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.
Companies Borrow for 3 Recently Purchased Memphis Self-Storage Properties
Three limited liability companies affiliated with Gulfport, Miss.-based Tellus Equity GP have taken out $3.7 million in loans for three self-storage facilities they purchased in the Memphis area in July. ...More
Storage Deluxe Acquires 2 New York City Properties, Plans to Develop Them Into Self-Storage
New York City-based Storage Deluxe, an owner, developer and manager of self-storage properties, revealed last week it acquired two properties, one in Brooklyn and one in Queens, and plans to turn them into self-storage facilities. ...More
Moore Self Storage in Pittsburgh Sold to Amsdell Cos.
The Amsdell family of companies recently acquired Moore Self Storage, a 646-unit facility in Pittsburgh for an undisclosed amount. ...More
StorageVault Canada Inc. Amends Purchase Price for RV Storage of Saskatoon
The purchase price for RV Storage of Saskatoon by StorageVault Canada Inc. has been amended. The aggregate purchase price has been reduced by $81,250 to $1.5 million. StorageVault Canada Inc. entered into an acquisition agreement to acquire the facility in Saskatoon, ...More
WA Self-Storage Owner Killed in Car Crash
A Brinnon, Wash., self-storage owner was killed and his wife was injured in a one-car crash at about 5:46 a.m. PST Sunday near the town of Hamma Hamma. ...More
Virtus Real Estate Buys 2 Memphis Self-Storage Facilities
Virtus Real Estate has acquired two more Memphis-area self-storage facilities for an undisclosed amount, totaling 847 units and more than 109,000 rentable square feet. ...More
Idaho Lawmakers Unhappy With Self-Storage Purchase, Introduce Legislation
Some lawmakers in Idaho are unhappy with the state’s purchase of a self-storage facility last summer, and aim to pass legislation to end similar transactions. ...More
Miracle Self Storage in Georgia Sells for $2M
Miracle Self Storage in Canton, Ga., sold for $2 million in an all-cash deal to a real estate investment trust. The seller was a financial institution. ...More
Marcus & Millichap Brokers Sell Extra Space Storage Facility in Redlands, Calif.
Charles “Chico” LeClaire and Nicholas Walker of Marcus & Millichap Real Estate Investment Services recently brokered the sale of an Extra Space Storage facility in Redlands, Calif. ...More
Hampshire Cos. to Open New Self-Storage Facility in Hackensack, N.J.
Real estate firm The Hampshire Cos. is preparing to open a new 81,300-square-foot, 600-unit self-storage facility in Hackensack, N.J. ...More