSelfStorage.com platform to offer complimentary market intelligence, improved user experience with enhanced functionality and new formatting.   “We are thrilled to offer our users StorTrack’s best-in-class data solutions”, Alison DeJaeger, President of List, stated. “User experience was the crucial consideration when implementing new technology that will elevate the performance of our website”, she continued.  This seamless integration will provide users in the early stages of the acquisition and development processes with valuable…

Population Grows Like a Weed in Flower Mound, TX

This month, we’ll evaluate Flower Mound, TX, an unincorporated town in Denton and Tarrant counties. The City Flower Mound, TX is a 20,000-acre residential suburb of Denton County, located northwest of Dallas on the shore of Grapevine Lake. It’s unprecedented population growth began in the 1950s as a result of job opportunities. In 1966, the population was reported to be 275 and grew to 1,685 by 1970. Despite construction delays throughout the next several years, the city grew to 4,402 in 1980, 15,527 in 1990 and 50,702 by 2000. As…

The LeClaire-Schlosser Group of Marcus & Millichap Brokers the Sale of Dona Ana Storage in Las Cruces, New Mexico

The LeClaire-Schlosser Group of Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Dona Ana Storage, a 35,525 square foot storage facility located in Las Cruces, New Mexico, just north of El Paso, Texas. One challenge to this deal were the 40+ storage units used by the seller on a complimentarily basis. During escrow, the seller vacated most units which were soon re-rented to new customers which speaks to the strong spring leasing…