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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…

Holladay Properties Converts Industrial Site in South Bend into Self Storage Facility

Holladay Properties is converting an industrial site at 850 Marietta St. in South Bend into a 39,990-square-foot self storage facility. Store Space Self Storage will manage the facility, which is slated to open in the second quarter. The property will feature four buildings with 183 climate-controlled units and 165 drive-up units. Store Space will provide day-to-day operations, call center support, marketing, branding and technology solutions. Holladay expects to partner with Store Space on additional locations. Source

Metro Storage Delivers Tampa-Area Facility

Metro Storage has opened a new self storage facility in Spring Hill, Fla. The 675-unit property is the company’s latest addition to its Florida portfolio. The property includes a three-story building with climate-controlled units and two single-story buildings with standard units and drive-up access. The unit size ranges between 25 to 600 square feet. The facility also offers a total of 114 parking units, divided into 83 covered RV and boat parking spots with electrical hook-ups and 31 car parking spaces. On-site amenities include 24-hour video surveillance, motion-sensor lighting, locks,…

Wentworth Property Sells 18-Property Self Storage Portfolio for $266.2 Million

Phoenix-based Wentworth Property Co., in a joint venture with an institutional equity investor, has completed the disposition of a portfolio of 18 self storage properties across Arizona, Texas, Colorado, Utah and Idaho. A New York-based investment management company acquired the portfolio for $266.2 million. In total, the portfolio includes 9,600 storage units and 1.3 million square feet of rentable space. Six properties are in the greater Phoenix area, four facilities are in the Dallas/Fort Worth area, two assets are in El Paso, Texas, three properties are in Salt Lake City,…

Public Storage Pressures Rival Life Storage with $11 Billion Bid

After several failed attempts to push for a deal in private, Public Storage is taking its case to acquire one of its top rivals straight to shareholders. Public Storage made an $11 billion unsolicited bid to acquire Life Storage, the Wall Street Journal reported. The all-stock proposal was cemented with a letter sent to Life Storage management on Sunday. The proposal is worth roughly $129 per share. That’s a premium over Life Storage’s stock price, which closed at $110.58 before the weekend. Public Storage’s push to acquire its rival started…

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.…