Author: Alison DeJaeger

Davis Co. Presses Ahead with 17-Story Chelsea Self Storage Facility

The Davis Companies (TDC) announced that, following its acquisition of 155 and 165 West 29th Street in Chelsea, it has completed demolition of the existing buildings on the site and plans to construct a 17-story self storage facility. The Davis Companies acquired two adjacent industrial properties at 155 & 165 West 29th Street from the Moshel and Garfinkel families for a total of $62.5 million earlier this year. Over the summer, construction financing totaling $84 million was provided by Santander Bank, N.A. and United Overseas Bank. Construction is anticipated to be…

The REIT M & A Boom Continues with Record-Breaking Year

Outperforming strong expectations and driven both by strategic and private capital, 2021 has already been a record year for REIT M&A, which hit $108 billion in transaction volume as of September 30, 2021. JLL’s Capital Markets M&A and Corporate Advisory group’s new M&A and Strategic Transactions Monitor report details the positive themes in the public capital markets space contributing to this unprecedented M&A surge. There is a significant demand and supply imbalance in the alternative asset classes, with high-quality platforms and assets generating strong interest from a wide array of investors.” REITs have shown strong earnings…

Recent Closings: 10.5.21 – 10.11.21

Property: All American Self Storage Location: Evansville, IN Brokers and Brokerage: Rob Schick and Neal Gussis of Argus Self Storage Advisors NRSF: 66,010 Unit Count: 420 Acreage: 5.0 Room for Expansion: Yes Highlights: Closed in 30 Days 20,380 Square Feet of Climate-Controlled Units 20 Canopy Covered RV Spaces Five Buildings Constructed of Masonry and Steel Fully Fenced with Electronic Lift Gate Property: Extra Space (Managed) Location: Oahu, HI Buyer: InSite Property Group NRSF: 44,390 Year Built: 2017 Occupancy: 99.4% (Physical) Highlights: 100,000+ People within Three Miles Median Income of $97,000…

Leaving a Legacy

Last month, we welcomed our son into the world and my life shifted profoundly. Parenting has been a (sleep-deprived) blast, but it has forced me to consider the world I’m creating for my son. After taking him to visit his first storage facility, I started to think about what legacy means in this business. As a second-generation self storage owner/operator, I’ve been privileged to inherit a philosophy about the industry that has governed our company for the last 35 years and enabled its success. Now, as a father myself, it’s…

Duluth, GA

Using the Market Discovery Data Tool from StorTrack’s MarketView Platform (MVP), we were able to find Duluth, city in Gwinnett County, GA with less than six square feet per capita and rental rates trending upward by 94%. With only one known development in the pipeline and a median household income of $85,558, this market could be worth further evaluation. To view additional metrics, visit the link labeled “Click Here to View Market Information“.

Argus Broker Affiliates Announce Sale of Indiana Self Storage Facility

Rob Schick and Neal Gussis of Argus Self Storage Advisors, represented the seller and buyer in the sale of All American Self Storage in Evansville, Indiana. The property was sold to a large regional buyer. The transaction took 30 days from contract execution to close. All American Self Storage is a well-established self storage facility located approximately 3 miles east of the CBD of Evansville. The facility is a 420 unit – 66,010 square foot (including 20,380 climate-controlled and 20 canopy covered RV rental spaces) facility. The property consists of…

CubeSmart Launches Management Reporting App

Today, CubeSmart (NYSE: CUBE), the third-largest owner and operator of self storage properties in the United States, introduced SmartView by CubeSmart, its proprietary mobile app, designed to connect users seamlessly to key performance metrics. Utilizing SmartView, third-party management clients have easy access to their data wherever and whenever they want. SmartView is the latest enhancement from CubeSmart as part of an ongoing focus to build innovative technology to help drive the self storage industry forward. “SmartView is our newest way of leveraging technology to enhance our third-party management experience by…

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…

Self Storage Firm Plans 140,000 Square-Foot Complex

A Dallas-based self storage developer is planning to build its second complex in Los Angeles, which continues to see strong demand for properties in the sector. Baranof Holdings is proposing a 142,000-square-foot self storage facility at 1810 Venice Boulevard in Pico Union, according to city planning documents. The seven-story building will store household goods, according to the filing, and will include 1,527 storage units, as well as 24 parking units and 30 bicycle parking spots. L.A. is the largest self storage market in the country, attracting $92 million in self…

California Self Storage Development Lands $28M Loan

Arizona-based 1784 Capital Holdings has received a $28.5 million construction loan for a self storage project in Goleta, Calif. White Oak Real Estate Capital provided the senior secured note, marking the firm’s first debt financing since its launch in July this year as an affiliate of White Oak Global Advisors. Development plans call for a 97,860-rentable-square-foot facility with three above-ground stories and one below-ground level. The project will include 1,023 units, of which more than 900 will be climate-controlled units. The facility is slated for completion within 16 months. Identifying…