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CARES Act and Economic Aid Act Information to Remember

A lot has transpired over the past 14 months as it relates to the CARES Act and Economic Aid Act. Below are some important notes to keep in mind as you navigate your SBA loans. For complete details, please refer to SBA Procedural Notices 5000-20079 and 5000-20095. Round 1 Section 1112 must be completed before Round 2 payments can begin. Round 1 Section 1112 payments are not capped at $9,000 per month, including loans that are eligible to begin receiving Round 1 payments after deferment. Borrowers are responsible for paying…

Argus Broker Affiliate Announces Sale of Missouri Self Storage Facility

Larry Goldman, CCIM, of Goldman Investment Advisors, is pleased to announce the sale of I 35 Self Storage in Cameron, Missouri. I 35 sits on approximately 1.4 acres and offers 41,880 rentable square feet of storage. The sale closed May 4, 2021. The facility sold to a local investor who will be enhancing and streamlining operations. After the buyer stabilizes the facility, he plans to expand the property and gain the economies of scale of a larger facility. First Missouri Bank of Brookfield, Missouri provided conventional bank financing for the…

JLL Sells Two-Property Portfolio

JLL Capital Markets announced today that it has closed the sale of a two-property self storage portfolio totaling 1,603 units in the Houston and Chicago MSAs. JLL worked on behalf of the seller, a private equity real estate fund advised by Crow Holdings Capital. National Storage Affiliates Trust acquired the assets. The portfolio comprises the 857-unit Sugar Land Self Storage in Richmond, Texas, and the 746-unit Crestwood Self Storage in Crestwood, Illinois. Sugar Land Self Storage is a well-maintained, stabilized asset that features a mix of climate-controlled and drive-up units,…

StorQuest Self Storage Hits Milestone with 200th Location

StorQuest Self Storage, the premier national self storage brand known for its innovative operating platform and loyal customer base, just crossed an important milestone by opening its 200th location. “We’re incredibly proud to be 200 StorQuest locations strong,” said founder and CEO Bill Hobin. “But I’m even more proud of the nearly 500 members of our team spread across the country who create an awesome experience for our guests and partners, and deliver excellent results to our investors.”   Hobin also attributed his company’s success to its unique “best of…

Understanding the Process of Cost Segregation

Storage facilities can take advantage of cost segregation. Owners and investors may be eligible to use this strategic tax planning tool if they have constructed, purchased, expanded or remodeled recently. Cost segregation itself is a specialized service. The process works as such: After reaching out to a cost segregation company, they will come to your facility. They will then segregate out all your assets, which means they will break everything down. In doing so, they will shift it from being a commercial building that is depreciated over 39 years to…

StorTrack

This presentation is hosted by StorTrack and is specifically geared toward the broker community. Viewers will learn: How to determine attractive markets Rental rate trends Market conditions and growth potential Special guests include John C. Lindsey of Lindsey Self Storage Group and RK Kliebenstein of Coast-To-Coast Realty Advisors, LLC.

Right Move Storage, LLC Awarded Management and Leasing of a 4,000 Unit Self Storage Portfolio in Florida and Massachusetts

Right Move Storage, LLC., headquartered in Houston, Texas announced this week that it has been awarded the management and leasing of a 4,000 unit Class “A” self storage portfolio consisting of five properties located in Florida and Massachusetts. LandPark Advisors, LLC., an affiliate of Right Move Storage, will oversee operations and provide advisory services. The properties are owned and developed by Farrell Storage. This brings the total number of units under management by Right Move Storage to over 20,000 and the total managed square footage to over 3,000,000. Right Move…

Lender Lesson: Making the Deal Work

With the recent SBA 504 25-year fixed rates near historic lows (3.08% in April) along with allotted loan payments being covered by CARES Act stimulus payments, the 504 loan program has become a popular financing solution. Each loan file brings unique challenges. The primary goal of the 504 loan program is to encourage economic development by enabling small businesses to create or retain jobs within their communities. The challenge, sometimes, with self storage is they create few, if any, jobs. When the job creation requirement is not met, the only…

The Golf Capital of the World: Self Storage in Palm Beach Gardens, FL

Florida is considered by many to be a mature, perhaps even over-supplied market for self storage.  However, we all know that self storage is a micro-market industry where there can be wild fluctuations in supply and demand in closely neighboring cities. This month, we take a look at Palm Beach Gardens, which is famous perhaps for being headquarters to the Professional Golfers Association of America (as well as many golf courses and clubs). PBG is located on the coast, roughly 70 miles north of Miami and was voted Best City…

Acquisition Review – Longview TX

Recently, Marcus & Millichap completed the sale of a 55,956 square foot self storage facility in Longview, TX. Within just two weeks of marketing the listing, the team generated ten offers, more than half of which came in at or above the asking price. FreeUp Storage I-20 had 10 offers within two weeks The Facility The property is situated roughly 130 miles east of Dallas along the I-20 just south of the city of Longview, TX, about 60 miles east of Shreveport, LA. Positioned alongside the I-20, it sits on…