Author: Shinil Krishnan

Pogoda Companies Expands Self Storage Management to Carmel, IN

  Pogoda Companies, one of the largest self storage owner/operators in the country, announces a new management account in Carmel, Indiana. With this new management account, Pogoda Companies adds its 58th self storage property to its portfolio and its third property in Indiana. The well-located Carmel Self Storage property, which boasts 95% occupancy, offers 20,000 square feet of climate-controlled storage and 50,000 square feet of drive-up access to 492 units. Pogoda Companies plans to bring its institutional management practices to boost income through rent increases and higher tenant insurance penetration.…

SBA 504 Loan – Lower Down Payment and More Favorable Rules for Selling Financing

Every year Bank Five Nine funds numerous transactions based on complex change of ownership transactions that include the purchase of real estate. In many cases financing is provided in combination with both the SBA 7(a) Program (intangible assets) and the SBA 504 Program (fixed assets). Seller financing is also common in these types of projects, but it is important to structure the deal right on the front end in order to allow for seller financing to count toward the required down payment and also ensure the payback terms are acceptable…

National REIT Acquires Austin Area Self Storage Facility

JLL Capital Markets arranges sale of the 709-unit Oak Hill Self Storage facility outside of Austin, Texas. JLL Capital Markets announced today that it has closed the sale of Oak Hill Self Storage, a 709-unit self-storage facility located along W. Hwy 71 in Austin, Texas. JLL marketed the property on behalf of the seller, The Jenkins Organization, and procured the buyer, Extra Space Storage. Completed in 2019, Oak Hill Self Storage is comprised of 93,813 rentable square feet and features true class A construction and amenities. The facility is 97%…

Fourth Quarter 2022 and Year-End Review for Absolute Storage Management

Absolute Storage Management (Absolute), a leading private, third-party management company for self-storage facilities in the United States, announced operating results for the three months and year ended December 31, 2022. 2022 Highlights for Three Months Ended December 31, 2022: • Increased same-store revenue by 6.5% compared to the same period in 2021. • Acquired six (6) management contracts: five (5) operating facilities and one (1) facility after construction. 2022 Highlights Year Ended December 31, 2022: • Increased same-store revenue by 13.5% compared to the same period in 2021. • Acquired…

Janus International Group Makes Organizational Realignment Within Nokē, Inc. to Support Next Stage of Growth

Alessandro Araldi Named President of Nokē, Inc. and Head of Janus Corporate Strategy, Sanjay Khinvasara named Nokē, Inc. Senior Vice President of Engineering, and Christine DeBord named Nokē, Inc. Chief Commercial Officer Janus International Group, Inc (NYSE: JBI) (“Janus” or the “Company”), a leading provider of cutting-edge access control technologies and building product solutions for the self storage and other commercial and industrial sectors, today announced the organizational realignment within Nokē, Inc. (“Nokē”) to support continued growth and accelerate future development. The changes include the appointment of Alessandro Araldi as…

Recent Transactions: 01.31.2023 – 02.06.2023

Portfolio: Ozark Self Storage, Double Springs and Elkins Mini-Storage Closing Price: $22 Million ($8.45 million for Ozark Self Storage, $7.4 million for Double Springs Storage and $6.2 million for Elkins Mini-Storage) Locations: Springdale and Fayettville, AR Buyer: Dallas Beck Seller: Gregson, LLC Unit Count: 600+ Property: Eclipse Self Storage Closing Price: $14.1 Million Location: Evans, GA Broker and Brokerage: Michael Morrison of Midcoast Properties Buyer: Highline Real Estate NRSF: 105,714 Acreage: 4.0 Property: LaFayette Storage Solutions Closing Price: $14.1 Million Location: LaFayette, GA Broker and Brokerage: Michael Morrison of Midcoast…

Vacant Kmart Building in Englewood to be Redeveloped into Self Storage Facility

Redevelopment of the long-vacant former location of Kmart on West National Road in Englewood is underway and the facility will soon operate as a self storage facility. Located at 360 W. National Road, the storage facility will be owned and operated by the business Extra Space Storage. Preliminary construction work has begun, including demolition of the parking lot and some interior clean-up work, according to Community and Economic Development Director William Singer, who added that necessary permits are under review. Late last year, the developer proposed the retrofitting of the…

Diversified Properties Breaks Ground on 495-Unit Self Storage Facility in Montgomery, New York

New Jersey-based developer Diversified Properties has broken ground on a seven-building, 495-unit self-storage facility in Montgomery, about 80 miles north of New York City. The facility will consist of one two-story building totaling 39,000 net rentable square feet, and six single-story buildings, each of which will total 6,900 net rentable square feet. Morris Construction Management is overseeing the construction of the project, which is scheduled for October completion. CubeSmart is the proposed operator of the facility. Source

The Roll Up: LSC Completes 1,691-Unit Storage Site in Queens

Growing surrounding population: the population has increased by 16% since 2000 within a five-mile radius LSC Development LLC of Barrington, IL finished building a 90,136 NRSF structure, with 1,691 units, at 62-05 30th Ave. in Woodside, NY. It’s located in Northwest Queens near LaGuardia Airport and the Brooklyn Queens Expressway. Chicago-IL-based ByLine Bank provided the construction financing, and Racanelli Construction was a general contractor for the project. Life Storage Inc. will manage the facility. LSC has bought, developed and operated 84 self storage properties totaling about 6.5 million square feet.…

Recent Transactions: 01.24.2023 – 01.30.2023

Portfolio: Franklin Ohio Self Storage Location: Franklin, OH Brokers and Brokerage: Nathan Coe, Brett Hatcher and Gabriel Coe of the Hatcher-Coe Group of Marcus & Millichap NRSF: 48,588 Unit Count: 336 Highlights: Two self storage facilities approximately 1.5-miles apart Growing surrounding population: the population has increased by 16% since 2000 within a five-mile radius Property: U-Stor-It Location: Albuquerque, NM Brokers and Brokerage: Jesse Cameron, Nathan Coe, Brett Hatcher and Gabriel Coe of the Hatcher-Coe Group of Marcus & Millichap NRSF: 55,625 Unit Count: 483 and four outdoor parking spaces Physical Occupancy:…