Cushman & Wakefield Self Storage Advisory Group Q3 Report

Rental income increased Nationwide due to the increases in asking rental rates even though the physical occupancy decreased. The graph below shows the rental rate averages for the other non-climate controlled, down stairs, standard unit sizes that are offered at storage facilities Nationwide. Notably, rent per available square foot increased in the 3rd Quarter 2022 for both Nationwide and REITs. The REITs had very strong performance this year, and the pandemic caused the market sector to recover stronger than the normal self storage yearly cycle. This demonstrates the sector’s resiliency during the…

Recent Transactions: 11.22.2022 to 11.28.2022

Property: Storage General Location: Layton, UT Brokers and Brokerage: Jordan Farrer and Adam Schlosser of the LeClaire-Schlosser Group of Marcus & Millichap NRSF: 86,105 Property Layout: Eleven stand-alone single-story buildings   Property: Savannah HWY6 Self Storage Location: Rosharon, TX Buyer: Montfort Capital Partners Seller: Quintet Capital Group Brokers and Brokerage: Steve Mellon, Brian Somoza, Adam Roossien and Matthew Wheeler of JLL Capital Markets Units: 678 (75% climate-controlled units plus drive-up units in six single-story storage buildings and 900 square feet of office space)   Property: 10 Federal Self Storage Location:…

Recapitalization Completed for Newly Constructed Self Storage Facilities in SoCal

JLL Capital Markets announced today that it has arranged the recapitalization of two newly constructed self storage facilities totaling 1,975 units in the San Diego and Los Angeles metropolitan areas of California. JLL recapitalized the properties on behalf of the seller, Baranof Holdings. Clarion Partners is Baranof’s new partner, buying out the ownership stake previously held by another partner of Baranof, Invesco Real Estate, a global real estate investment manager. Lemon Grove Self Storage is located at 8016 Broadway in the Lemon Grove area of San Diego, immediately east of…

Hot Properties: Six New Self Storage Facilities to Be Built in the Bradenton Area

Massive self-storage units seem to be everywhere in the Bradenton area these days and more are coming. Developers recently filed paperwork with Manatee County Development Services to build three more within a two-mile span off State Road 64 East: ▪ Largo Lifestorage plans to build a three-story, 132,500-square-foot facility at 911 64th St. Ct. E., on the southwest corner of Interstate 75 and S.R. 64 near Wendy’s. ▪ Core Suncoast LLC plans to build a three-story 89,910-square-foot facility at 8030 State Road 64 E., across the road from a Dairy…

RecNation Expands Midwestern Footprint with Acquisition of New Storage and RV Repair Facility in Kansas City, Kansas

RecNation Storage (“RecNation” or the “Company”), a leading owner, operator and developer of specialized recreational vehicles and marine storage facilities, today announced it has completed the acquisition of a state-of-the-art storage facility in Shawnee, Kansas, marking the Company’s inaugural location in the Kansas City metropolitan market. The new facility, located at 25105 W 43rd Street in Shawnee, is just 20 miles west of central Kansas City in the Overland Park area and will provide outdoor enthusiasts across the region with access to premier recreational storage services. The facility will be…

Brett Hatcher

Brett Hatcher has been with Marcus & Millichap since 2006 and is currently a senior managing director investments. In his time with Marcus & Millichap, Brett has successfully brokered over 648 transactions, totaling over $4.4 billion in real estate. An expert from the ground up to lease up, Brett is up to date in all aspects of self storage investments, including management, operations, market conditions, capital market and economic trends impacting the self storage industry. Brett’s knowledge of the self storage market is unparalleled in the industry and has consistently…

Recent Transactions: 11.09.2022 to 11.15.2022

Portfolio: Two self storage facilities Location: Kensington, MD and Alexandria, VA Buyer: Arcland Property Co NRSF: 281,000 Units: 3,100 units combined Closing Price: $112.8 million   Property: AAA Self Storage Location: South Elgin, IL Buyer: Trojan Storage Seller: Shanahan Enterprises LLC Broker and Brokerage: Sean Delaney of Marcus & Millichap NRSF: 72,850 Units: 388 storage units inside eight drive-up storage buildings Occupancy: 96% Room for Expansion: 2.4 acre extra land Closing Price: $11.65 million   Property: Cold storage facility Location: Houston, TX Buyer: Harbor Capital LLC Seller: Mendware LLC Brokers…

Cyber Security Measures You Need to Implement Now

By Shane Carlson, Technology Manager When was the last time you evaluated your cyber security measures?  Cyber security entails so much more than just having anti-virus software on your computer – it requires knowledge and attentiveness. The tools are important and you need reputable and reliable cybersecurity programs and software, but it is just as important to educate yourself and your team on what you should and should not do.  Cyber Security Practices To Implement Encrypt your emails. Are we sending sensitive information such as bank information through emails?  If…

Newmark Arranges $360M Financing For Self Storage Portfolio

Newmark Group Inc has arranged $360 million in financing for a 50-asset, 3.9 million-square-foot national self storage portfolio on behalf of Angelo Gordon and Andover Properties. Critical to the success of this transaction was the strength of sponsorship between Andover, with its Storage King USA operating platform and Angelo Gordon, with its deep sector experience and large equity commitment to the portfolio.” It added that the portfolio is well-leased and located in strong primary markets and submarkets across the country. The team that closed the debt was led by Vice-Chairmen and Co-Heads of…

Mini Mall Storage Properties Secures $72 Million Acquisition Loan from HIG

HIG Capital’s real estate debt arm has provided a $72m (€70.7m) loan to assist North American self-storage firm Mini Mall Storage Properties to buy a 5,000-unit portfolio. HIG Realty Credit Partners has originated the loan to assist in the acquisition of the self-storage portfolio located in three states across the Southeast US. Michael Mestel, managing director at HIG Realty Credit Partners, said: “We are excited about this unique opportunity to finance an asset class with such strong fundamentals.” Adam Villard, CEO at Mini Mall Storage Properties, said: “We are pleased to partner…