Author: Alison DeJaeger

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…

RaceTrac Sells Buck Business Park Land for Self Storage

RaceTrac Petroleum Inc. will not be developing a gas station and convenience store in Buck Business Park in Arlington after all. It sold the land June 9 to a self storage project developer for $1.43 million. Atlanta-based RaceTrac paid $1.25 million in December 2018 for 3 acres at the split of Merrill and Fort Caroline roads, east of Interstate 295 and the Southside Connector. RaceTrac wanted to develop a 5,411-square-foot gas station and convenience store. It already operates a 4,861-square-foot location developed in 2011 on almost 4 acres at 8240…

Storage Unit Business Approved for Old Virginia College Location on Eisenhower Pkwy.

Macon-Bibb Planning and Zoning has approved a new business for Eisenhower Parkway. P&Z documents show that the two-story storage unit business will take over the property where Virginia College formerly operated. The business would have two entry points — one from Paul Walsh Drive and one from South Heron Street — as well as security gates in the back. The plans show that there will be 850 self storage units. The facility would be open seven days each week from 6 a.m. to 10 p.m. Office hours would be Monday…