I recently assembled a roundtable of real estate experts to discuss the state of self-storage in the South-Central United States. I asked them to comment on their local markets and share their predictions for future performance. Joining us in the discussion are:
Bill Barnhill, Stuart LaGroue and Shannon Barnes, Omega Properties Inc., Mobile, Ala.
Jon Cerruti, Jack [...]
After reviewing the year’s financial reports from the self-storage real estate investment trusts (REITs) and hearing feedback from self-storage owners, I’ve concluded that the industry is doing pretty well in this Draconian economic climate. After the first quarter of 2009, most of the REITs were very close―or, in some cases, even a little ahead of [...]
Read more →Self-storage operator U-Store-It Trust today closed its public offering of 32.2 million common shares, making approximately $161.2 million. The company intends to use the proceeds to repay existing debt and for general corporate purposes.
BofA Merrill Lynch, Wells Fargo Securities and Morgan Keegan & Co. Inc. served as the joint book-running managers for the offering. SunTrust [...]
Developers find market in apartments, storage.
Finding little demand for new subdivisions and retail centers, Memphis-area developers have turned to two types of projects that have remained marketable even during the economic downturn: self-storage units and apartment complexes.
In recent months, two large-scale storage facilities and two major apartment complex projects have been proposed by developers in [...]
Buying a self-storage facility can be an easy way to make money, but several factors need to fall in place.
Jeff Lester, with Wiggin Properties, specializes in self-storage and has seen many of the facilities succeed for owners if the properties are in good shape and well-managed and the owners are willing to spend money on [...]
A parcel of land near the upscale Tanglewood neighborhood listed late last year for $4.9 million has sold.
The buyer, a self-storage operator called Amazing Spaces, plans to build a 120,000-square-foot facility on the 2.3-acre site at 2001 S. Voss Road, just south of San Felipe.
Amazing Spaces operates in the high-end of the self-storage industry.
The company, [...]
To determine the future of self-storage, we must first look to the past. Gone are the days of manual reporting and hand-written checks, along with waiting for the mail to get bank statements or send reports to property owners.
Many third-party management companies now offer online tools, giving facility owners and managers access to reports, occupancy [...]
Small, mom and pop run self storage facilities have been the norm for years all around South Mississippi. But recently, more polished operations with an emphasis on enhanced security and finer attention to detail have been turning up on the coast.
If you head south down Cowan-Lorraine Road off Interstate 10, you’ll notice construction on a [...]
Using a down economy to build the self-storage site you’ve always wanted
Everyone’s feeling the pinch of the economic downturn. How is it affecting self-storage? In talking with many facility owners and feasibility consultants, I’ve come to some conclusions.
First, I still haven’t found a business investment better than self-storage. At least 60 percent of the owners [...]
The state Division of Housing has awarded tax credits that will allow a local developer to build 42 additional units of senior housing next to Ellenville Hospital. Construction on the multi-million expansion is scheduled to start in September. It’s being built by developer Jonah Mandelbaum’s Warwick Properties, Inc. The first 57 units built last year [...]
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