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.
Sovran Self Storage Buys Norfolk, VA, Facility for $6.9M
Real estate investment trust Sovran Self Storage, operator of the Uncle Bob's Self Storage chain, recently purchased a three-story self-storage facility in Norfolk, Va., for $6.92 million. ...More
Self-Storage Operator Pogoda Cos. Acquires Facility in Westland, Mich.
Self-storage operator Pogoda Cos. recently acquired New-West Mini Storage in Westland, Mich., for $1.6 million. The formerly bank-owned facility at 1638 S. Newburgh Road will be rebranded as National Storage Centers—Westland. It consists of eight buildings with 378 units ...More
7 Sparkle Stor-All Self Storage Facilities in Ohio Sell for $2.5 Million
Seven former Sparkle Stor-All Self Storage facilities in North-Central Ohio sold recently to two different investors for a total of $2.5 million. The businesses will be renamed Prime Storage and Star-Brite Self Storage. ...More
Self-Storage and Current Real Estate Interest Rates: Facility Owners Wonder, Will the Low Rates Hold?
Self-storage owners interested in refinancing an existing or acquiring a new facility are always concerned with interest rates. Based on historical standards, today's rates are low. But is this an abnormal period of sustained low rates that will soon revert to the long-term ...More
Sovran Acquires ValGard Self Storage in Miami
ValGard Self Storage, a 998-unit self-storage facility in Miami, recently sold to Sovran Acquisition LP, a real estate investment trust (REIT) in Buffalo, N.Y. The terms of the sale were not disclosed. The 83,244-square-foot property, 6820 S.W. 81st Terrace, will be ...More
Readen Holding Acquires Dutch Self-Storage Company
Venture capital firm Readen Holding Corp. has purchased Dutch self-storage company Beemster Vastgoed B.V. through its subsidiary Readen Industries Limited. Financial terms were not disclosed. ...More
Strategic Storage Trust Acquires Fifth Virginia Facility
Strategic Storage Trust Inc., a publicly registered, non-traded real estate investment trust (REIT) investing in self-storage properties, acquired an 870-unit, 3.3-acre self-storage property in Chantilly, Va., this week for approximately $7.3 million. The company's Virginia ...More
Canadian Self-Storage Operator StorageVault Announces 1Q 2012 Financial Results, Acquisition Closings
Canadian self-storage operator StorageVault Canada Inc. recently shared financial results for the first quarter of 2012, which ended March 31. Company revenue increased 19.5 percent from the first quarter last year to $787,263. Net operating income from properties increased ...More
U-Haul Acquires Self-Storage Facility in Orange County, Calif.
Amerco Real Estate, the developent and acquisitions entity for The U-Haul Co., just acquired Newport Mesa Self Storage in Costa Mesa, Calif., for $4.5 million. The all-cash transaction has a 30-day escrow period. The facility, which has 37,780 square feet of rentable space ...More
Self-Storage Facility in Gulfport, Fla., Sold for $1.1M
The Storage House, a 23,400-square-foot self-storage facility in Gulfport, Fla., recently sold for $1.1 million. The facility was part of an operation that included facilities in Gulfport and Orlando, both of which are displayed together on StoreSafeSelfStorage.net. ...More