Rialto Capital JV Lands $140 Million Credit Facility for Storage Assets

A partnership between Rialto Capital Management and YourStorageUnits has secured $140 million in revolving credit for seven recently built self storage properties—which include a total of 5,000 units—in Florida, Georgia and South Carolina, as well as other storage assets that are currently under construction. Natixis Corporate & Investment Banking provided the credit facility. Rialto paid a combined $42.8 million to Delta Capital Management for four of the assets. The portfolio transaction includes a 111,150-square-foot self storage property in Panama City Beach, Fla., a 104,562-square-foot asset in Kissimmee, Fla., a 101,250-square-foot…

Recent Closings: 6.21.2022 – 6.27.2022

Property: Value Store It Closing Price: $5 Million Location: Worcester, MA Buyer: Storage Rentals of America Property: MV Investment New Development Location: Ft. Myers, FL Buyer: HPI Real Estate Services & Investments NRSF: 100,000 Unit Count: 800 Property: Arizona Self Storage Facility Closing Price: $25.5 Million Location: Chandler, AZ Brokers and Brokerage: Denise Nunez and Victoria Filice of NAI Horizon NRSF: 150,260 Property: 65-Acre Self Storage Property Location: San Antonio, TX Brokerage: Point Acquisitions NRSF: 362,000 Acreage: 65 Unit Count: 700 Room for Expansion: Yes Property: Conversion Opportunity Location: Vernal,…

National Storage Affiliates Announces Management Promotion

National Storage Affiliates Trust today announced the promotion, effective July 1, 2022, of David Cramer from his role as executive vice president and chief operating officer to president and chief operating officer. We believe the Company will benefit from Dave’s elevated leadership role as well as his focus on operational execution and growth through acquisitions given his invaluable industry experience and proven track record of results.” Tamara Fischer, Chief Executive Officer, commented, “We are extremely pleased to announce Dave’s promotion to president of NSA. This promotion acknowledges his current and…

Benefits of Automation for Your Self Storage Facility

Automation, once thought to be something out of a sci-fi movie, is becoming an integral part of our everyday lives, and self storage is certainly not excluded. Over the last few years these technologies have skyrocketed. First, they were implemented out of temporary necessity during the pandemic, but the convenience and effectiveness they provide have made them here to stay. When thinking through what automations you should use at your facility, think about pain points you are having and how an automated system could solve them. Collections Take collections for…

MMCC Arranges $7.2 Million Loan for Refinancing of Self Storage Facility in Suburban Omaha

Marcus & Millichap Capital Corp. (MMCC) has arranged a $7.2 million loan for the refinancing of an All About Storage property located at 11109 Olive St. in the Omaha suburb of La Vista. Built in 2005, the self storage facility features 780 units, 83 percent of which are occupied. Phillip Gause of MMCC arranged the 10-year loan, which features a loan-to-value ratio of 60 percent and an interest rate of 4.1 percent. The lender was undisclosed. Source

Recent Closings: 6.14.2022 – 6.20.2022

Property: Business Park Mini Storage Location: White House, TN Brokers and Brokerage: Nathan Coe, Brett Hatcher and Gabriel Coe of the Hatcher-Coe Group of Marcus & Millichap NRSF: 70,825 Unit Count: 17 Climate Controlled and 416 Non-Climate Controlled Units Physical Occupancy: 95% Year Built/Expanded: 2016/2018 Highlights: Nashville, Tennessee MSA Self Storage Facility High Daily Traffic Counts: 6,800 Cars/Day Population Growth of 47% within a Five-Mile Radius Since 2000 Property: PA U-Store-It Closing Price: $3.2 Million Location: Prince Albert, Saskatchewan Buyer: Make Space Capital Partners NRSF: 33,200 Unit Count: 262 Property:…

​​​​Leveraging Security Technology to Enhance the Customer Experience: Part One

Customer experience is currently one of the most popular topics in self storage, so it’s no surprise that facilities are facing increased expectations to differentiate themselves. In a recent study conducted by Deloitte, companies that considered themselves customer-centric were 60% more profitable than companies that were not focused on the customer. As facilities continue to focus more on acquiring new business through an improved customer experience, owners and operators need to adapt quickly to keep up to avoid losing potential revenue. In this three-part series, we will explore the opportunities…

1784 Capital Lands $20 Million for Scottsdale Storage Project

Raintree & Pima Self Storage Partners LLC, an affiliate of 1784 Capital Holdings, has landed a $20 million loan for Raintree Life Storage, a self storage facility currently under construction in Scottsdale, Ariz. Principal & Head of Originations Felix Gutnikov of Thorofare Capital has secured a 1.5-year floating-rate, non-recourse loan with two, six-month extension options for the construction and completion of the property. Scheduled for delivery in September 2022, the two-story facility is rising on a 2.3-acre site. Plans call for 944 climate-controlled units totaling 81,435 net rentable square feet.…

Marcus & Millichap Capital Corp. Arranges $5.8M Loan for Self Storage Portfolio in West Virginia

Marcus & Millichap Capital Corp. (MMCC) has arranged a $5.8 million loan for a four-property self storage portfolio in West Virginia. The properties span 770 units and are located at 21 Crawford Quarry Road, 1820 Broad Lane and 9724 Williamsport Pike in Falling Waters, as well as 73 Roaring Lion Drive in Hedgesville. Jared Cassidy of MMCC’s Bethesda, Md., office arranged the 10-year loan on behalf of the borrower, a private self storage operator, through an unnamed balance sheet lender. The loan was underwritten with a fixed interest rate of…

Recent Closings: 6.06.2022 – 6.13.2022

Portfolio: KO Storage of Billings Three-Property Portfolio Location: Billings, MT Brokers and Brokerage: Nathan Coe, Brett Hatcher and Gabriel Coe of the Hatcher-Coe Group of Marcus & Millichap NRSF: 186,520 Unit Count: 147 Climate Controlled and 746 Non-Climate Controlled Highlights: Multiple Offers at and Above List Price Great Visibility at Each Location Growing Surrounding Populations at all Three Locations Affluent Market at 6nd Location – Average Household Income within One, Three and Five Miles Is Well Above the National Average Portfolio: Carroll County Storage Portfolio Locations: McKenzie and Huntingdon, TN…