Global Self Storage Inc., a publicly traded self-storage real estate investment trust (REIT), has launched a third-party management platform for the industry. Services will include staffing, budgeting, billing, collections, rate adjustments, digital marketing, maintenance and others. The company’s first contract is with a 134,318-square-foot facility in Edmond, Okla., which will be rebranded under the Global name, according to a press release.
"We look forward to providing a complete management solution with all the benefits of scale," said Mark Winmill, CEO of Global. "Our third-party management platform provides an additional revenue stream and helps expand our brand awareness, but also allows us to build a captive acquisition pipeline."
Global is marketing its management services to self-storage developers as well as single-property and small-portfolio owners. Officials expect the platform to help the company grow its operational portfolio in 2020, Winmill said.
Founded in 1983, Global Self Storage specializes in the acquisition, development, operation, ownership and redevelopment of storage facilities in the United States. Through its wholly owned subsidiaries, it owns 11 properties in Connecticut, Illinois, Indiana, New York, Ohio, Pennsylvania and South Carolina. Its total operating portfolio comprises more than 880,000 rentable square feet. The company changed its name from Self Storage Group Inc. in January 2016.
Yahoo Finance, Global Self Storage Signs First Property for New Third-Party Management Platform