ISS Launches Self-Storage Training Institute
Inside Self-Storage officially launched its Self-Storage Training Institute (SSTI) at www.selfstorageeducation.com. The new website provides quality education resources for self-storage managers, operators and owners. Current products include audio-casts, e-books, webinars and video packages. Categories cover a range of topics including development, construction, finance, marketing, management, insurance, legal issues, specialty storage, staffing, service, sales and more. Check out the store at www.selfstorageeducation.com.
U-Haul Releases 2005 Migration Trends
U-Haul released the results of its 2005 Migration Trend Report, identifying the nation’s top-growth areas and destination cities. The report was compiled from more than 1.6 million U-Haul transactions last year, reflecting communities with more than 5,000 families moving in or out of an area, said John “J.T.” Taylor, executive vice president. Growth cities were then determined by calculating the percentage of inbound vs. outbound moves for each area.
Report findings include:
- For states with more than 20,000 families moving, Florida had the highest percentage for growth, with 2.7 percent more families moving into the state than out.
- For states with 5,000 to 20,000 families on the move, Maine had the highest percentage of growth for the fourth year in a row, with 14.6 percent more moving in than out.
- For cities with more than 10,000 families moving, Austin, Texas, has the highest percentage of growth, with 6.5 percent more moving in than out.
- For cities with 5,000 to 10,000 moves, Boise, Idaho, had the highest percentage of growth for the second year in a row, with 12.9 percent more families moving in than out.
- Toronto was the top Canadian destination city for the fourth year in a row, while Calgary, Edmonton and Montreal held their respective positions for the second year. Ottawa, Vancouver, London, Hamilton, Kitchener and Halifax rounded out the top 10.
Phoenix-based U-Haul is one of the nation’s largest operators of self-storage. Visit www.uhaul.com.
Buchanan Spearheads ‘Band of Brothers’
Eric Snyder, principal of Buchanan Storage Capital (BSC), Troy Mikulka of real estate investment firm Oxford Spectrum, and other BSC employees and leaders are spearheading a charity effort called “Band of Brothers.” The group’s aim is to improve the lives of people in Central America by supporting aid organizations.
This year, the Band has chosen to support the “Free Wheelchair Mission,” which distributes wheelchairs to the disabled in foreign countries. The chairs combine traditional mountain-bike tires with a plastic patio chair to produce a sturdy wheelchair that can be manufactured and shipped for less than $50. Band of Brothers hopes to raise $55,000 in donations for the cause.
“Band of Brothers is like an investment fund, but instead of investing in real estate, it invests in helping people,” said Snyder. In August, he and the Band will travel to Central America to personally distribute wheelchairs with the help of a local humanitarian group.
To join Band of Brothers or pledge a donation, contact Snyder at 949.219.1201. For more information about the group’s current charity effort, visit www.freewheelchairmission.org.
BSC arranges debt and equity for self-storage owners nationwide. Visit www.buchananstoragecapital.com.
Marcus & Millichap Releases 2006 Self-Storage Report
Real estate investment brokerage company Marcus & Millichap released the results of its 2006 Self-Storage Research Report, which shows storage continues to be a desired asset class among investors:
- Strong net-migration, job growth and the housing boom lured investors to the West in 2005. Self-storage sales volume more than doubled to $600 million.
- Despite natural disasters, sales in the south-central region increased by 10.5 percent in 2005. The median price rose 10.5 percent to $45.58 per square foot.
- Portfolio sales, which account for 16 percent of national sales volume, doubled in the Southeast in 2005.
- The Northwest continues to command the highest median sales price in the nation. Prices rose 8.6 percent to $82.73 per square foot in 2005.
- In the north-central region, the median sales price for portfolio assets increased 61 percent in 2005, with many transactions in Ohio.
- Cap rates for Class A facilities are in the 6.5 to 7.5 percent range. Class B properties are trading in the 7.5 to 8.5 percent range. Class C assets typically sell with an 8 to 9 percent cap rate.
For property market research on cities nationwide, visit www.marcusmillichap.com/Research/Reports.asp.
Lackland Gives Big to College
David and Carol Lackland, owners of Lackland Self-Storage in New Jersey, recently committed an $8 million gift toward the renovation of Centenary College in Hackettstown. The small, independent school has launched a campaign to raise $33.6 million for the expansion of buildings and programs. The couple wishes to support “an educational institution that shows so much promise.” Carol is an alumnus of the college.
Jernigan Joins U-Store-It as CEO
After the recent resignation of President Steven Osgood and a dramatic dip in stock price, U-Store-It Trust hired industry heavyweight Dean Jernigan as its new chief executive officer. The move may help regain investor confidence, which appears to have waned since the Cleveland-based real estate investment trust missed recent quarterly projections.
Jernigan, a highly respected member of the self-storage community, served as founder, chairman and CEO of rival company Storage USA for 17 years. He was present for its inception in 1985, initial public offering in 1994, and ultimate sale to General Electric Co. in 2002. Since then, he has been president of private venture Jernigan Property Group LLC in Memphis, Tenn.
Osgood’s resignation was official in April. Jernigan’s appointment as the new CEO and president has been received favorably by by analysts and investors. Visit www.u-store-it.com.