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.
Bailey Raleigh Self Storage Acquires Security U-Store for $3.95M
Bailey Raleigh Self Storage LP acquired the 47,827-square-foot Security U-Store self-storage complex in El Cajon, Calif., for $3.95 million, or $82 per square foot. Built in 1972, the eight-building facility is on more than 3 acres. ...More
How Will Self-Storage Owners Survive the Credit Crisis?
Borrowing will be more difficult for everyone in 2009, including self-storage developers, who will have to work extraordinarily hard to obtain commercial real estate financing. The good news is interest rates are still reasonable and some banks are still making loans on ...More
Clayton Road Mini Storage Sells Land, Facility for $6.38M
Clayton Road Mini Storage sold land and a 488-unit self-storage facility in Concord, Calif., to New TKG Storagemart Partners for nearly $6.38 million. Constructed in 1985, the property consists of 58,501 square feet of storage in three two-story buildings. ...More
Goals for 2009: Competitive Sales, Facility Remodeling and More
Self-storage managers should maximize all competitive advantages possible to close a sale. Some advantages cost nothing but can mean a lot to potential tenants, such as not charging security deposits and offering rent guarantees. ...More
Sea Watch Realty Brokers $1.1M Self-Storage Sale
Sea Watch Realty in New Bedford, Mass., brokered the sale of Pleasant Street Self Storage in West Bridgewater to North Shore Capital Partners LLC. The 302-unit facility, located adjacent to Route 24, sold for $1.1 million. The storage facility was sold by Augusta Realty Co. ...More
Perfect Self Storage Opens in West Chester, Pa.
Perfect Self Storage opened a four-building facility along the well-traveled Paoli Pike in West Chester, Pa. Using a geo-thermal system for temperature regulation, the facility offers 312 climate-controlled and non-climate-controlled units in more than 33,000 net rentable ...More
Marcus & Millichap Broker Self-Storage Sale in Kent, Wash.
Rodgers, Deutsch & Turner acquired the Clock Tower Self Storage complex in Kent, Wash., from Hemstreet Development Corp. for $6.3 million, or approximately $100 per square foot. ...More
Marcus & Millichap Sell Cotati Mini Storage
Marcus & Millichap sold Cotati Mini Storage in Cotati, Calif., for $830,000. Bobby Loeffler and Tyler Skelly in the company’s Sacramento office listed the 142-unit property for the David & Betty Cate Family Trust. The buyer, Shaw Moaveni, was also represented by ...More
Strategic Storage Trust Finalizes $4.7M Acquisition in Manassas, Va.
Strategic Storage Trust Inc. (SSTI) finalized the $4.7 million acquisition of a 500-unit self-storage facility in Manassas, Va. The newly acquired storage center is located in the fast-growing Interstate 66 corridor about 27 miles southwest of Washington, D.C., and contains ...More
NAREIT Supports Sales Tax Fairness and Simplification Act
The National Association of Real Estate Investment Trusts (NAREIT), in collaboration with a coalition of industry groups, wrote to President-elect Barack Obama and Congressional leadership this month urging inclusion of the Sales Tax Fairness and Simplification Act (STFSA) ...More