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Buchanan Raises $100,000 for Save the Music Foundation
Buchanan Storage Capital’s parent company, Buchanan Street Partners, raised $100,000 for the VH1 Save the Music Foundation through its first annual Encore for Education charity concert, held June 7th at the House of Blues in Los Angeles. Proceeds from the event will help Los Angeles public schools purchase musical instruments. The fundraiser featured an exclusive performance by the Goo Goo Dolls, and more than 500 real estate professionals attended. The event was underwritten by Arden Realty Inc., Bixby Land Co., CB Richard Ellis, Maguire and LBA Realty. The media sponsor was Real Estate Southern California, part of Real Estate Media. Buchanan is already planning the 2008 event. Info: www.buchananstreetpartners.com
Ajay Equipment to Celebrate 25th Anniversary
AJAY Equipment Corp., which supplies, services and installs vertical reciprocating conveyors (VRC) storage lifts to the self-storage industry, will begin celebrating its 25th year in business on Oct. 1. The anniversary will be marketed throughout the year and officially celebrated at the Inside Self-Storage Expo in Las Vegas, Feb. 5-8, 2008.
The company, founded by Randy Vander Hill in 1983, has sold more than 800 VRCs to facilities throughout North and Central America and the Caribbean islands. Ajay recently moved to new headquarters in Chino, Calif., and has installed state-of-the-art computers to upgrade services. The company also plans to expand its installation and service department as well as add new vehicles in the next 12 months. Info: www.ajaystoragelifts.com
Legal Learning Recordings Offered Through Self-Storage Education Websites
The popular self-storage webinar series, Legal Learning With Jeffrey Greenberger, sponsored by Inside Self-Storage and Selfstoragelegal.com, will now be available in a recorded format through the Self-Storage Training Institute (SSTI) and Self Storage Education Network (SSEN). Both organizations provide affordable, online educational resources for the industry. The Legal Learning Series, launched in April 2006, focuses on essential legal issues concerning operators and managers.
The live webinars are presented on the second Tuesday of every month from 11:30 a.m. to 12:30 p.m. ET and are free to all attendees. Due to popular demand, recorded versions will now be sold for $40 at www.selfstorageeducation.com (SSTI) and www.selfstorageeducation.net (SSEN).
Centershift Reaches 2 Million
Centershift, a provider of Internet-based software solutions to the self-storage industry, successfully processed its 2 millionth rental at a U-Store-It facility in Aurora, Colo. The order was taken on May 14th by Steve Kinzly, the facility’s general manager. In recognition of the success, Kinzly was honored by Centershift at a ceremony. Info: www.centershift.com
Access Receives Annual O’Neil Award
O’Neil Software, a provider of records storage management software, recognized Access Information Management and Washington Archives Management for their Achievement in Technical Excellence at its annual Strategic Partner Conference. Companies were selected for this prestigious award from a pool of more than 500 record-center candidates in the Americas region. Info: www.oneilsoft.com
Marcus & Millichap Releases 2007 Report
Marcus & Millichap, a nationwide provider of real estate investment brokerage services, released its National Self-Storage Research Report for the first half of 2007. The report includes an industry overview and an in-depth analysis of the sector by region: West, South Central, Southeast, Northeast and North Central. It also identifies average caprate trends, construction trends, rent and vacancy trends, and investment trends. To download the report in PDF format, visit www.marcusmillichap.com.
Book Tells U-Haul’s Story
A Noble Function: How U-Haul Moved America, by Luke Krueger, tells U-Haul International’s 60-year history and its evolution into the source for the do-it-yourself mover. In 1945, Leonard S. Shoen and his family were unable to find a trailer to rent to move their possessions from San Diego to Portland, Ore. The family developed the idea for short-term rental of a trailer at one location and left at another naming it U-Haul Trailer Rental. The book is available from Barricade Books. Info: www.uhaul.com
WSJ Reports Decline in Self-Storage REIT Performance
The Wall Street Journal recently reported a decline of performance in the self-storage REIT sector, though no final conclusions were made as to the cause. Last year, the self-storage REITS outperformed the REIT industry as a whole. But during the first quarter of 2007, same-store growth in net operating income for the four publicly traded companies—Extra Space Storage Inc., Public Storage Inc., Sovran Self Storage and U-Store-It Trust—declined to 3.7 percent from 6.6 percent the previous year, according to BMO Capital Markets. Analysts are considering several reasons for the downturn, including a lack of discretionary income on behalf of consumers. A few specific causes were cited by WSJ; for example, Public Storage said its first-quarter net income fell 48 percent as a result of charges related to last year’s deal with Shurgard. U-Store-It is in the middle of a major management restructuring. Sovran attributes some of its lack of performance to slowness in the housing market. Info: www.wsj.com
Florida Self Storage Association Collects Charity Funds
The Florida Self Storage Association (FSSA) raised more than $300 to support a variety of worthy causes during its recent Financial & Real Estate Symposium and Golf Tournament in Miami. The FSSA is currently accepting donations of items for its upcoming live and silent auctions. To make a donation, send a check to: Florida Self Storage Association, 3801 McIntosh Rd., Sarasota, FL 34232. Please write “Charity Fund” in the memo field. Info: www.floridassa.org
Grandbridge Capital Ready for Business
Grandbridge Capital has been formed to focus on middle-market recourse and non-recourse bridge and construction loans, mezzanine financing and joint-venture equity investments. Managing Director Kirk E. Booher will direct the new Chicago-based commercial real estate finance firm. While the company’s deal focus is in the $3 to $15 million range, it will also make JV equity and mezzanine investment transactions of less than $1 million.
Tech-Fast Opens SoCal Office
Tech-Fast Metal Systems Inc., which specializes in construction design, materials supply and labor services for the self-storage industry, has opened a new satellite office in Southern California. It will be managed by veteran employee and regional sales manager Angie Guerin. The address is 533 2nd St., Encinitas, CA 92024. Tech-Fast also has an office in Tacoma, Wash. Info: www.techfast.com