Recent Closings: 9.28.21 – 10.4.21

Property: Conversion Project Location: Faribault, MN Broker and Brokerage: Kirk Martin of Lindsey Self Storage Group NRSF: 90,000 Property: Secure Boat and RV Development Site Location: Vero Beach, FL Broker and Brokerage: Josh Koerner and Frost Weaver, of Weaver Realty Group and Argus Self Storage Advisors Acreage: 8.8 Unit Count: 240 (Proposed) Property: K2 Storage Location: Seguin, TX Buyer: Andover Properties NRSF: 54,300 Unit Count: 321 Acreage: 5.0 Room for Expansion: Yes Property: Storage Made EZ Location: Evans Mills, NY Broker and Brokerage: Luke Dawley, Nathan Coe, Brett Hatcher and…

Winter Garden-Based Store Space Plans Nationwide Expansion, New HQ

A fast-growing Winter Garden-based self storage company wants to expand its nationwide footprint and build a much larger new headquarters. Store Space Self Storage plans to build a new 60,000-square-foot, Class A headquarters on 16 acres it has under contract to buy for an undisclosed price. The land at 560 E. Crown Point Road is currently vacant, with Deepcreek Partners LLC last purchasing the similar parcels for $2.2 million in January 2015, according to the Orange County Property Appraiser. Based on industry standards, the new corporate office space would cost…

Valley National Acquiring Bank Leumi USA for $1.1 Billion

Valley National Bank is making its second major acquisition in the last three months, this time agreeing to acquire Bank Leumi USA for $1.15 billion. Leumi’s shareholders will receive 3.8 shares of Valley National stock and $5.08 for every share they have, according to Bloomberg. Bank Leumi Le-Israel BM, the parent company of the U.S. banking side of the business, will own more than 14 percent of Valley National commons stock. Valley National will be able to take advantage of Bank Leumi USA’s offerings for wealthy and middle-market commercial clients.…

Planning Board Approves 104,700 Square Foot Self Storage Facility and Plans to Reevaluate How It Deals with Warehouses

Elizabeth Avenue continues its commercial development with the Planning Board’s approval of a 104,700 square foot self storage facility that will sit just up the road from a series of warehouses approved earlier this year. The three-story facility will replace the landscaping business currently at 470 Elizabeth Ave., adjacent to the Somerset Run age-restricted development to the north and east of the site. The board waived for a fence along the property line citing the plan for a significant landscape buffer and setback from the neighboring property. This is a…

InSite Property Group Acquires A Storage Center in Tacoma, WA

InSite Property Group – the vertically integrated self storage acquisition, development, and management company – announces the acquisition of A Storage Center in Tacoma’s Parkland neighborhood. Located at 220 112th Street East in Tacoma, WA, the property offers 66,773 square feet of drive-up and interior heated and non-heated units. The store is surrounded by apartments, with 41,000 cars per day passing directly in front. The facility will be operated by InSite’s wholly-owned management firm and rebranded as SecureSpace Parkland Tacoma. Our planned renovation will position the store as one of…

Featured Broker: Jordan Farrer

Jordan Farrer serves as an investment specialist for The LeClaire-Schlosser Group. His service is focused on the disposition and acquisition of self storage facilities in Utah and surrounding regions. Jordan is a Utah native, from St. George, and he graduated from Dixie State University with a Bachelor of Science in finance. Before joining Marcus & Millichap, Mr. Farrer worked with a real estate private equity firm, a local consulting group and in sales. With the equity group, he was charged with creating relationships with owners and clients, underwriting and presenting…

SpareBox Storage Acquires 28 Stabilized Self Storage Properties in Michigan and Ohio

SpareBox Storage, a national self storage platform focused on consolidating the highly fragmented self storage sector across the United States, announced today that it has acquired 28 stabilized properties in Michigan and Ohio and has added 1.9 million net rentable square feet to its portfolio. With this acquisition, SpareBox has opened up seven new markets in the Midwest with strong underlying fundamentals and demographics. Steve Treadwell, CEO of SpareBox Storage noted, “We are incredibly proud to complete our largest acquisition to date, with the addition of 28 properties in thriving…

Recent Closings: 9.21.21 – 9.27.21

Property: Watertown Storage Three Property Portfolio Location: Watertown & Evans Mills, NY Brokers and Brokerage: Luke Dawley, Brett Hatcher, Nathan Coe and Gabriel Coe of the Hatcher Group of Marcus & Millichap NRSF: 172,999 Unit Count: 1,307 Room for Expansion: Yes Highlights: One of the Largest Storage Facilities in Northern New York Two of the Sites Are Less Than a Mile from Each Other | The Third Site is Ten Miles Away Tenant Insurance Program and New Management Software Rolled Out in January 2021 New U-Haul Truck Rental Program Ready to…

How Safe Are Your Access Control Solutions? Part One

Safety and security are hallmarks of today’s self storage industry. In competitive markets, solutions that protect tenants’ physical safety and the security of their possessions are differentiating factors — they separate market leaders from the rest of the pack. Increasingly, the quality of your operation’s safety and security solutions directly impacts tenant acquisition and retention. Yet it may be tempting for owners and operators to inadequately evaluate their choice in security solutions — a mistake that can have serious consequences for the bottom line of your business. If a single…

Featured Broker: Nathan Coe

Nathan Coe joined Marcus & Millichap in 2015 and emerged as one of the top storage brokers in the country. He leads a team covering the entire eastern time zone of the United States and has sold self storage properties and portfolios from South Florida to Maine and everywhere in between. He ranks in the top five nationally of all self storage brokers at Marcus & Millichap. Nathan finished 2021 in the top 40 of all Marcus & Millichap agents nationally across all product types out of about 1,900 agents.…