Author: Alison DeJaeger

Featured Broker: Doug Shea

Doug Shea has been involved in the commercial real estate industry for over 39 years. He has over 20 million square feet in transactions with over $250 million in gross sales. At 14, he began as a laborer digging ditches, moving lumber, washing windows, driving water trucks and helping grading. Doug holds a Bachelor of Science in business administration from Long Beach State University with an emphasis in Finance. Doug Shea attributes his successes in commercial real estate with his ability to build trust through the years of hard work…

Self Storage Business Approved for the Former United House Demolition Site in Stamford

The facility will replace United House Wrecking’s sprawling storefront with a use more in keeping with zoning regulations. The stretch of land starting at 535 Hope Street that winds toward the Darien border is zoned for general industrial uses, including manufacturing facilities and warehouses. The original design featured canary yellow siding that drew mixed reactions from board members. Very seldom do applicants address our comments so thoroughly” Instead of having the company’s splashy signature shade everywhere, the Safeguard streetscape will only feature yellow as an accent. Mature trees, when fully…

Recent Closings: 9.7.21 – 9.13.21

Property: Public Storage (Managed) Three Property Portfolio Location: Chattanooga, TN and Greenville, SC Brokers and Brokerage: Brett Hatcher and Gabriel Coe of the Hatcher Group of Marcus & Millichap NRSF: 154,840 Unit Count: 1,453 Climate Controlled Room for Expansion: Yes Occupancy: 87% Combined (Physical) Highlights: Institutional Class-A Three Property Portfolio Two Locations in Chattanooga, TN – 3 Miles Apart from Each Other and One Located in Greenville, SC Available Expansion for 20 Additional Lockers at Downtown Location Excellent Locations and Street Frontage High Daily Traffic Counts: NorthShore: 18,000 Cars/Day |…

Berkshire Hathaway Sells Myrtle Beach, SC Self Storage Facility

Berkshire Hathaway is pleased to report the sale of Terminal Storage located in the Myrtle Beach, South Carolina MSA. The property consists of 75,000 net rentable square feet of self storage and warehouse space. The property had been broadly marketed with three other self storage brokers over the last three years, and our client thought he may have to hold it forever.” Berkshire’s Cameron Vale, Senior Vice President, and Parker Sweet, President, represented the seller and secured the buyer. “This well occupied cash flowing asset presented tremendous upside in both…

Now More Than Ever, Self Storage Facilities Are Evolving Toward a Remote-Management Model

In 2020, while most businesses were transitioning to remote work and unemployment was increasing, self-service facilities were tasked with finding ways to continue providing quality storage solutions. While unmanned storage facilities aren’t new, many facilities were implementing new modern business tools including contactless customer support, online services and self-service kiosks for the first time. The verdict is these automated features are here to stay. Sophisticated technology allows remote management and provides customers access to service beyond normal business hours. Customers have the ability to rent units, pay their bills, access…

Lone Tree, CO

Using the Market Discovery Data Tool from StorTrack’s MarketView Platform (MVP), we were able to find Lone Tree, a city in northern Douglas County, CO with only two facilities in the area and no known developments in the pipeline. Lone Tree’s low square footage per capita and limited supply could be worth evaluating further. To view additional metrics, visit the link labeled “Click Here to View Market Information“.

Recent Closings: 8.17.21 – 8.23.21

Property: Advance Self Storage Center Location: Hager City, WI Brokers and Brokerage: Brian Kelly, Brett Hatcher and Gabriel Coe of the Hatcher Group of Marcus & Millichap NRSF: 61,560 Units: 376 Non-Climate Controlled | 62 Parking Spaces Occupancy: 98.4% Highlights: Below Market Rents Great Visibility Along US Hwy 63 High Daily Traffic Counts: 10,500 Cars per Day 40 Miles Outside of Downtown Minnesota Property: Extra Space Storage (Managed) Location: Surfside Beach, SC Closing Price: $9.7 Million Broker and Brokerage: James “Ashley” Compton of Colliers Buyer: Prime Group Holdings Seller: Ziff…

JLL Capital Markets Arranges $250 Million Acquisition Facility for SROA

JLL Capital Markets announced today that it has arranged a $250 million acquisition facility to finance the purchase of a 30-property, operating self storage portfolio from five separate sellers totaling 23,389 units across 11 states, including Florida, Georgia, Iowa, Indiana, Maryland, Michigan, Mississippi, Ohio, South Carolina, West Virginia and Wisconsin. The acquisition includes, but is not limited to, a 100-percent ownership stake of StayLock Storage, and will be the 40th storage company rebranded to Storage Rentals of America. JLL worked on behalf of the borrower, SROA Capital Fund VIII, to…

Development Approved in Peoria, AZ

The Peoria, Arizona Planning and Zoning Commission approved a conditional-use permit request from RKAA Architects Inc. to allow the development of a self storage facility on 5.6 acres near the northwest corner of 75th Avenue and Cactus Road. The project will comprise about 79,700 square feet of interior self storage, along with 60 outdoor boat/RV-storage spaces, of which 35 will be covered. The site is zoned as intermediate commercial and has been used to farm alfalfa for several years. Founded in 1976, RKAA is a full-service design firm that specializes…

Featured Broker: Steve Mellon

Steve Mellon is a managing director in the Houston office of JLL Capital Markets, Americas, and is the leader of the firm’s national self storage group. He specializes in acquisitions and dispositions in the self storage asset class and has been involved in $3.0 billion in property sales and structured financing/equity placement. His experience also includes performing valuation and value enhancement consulting assignments to help clients identify and boost their property values. Additional assignments include unit mix analysis, demographic and market analysis and inspection and lock checks. Prior to joining…