The process of buying or selling a self-storage facility has become more rigorous as markets have become more competitive and changes in the economy impact property value. To know the accuracy of a self-storage appraisal, a self-storage owner should have a clear understanding of facility value and the effect of capitalization (cap) rates. A buyer should complete a comprehensive due-diligence process to know if an investment is financially sound.
Devon Self Storage Buys 10 CubeSmart Facilities in Memphis, TN, for $31.3M
Affiliate companies of California-based Devon Self Storage Holdings LLC recently purchased 10 facilities in Memphis, Tenn., from real estate investment trust CubeSmart for $31.3 million. The properties comprise more than 678,800 square feet and were purchased through nine ...More
Now That 2013 Is Almost Over, What's Happening With the Self-Storage Real Estate Run?
The run-up on self-storage real estate values is not over yet and industry fundamentals are strong. But before you self-storage owners get too complacent in your prosperity, be aware there are some dark clouds on the horizon: potentially rising interest rates and possible ...More
Self-Storage Operator Dinwiddie Enterprise Buys Florida Facility for $2.1M
Self-storage operator Dinwiddie Enterprise Inc. recently purchased Springview Self Storage in DeBary, Fla., for $2.1 million. The 435-unit facility has been renamed South DeBary Self Storage. It was previously owned by Winter Garden, Fla.-based Grant/Louetta Self Storage ...More
Storage Post Self Storage Acquires Facility in Rockville Centre, NY
Storage Post Self Storage made its third property acquisition in 60 days with the purchase a facility in Rockville Centre, N.Y., from a private operator. The facility at 250 Maple Ave. comprises 32,064 square feet including 800 climate-controlled units, motion-sensor ...More
Self-Storage Facility Keep It U-Lock Sells for $1.78M in Cedar Lake, IN
Keep It U-Lock & Storage, a self-storage facility in Cedar Lake, Ind., was recently sold to a private investor for $1.78 million. The 8.3-acre property at 13649 Wicker Ave. is comprised of 50,840 net rentable square feet. It features 291 storage units, a ...More
U.K. Self-Storage Company Lok'nStore Sells Reading, England Facility for £2.9M
U.K. self-storage company Lok'nStore Group PLC has sold a facility in Reading, England, in principle for £2.9 million. The purchase price is 7.4 percent above a July 31 property valuation of £2.7 million, and will be paid in cash when the location is vacated in 2014, ...More
Red Bluff Mini Storage in California Sold for $1.9M
Red Bluff Mini Storage in Red Bluff, Calif., was recently sold to Dan Kennedy of Paradise, Calif., for $1.9 million. The 5-acre property at 395 Kimball Road includes 55,668 net rentable square feet, 411 self-storage units and 75 canopied parking stalls for RVs and other ...More
Self-Storage Investor Guard Space Storage Buys Foreclosed Florida Facility for $540K
Guard Space Storage LLC, a Utah-based self-storage investor, has purchased a facility out of foreclosure in Port Charlotte, Fla., for $540,000. The 16,478-square-foot property at 19150 Peachland Blvd. was sold by Charlotte State Bank. The facility was previously owned by ...More
Self-Storage Buyer and Seller Expectations: Is the Window of Opportunity Closing?
The self-storage real estate market is in high gear, but challenges loom for both buyers and sellers. Here’s a closer look at how a rise in interest rates could affect a property’s value and the selling process. ...More
Self-Storage Firm Two Alpha Management Opens Blue Llama Storage in San Antonio
Two Alpha Management LLC, a Texas-based self-storage management company, opened Blue Llama Storage in San Antonio on Sept. 12 and hosted a ribbon-cutting ceremony on Oct. 4. The self-storage facility at 3627 E. Evans Road is the company’s first in the city and fifth in the ...More