SpareFoot, an online marketplace for self-storage consumers, has identified eight independent self-storage operators it expects will grow significantly in 2015 through the acquisition of existing storage properties as well as new development. The company published the list through its blog, “The SpareFoot Storage Beat.”
Several of the storage companies have been in the process of expanding their portfolios during the last several months, while others reported ambitious growth plans in 2015. The full list includes:
- Banner Storage Group LLC
- Compass Self Storage LLC/Amsdell Cos.
- Great Value Storage/World Class Capital Group LLC
- Red Dot Storage/Sparkplug Capital LLC
- Store Here Self Storage/RHW Capital Management Group LLC
- StorQuest Self Storage/The William Warren Group Inc.
Among those with the largest growth plans is Austin, Texas-based Great Value Storage, which intends to acquire 50 to 75 facilities this year, while developing an additional 10 to 15 locations, Robert Cerrone, divisional vice president, told the source. The company’s target markets include Atlanta; Austin; Chicago; Dallas/Fort Worth; Denver; Indianapolis; Kansas City, Mo.; Las Vegas; and Memphis, Tenn.
Red Dot, based in Boulder, Colo., also has lofty acquisition plans, with a goal of purchasing more than 50 facilities in the north-central states this year. The company entered 2014 with just four facilities in its portfolio but finished the year with 14. Expansion will come exclusively through acquisitions, and the company expects to close on eight facilities this month, according to Seth Bent, company president.
Winter Garden, Fla.-based iStorage is taking a more balanced approach to its growth strategy, planning to purchase at least 20 facilities this year, while also launching expansion projects at 10 existing properties. The company is well-capitalized behind $210 million in financing, according to the source.
iStorage also plans to form strategic partnerships with other operators, which could fuel further growth. “In 2015, we will partner with operators seeking equity to recapitalize their existing ownership structure with long-term capital,” Chris Harris, president, told the source.
Several of the companies identified by SpareFoot are listed in the 2014 ISS Top-Operators List, which ranks 100 industry operators by square footage.
Founded in 2008, SpareFoot.com helps consumers find and reserve self-storage units, with comparison shopping tools that show real-time availability and exclusive deals. With a network of more than 7,000 storage facilities ranging from mom-and-pop operations to real estate investment trusts, the company reaches prospective storage renters though partnerships with brands including SelfStorage.com and Penske Truck Rental.
- The SpareFoot Storage Beat: 8 Independent Storage Operators to Watch in 2015