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.
Maxi Self-Stor in CA Sells for $925k
Maxi Self-Stor in Bakersfield, Calif., sold for $925,000. The 26,990-square-foot self-storage facility is located at 1831 Golden State Ave. The property was built in 2002 and has 24-hour video surveillance and electronic gates with keypads. The seller was an institutional ...More
Overbuilt Florida Self-Storage Market May See More Distressed Sales
An overbuilt self-storage market in Florida, combined with a downturn in the state’s population growth and the two-year recession, could lead to more bank-owned real estate sales. ...More
Public Storage Wants to Expand Self-Storage Complex in Seattle
Public Storage, a self-storage real estate investment trust (REIT), hopes to expand its self-storage complex in South Lake Union, Seattle. ...More
San Antonio's 3009 Self Storage Sold to Loeb/Cisarik Group
Loeb/Cisarik Group purchased the majority ownership of 3009 Self Storage in Schertz, Texas, just north of San Antonio. ...More
Lending Improves for Small-Business Owners
A survey released Monday by the Federal Reserve shows big banks are beginning to ease up on stringent lending standards for small businesses. It’s the first time this has happened since late 2006. ...More
TSRE III Buys Third Self-Storage Property in Memphis, Tenn.
TSRE III Kirby Raines LLC purchased a self-storage facility in Memphis, Tenn., from Kirby Raines Self Storage LLC for $1.9 million. The company financed the purchase with a $1.4 million loan through Virtus Storage Investment III LP. It’s the third Memphis self-storage ...More
Wilmington Capital Releases Second-Quarter 2010 Results
Wilmington Capital Management Inc., which owns self-storage facilities in Canada, announced net income for the three months ending June 30, 2010. ...More
StorPlace Self Storage Opens in Hendersonville, Tenn.
StorPlace Self Storage recently opened at 1010 Avondale in Hendersonville, Tenn. It’s the facility’s first location in Sumner County and the twelfth in the Nashville area. ...More
Buy, Sell or Hold? To Maximize Your Self-Storage Investment, Understand Your Objectives
Self-storage operators who are considering selling their property—and even investors getting into the industry—should understand their objectives and how to execute them to maximize their investments. ...More
Keller Williams Launches Self-Storage Referral Program
Keller Williams, a real estate company with 700 offices and more than 80,000 residential agents, has launched a referral program that teams its real estate agents with self-storage operators. ...More