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.
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
Empire Boat & RV Opens Another Facility in California
Empire Boat & RV Storage opened a $7 million covered storage facility in Healdsburg, Calif., for owners of boats, motorhomes and travel trailers. The 115-acre facility has space for about 200 boats and as many RVs. The carport-style metal structures, built by Baja ...More
Michael Mele Earns National Achievement Award
Michael Mele of Marcus & Millichap's Tampa office earns the company's National Achievement Award. ...More
Marketing Self-Storage Facilities in a Rapidly Changing World
To compete in today’s competitive self-storage environment, storage owners need to re-invent, re-position and re-work their marketing strategies. ...More
Argus Self Storage Announces Fourth Quarter Sales
The Argus Self Storage Sales Network announced the sale of several self-storage projects in the fourth quarter of 2008 in Georgia, North Carolina and Texas. ...More
Morningstar Mini-Storage Buys 10 Facilities
Morningstar Mini-Storage, a division of Morningstar Properties LLC, added 10 self-storage facilities to its portfolio, bringing 5,300 new self-storage units with more than 750,000 rentable square feet to the firm's operations. The move also expands Morningstar's presence ...More
Amerco Buys Atlanta Self-Storage Facility for $2.75M
Amerco, the parent company of U-Haul, purchased a self-storage facility in Atlanta for $2.75 million, or about $4,166 per unit. William Charles Smith Revocable Trust was the seller. ...More