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.
Long Beach Security Storage in CA Sold for $1.8M
Long Beach Security Storage in Long Beach, Calif., recently sold to a local partnership for $1.8 million. Located on Anaheim St., the property was constructed in 1923 and converted to self-storage in 1999. The building is a seven-story concrete with 513 units, 30,000 net ...More
Self-Storage Entrepreneur Buys Hawaiian Property to Build Destination Getaway
A self-storage entrepreneur who’s active in the Hawaiian real estate market recently purchased prime oceanfront property on The Island of Hawaii (Big Island) for $7.7 million. Edmund C. Olson, chairman of A-American Self Storage, plans to use the Hilo, Hawaii, property ...More
Self-Storage Operator Storage Deluxe Acquires Vacant Land in Queens, NY, for $5.7M
Self-storage operator Storage Deluxe recently acquired vacant land in Long Island City, Queens, N.Y., for $5.75 million. The company plans to develop a 110,000-square-foot facility with 2,000 storage units at the location. Construction will commence in October. ...More
Extra Space Storage Buys 10 East Coast Self-Storage Facilities From Hampshire Cos.
Self-storage real estate investment trust Extra Space Storage Inc. has purchased 10 self-storage facilities in New Jersey (8) and New York (2). The properties comprise 740,822 square feet of net rentable space in 7,433 units. All will now operate under the Extra Space ...More
CubeSmart Buys Self-Storage Facility in Alexandria, Va.
Self-storage real estate investment trust CubeSmart has acquired a two-story self-storage facility in Alexandria, Va., for $19.75 million, or about $174 per square foot. ...More
Amsdell Cos. Expands Self-Storage Portfolio With Tampa, Fla., Facility
Compass Self Storage LLC, a member of the Amsdell family of companies, recently purchased a self-storage facility in Tampa, Fla. Located at 14529 Bruce B. Downs Blvd., the property comprises more than 45,000 square feet of net rentable space. ...More
Chicagoland Self-Storage Operator LifeStorage to Open 19th and 20th Locations
LifeStorage, an operator of self-storage facilities in the Chicagoland area, has announced the acquisition of its 19th and 20th locations. ...More
Hillsdale Self Storage in San Jose, Calif., Sold to Extra Space Storage for $4.8M
Hillsdale Self Storage in San Jose, Calif., sold for $4,850,000 to Extra Space Storage, a self-storage real estate investment trust. Located on Charter Park Drive, the multi-story facility has 33,318 net rentable square feet with 369 units. The facility was 95 percent ...More
U-Haul Purchases Self-Storage Facilities in Florida, Minnesota, Texas
The U-Haul Co. recently purchased three self-storage facilities comprising more than 150,430 square feet of net rentable storage space and more than 1,190 storage units. The properties are in Florida, Minnesota and Texas. No financial terms were disclosed. ...More
Self-Storage REIT CubeSmart Completes $560M, 22-Property Acquisition from Storage Deluxe
Self-storage real estate investment trust (REIT) CubeSmart has completed the second phase of its $560 million purchase of a 22-property portfolio from Storage Deluxe. ...More