Mag Mile Capital Finalizes $4 Million Loan for Self Storage Renovation Project in Heart of Memphis

Mag Mile Capital announced that Matt Weilgus, SVP and Head of Originations, successfully completed a $4 million loan to secure funds needed to purchase and renovate an old Sears store into a modern 854-unit, 83,040 sq. ft. self storage facility. Branded as and managed by Public Storage, the facility is located in the first enclosed mall in the mid-South and is located just minutes from the airport and downtown Memphis. Mag Mile Capital is a boutique firm that offers preferred access nationwide to high-leverage, non-recourse, commercial real estate bridge loans…

StorageVault Completes the Purchase of Six Storage Assets

StorageVaul Canada”) (SVI-TSX) is pleased to announce that, further to its May 12, 2022 news release, it has completed the acquisition of six stores  from six vendor groups, for an aggregate purchase price of $167.5 million. Five of the acquisitions are arm’s length and one is a related party acquisition with Access Self Storage Inc. as the  vendor. The aggregate purchase price for the acquisitions in the amount of $167.5 million, subject to customary adjustments, was paid by the issuance of an aggregate of 814,686 common shares of StorageVault at…

New Self Storage Facility Coming to Fort Myers

Arborwood Self-Storage LLC purchased an 8.77-acre parcel at the northwest corner of Treeline Avenue and Daniels Parkway in Fort Myers on June 15 from Courtelis Co. for an undisclosed price. The buyer plans to break ground on a 100,000-square-foot climate-controlled storage facility branded by Life Storage. A second phase of storage is planned for future development. Mike Maurer with William Raveis Real Estate in Naples represented the buyer. Source

Recent Closings: 6.28.2022 – 7.4.2022

Property: U-Storage Closing Price: $4.45 Million Location: Las Vegas, NV Brokers and Brokerage: Nick Kornieck, Michael R. LaBar and Michael L. Shaffner of Marcus & Millichap NRSF: 36,400 Unit Count: 348 Acreage: 6.1 Cap Rate: 5.5% Property: Extra Space Storage (Managed) Location: Kansas City, MO Brokers and Brokerage: George Kondracke, Brett Hatcher, Brian Kelly and Gabriel Coe of the Hatcher-Coe Group of Marcus & Millichap NRSF: 117,390 Unit Count: 951 Climate Controlled Units and 21 Parking Spaces Room for Expansion: Yes Highlights: Newly Converted, Class A Self Storage Facility High…

Cyberattacks Against Self Storage Are on the Rise. Here’s How to Stop Them

Since the pandemic started, self storage operators have been under increased threat from cyberattacks. Storage operators are not alone. All small and medium-sized businesses have endured increased sophistication and frequency of cyberattacks over the last couple years. But as an industry, self storage has been a latecomer to the digital landscape when compared to other sectors like retail. The rush to move to contactless operations and offer online rentals had many storage owners dealing with a level of risk and exposure to cyberthreats that they weren’t quite prepared for. For…

Auburn, AL

Using the Market Discovery Tool from StorTrack Explorer, we were able to view market data on Auburn, the largest city in eastern Alabama. With 11 stores in this market and no current development activity, this market could be worth further evaluation. The city has 6.91 square feet per capita and a population of 65,508, nearly 50% of which are renters.   Compared to the statewide average rental rate of $1.49 per square foot for all unit types, Auburn’s are only $1.20 however rates have been trending upward over the past…

Featured Broker: Larry Goldman

Larry Goldman, CCIM is an investment properties specialist with Goldman Investment Advisors, Inc. and specializes in the brokerage of self storage facilities as the Kansas, Arkansas, Missouri and Southern Illinois affiliate of Argus Self Storage Advisors. Larry takes pride in providing value-added service that is driven by long-term relationships. He has been an active commercial real estate agent for 36 years and a CCIM since 1991. In 2001, Larry was awarded Salesperson of the Year by Prudential CRES Commercial Real Estate. Larry served as president of the Kansas City Chapter…

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,…

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…