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.
Airport South Mini Storage in San Jose, Calif., Sold to Pegasus Group
Airport South Mini Storage in San Jose, Calif., was recently sold to Pegasus Group, a Walnut Creek, Calif.-based real estate development and management company. Located at 355 W. Hedding St., the facility is about three miles south of Mineta San Jose International Airport ...More
Proposed Compass Self Storage Facility Rejected in Ohio
A proposal to build a $5 million Compass Self Storage facility at a former car dealership in Shaker Heights, Ohio, has been rejected by the city’s planning commission. The commission last week voted unanimously against converting the existing garage and showroom into a ...More
ABC Self Storage in Azle, Texas, Sells to Local LLC
ABC Self Storage, a 17,200-square-foot self-storage facility in Azle, Texas, recently sold to a local limited liability company (LLC). Financial terms were not disclosed. ...More
Kelly Road Self Storage in Ft. Myers, FL, Sold to Private Investor
Kelly Road Self Storage, a 72,422-square-foot self-storage facility in Fort Myers, Fla., was recently sold to a Maryland-based private investor for an undisclosed sum. The seller was a California-based financial institution. ...More
Self-Storage Real Estate in the South-Central States: Rental Rates and Economy Show Improvements
Over the past year, the self-storage investment market has continued to stabilize as financing has become more available in some markets. The industry is also experiencing a greater volume of sales transactions as buyers take advantage of low interest rates. Real estate ...More
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