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.
W. P. Carey Acquires 5 Southern Self-Storage Facilities; CubeSmart to Manage
Through its publicly held real estate investment trust (REIT) affiliate CPA: 17 Global, self-storage investor W. P. Carey & Co. LLC has acquired five self-storage facilities across Alabama (1), Louisiana (1) and Mississippi (3) for approximately $17 million. The ...More
Air Station Storage Opens in North Carolina
Air Station Storage opened in March in Jacksonville, N.C. The facility, 1121 Old Maplehurst Road, features 242 climate-control and non-climate-controlled units. ...More
Kwik'N Self Storage of Pennsylvania Sells for $315K
Kwik’N Self Storage near Tyrone, Pa., was sold to a local self-storage investor for $315,000. The facility, which is currently 94 percent occupied, covers 6,600 square feet and has 54 drive-up exterior units. The sale also included land and the approval to build an ...More
Immofinanz Acquires Self-Storage Property in Den Bosch, Netherlands
European realtor Immofinanz Group, which owns 95 percent of Dutch self-storage operator City Box Self-Storage B.V., acquired a self-storage facility in Den Bosch, Netherlands, this month, bringing the total number of City Box properties to 24. ...More
Garden Highway Mini-Storage in CA Sold for $950K
Garden Highway Mini-Storage, a 45,430-square-foot self-storage facility in Yuba City, Calif., sold for $950,000. ...More
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