Category: Uncategorized

Hernandez Development & Construction Opens New Class A Self-Storage Facility in Carol Stream, Illinois

Hernandez Development today announced the successful completion of Carol Stream Self Storage, a new 71,510-square-foot, Class A self-storage facility at 27W010 North Avenue (Illinois Route 64) in Carol Stream, Illinois. The state-of-the-art facility is strategically designed to meet the growing storage demand in DuPage County. The three-story building features 625 climate-controlled units, including 36 easily accessible drive-up units. Positioned with prominent visibility along North Avenue, this project benefits from exposure to over 38,000 vehicles daily, offering convenient access for both residential and commercial customers. “Carol Stream is a strong suburban…

Featured Brokers – Kevin Friedman & Alec J. Pacella, CCIM

Kevin Friedman is the owner and principal broker of Hayes Ventures in Bloomfield Hills, MI. Kevin has been transacting in the self-storage sector exclusively for over a decade, closing $533 million of self-storage transactions. He specializes in the acquisition, disposition, and valuation of self-storage properties of all types and sizes. Kevin is dedicated to delivering exceptional value and service to his clients while collaborating with them to achieve their sales and acquisition goals. Prior to forming Hayes Ventures, he most recently served as the Vice President of Acquisitions for SmartStop…

Featured Vendor: U Storage Property Management

U Storage is proud to be the top-rated self-storage operator in 3 Arkansas regions. We’re proud to offer property management to operators who want to convert existing locations or build from the ground up. Our development, operations, and marketing teams are second to none and have proven that we have systems in place to help you operate a world-class facility and U Storage brand. Owning a storage facility is one thing, but knowing how to manage and market your facility to bring the highest ROI, is a completely different challenge.…

PTI Security Systems Announces David Shaw as Managing Director

PTI Security Systems, the global leader in access control technologies for the self storage industry, announced today that David Shaw will be named as managing director effective December 1, 2022. David Shaw joined PTI as the director of engineering in January 2018. As the director of engineering, he played a key role in advancing PTI’s cloud-based access control solution, StorLogix Cloud, and has led several initiatives to improve the technology enabling PTI’s hardware and software solutions. He has more than 20 years of executive experience in various engineering and information…

Cushman & Wakefield Self Storage Advisory Group Q3 Report

Rental income increased Nationwide due to the increases in asking rental rates even though the physical occupancy decreased. The graph below shows the rental rate averages for the other non-climate controlled, down stairs, standard unit sizes that are offered at storage facilities Nationwide. Notably, rent per available square foot increased in the 3rd Quarter 2022 for both Nationwide and REITs. The REITs had very strong performance this year, and the pandemic caused the market sector to recover stronger than the normal self storage yearly cycle. This demonstrates the sector’s resiliency during the…

Recent Transactions: 10.26.2022 – 11.01.2022

  Property: Byron Cowling Moving & Storage Location: Lubbock, TX Broker and Brokerage: Brandon Karr of Marcus & Millichap  NRSF: 60,270 Units: 429 Room for Expansion: Yes Occupancy: 70% Amenities: Perimeter fencing Wide concrete roadways 24/7 video surveillance Personalized keypad gated entry and exit Garage-style roll-up doors Professional leasing office Keypad to interior units   Portfolio: Heartland Storage  Location: Cedar Lake, IN Brokers and Brokerage: Meir Perlmuter, Brett Hatcher, Nathan Coe and Gabriel Coe of the Hatcher-Coe Group of Marcus & Millichap   Units: 34 climate-controlled units, 824 non-climate-controlled units,…

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…

SpareBox Storage Strengthens Balance Sheet with Successful $463 Million Refinance with Bank of America

With 7.4 Million Square Feet in 21 Markets Across Nine States, SpareBox is Poised for Rapid Growth The Leading Unmanned Operator in Self Storage September 22, 2022 09:00 AM Eastern Daylight Time DENVER–(BUSINESS WIRE)–SpareBox Storage, the leading unmanned operator in the self storage industry, today announced it successfully strengthened its balance sheet with a $462.5 million refinancing with Bank of America. SpareBox is one of the fastest growing self storage companies participating in the consolidation of the highly fragmented sector, and in just over two years, has acquired 7.4 million…

Recent Transactions 09.20.2022 to 09.26.2022

Property: 70,000-square-foot complex Closing Price: $6.026 million Location: Vancouver Island, BC, Edmonton, AB, Calgary, AB, Kitchener, ON and Mississauga, ON Buyer: Life Storage, Inc Property: St. Stephen Storage Location: Saint Stephen, SC Brokers and Brokerage: Jonathan M. Fawley, Brett R. Hatcher and Gabriel Coe of the Hatcher-Coe Group of Marcus & Millichap NRSF: 43,820 Unit Count: 348 (323 non-climate-controlled units and additional 25 parking spaces) Occupancy: 93% Property: Flatlander Self Storage Location: Davenport, WA Brokers and Brokerage: Ryan Layton of Argus Self Storage Advisors Buyer: LFIG1, LLC Unit Count: 160 boat/RV…

Comparing SBA Loan Programs

On a recent deal, I had a customer caught between a rock and hard place while choosing which financing route to pursue. While going through the different costs and various benefits of both the SBA 7a and SBA 504 programs, it was hard for the client to make a choice. Ultimately they went with the SBA 504 program due to the 25 year fixed rate on a portion of the debt. Here is a breakdown of both programs: Nick Collins Commercial Lender – Vice President Bank Five Nine 155 W.…