Contributing Editors

Developer Tries to Salvage Commercial Property by Converting to Self-Storage

by John Stevens January 29, 2010 8:10 PM
Last night Redtree Properties, a Santa Cruz, California real estate developer, went before the City Council in Capitola, California, to discuss its proposal to turn vacant office space into self-storage units. The office space, which is located in a shopping mall, is not zoned for self-storage. The office spaces could not be converted to self-storage unless the city rezones the area or amends the neighborhood commercial zone law to allow self-storage. But the Capitola Planning Commission is in favor of the idea.

The office complex, which is located at 809 Bay Ave in Capitola, next door to the Nob Hill shopping mall, was last occupied in August 2008. It occupies 37,232 square feet of space, which Redtree plans to convert to 394 self-storage units. [More]

New Webinar Focuses on Solar Roofing for Self-Storage Facilities

by Kim Kilpatrick January 29, 2010 7:03 PM
MiniCo Publishing has announced that it will be hosting another free webinar next month. The webinar, "Above the Roof, Below the Roof: Making Money on Both Sides," will be held February 25, at 1 p.m. ET/ 12 p.m. CT/ 11 a.m. MT/ 10 a.m. PT. MiniCo Publishing webinars often explore ways in which new technology might affect the self-storage industry. For example, earlier this month, MiniCo's webinar focused on how to use social networking sites to support a self-storage business. This month, "Above the Roof, Below the Roof" will focus on another new trend in the self-storage industry: the production of "green" facilities. It will center on the revenue-generating possibilities involved in using the roof of a self-storage facility to collect solar energy and produce electricity. [More]

Free Self-Storage Webinars Being Held in February

by Holly Robinson January 28, 2010 1:39 PM
Several free, educational self-storage webinars will be held next month. A webinar comes from the words "web" and "seminar." A webinar is a meeting or conference that is held over the Internet, usually for training or educational purposes.

The first upcoming self-storage webinar, "Capital Markets and Self Storage Market Overview," will be held on Feb. 18, from 1 p.m. to 2:20 p.m. CT. It will be hosted by Holliday Fenoglio Fowler (HFF), a commercial real estate capital intermediary with 17 offices all around the country. Holliday Fenoglio Fowler specializes in finding financing for real estate deals, averaging 3.8 closings per business day. Last October, HFF closed the sale of a nine-property Texas self-storage portfolio to Harrison Street Real Estate Capital. Over the summer, HFF closed the sale of two New Jersey self-storage properties. And at the beginning of 2009, HFF helped The Hampshire Companies to buy Berkeley Heights Self Storage, in Berkeley Heights, New Jersey, by securing $6 million in financing. [More]

Extra Space Closes Joint Venture with Harrison Street Real Estate

by Winnie Hsiu January 28, 2010 1:10 PM
Extra Space Storage announced yesterday that it has closed a joint venture with a Harrison Street Real Estate Capital (HSRE) affiliate. HSRE and Extra Space each received a 50 percent interest in the joint venture, to which HSRE had contributed about $15.8 million in cash, while Extra Space contributed 19 wholly-owned properties in California, Florida, Nevada, Ohio, Pennsylvania, Tennessee, Texas, and Virginia. The properties secured about $101 million in debt, which was assumed by the joint venture. Extra Space will continue to operate the 19 properties.

"There's a couple of reasons behind it: to generate a little bit of cash, to offload a little bit of debt into the joint venture," Extra Space's vice president of marketing and corporate communication, James Overturf, explained to the Salt Lake Tribune today. "It de-leverages us a little bit....But more than anything, it establishes a relationship with a really good joint venture partner." [More]

Relocation Assistance Becoming Available for Treece, Kansas

by Winnie Hsiu January 27, 2010 11:00 AM
This week, the Kansas state Department of the Environment (KDHE) announced that it will hold a meeting Thursday, at 6 p.m., in the old Picher City Hall to discuss relocation assistance with residents of Treece, Kansas. The meeting will include a status update from the federal Environmental Protection Agency detailing what progress has been made with the relocation and with plans to buy out property from the residents. "KDHE is setting up this meeting to talk to the residents to see who is interested," Bob Jurgens, a KDHE section chief, explained. "We also need to determine a timeline for the buyout." At the meeting, Treece residents will also be able to ask questions about the buyout process, Treece's status as a Superfund site, and studies related to it. [More]

UK Self Storage Company Leaves Franchise

by Holly Robinson January 27, 2010 10:36 AM
A UK self-storage company has decided to leave its parent company, an international franchise, and continue alone. The site, which is located in Embleton, near Cockermouth in Cumbria, originally opened as a self-storage facility in October 2007, as a branch of international self-storage franchiser Storage King. Storage King classified the Cumbrian facility as its North Lakes Cumbria Centre. It was Storage King's first rural location in the United Kingdom. Now the facility will be known as Box Clever Smart Storage Solutions.

Box Clever Smart Storage Solutions is now owned and operated by a Cumbrian catering group, Caterite. Caterite had been working with Storage King, but developed a growing confidence that it would be possible to run the business alone, without benefit of the franchise. Caterite's director, Keith Graham, commented, "The self-storage business we have been operating here at Embleton has been a remarkable success since we opened but the time was right to go on our own and extend it. We feel we can offer our customers a better service under our own private ownership as Box Clever." [More]

Self Storage Companies Support Haitian Relief Efforts

by John Stevens January 26, 2010 11:13 AM
Whenever donations need to be collected to aid disaster victims or to provide to a good cause, self storage companies seem to be among the first to help out. This has proven to be equally true with regard to the Haitian relief effort. Self storage companies have jumped to the front of the relief effort with generous offers of space to hold donations. [More]

National SSA to Host Spring Convention in Colorado Springs

by Kim Kilpatrick January 26, 2010 10:34 AM
The national Self Storage Association (SSA) has announced that it will hold its spring convention and trade show from April 18 to 20 at The Broadmoor Resort in Colorado Springs, Colorado. Colorado is a state with a lot of sentimental value for the Self Storage Association, which was founded in Denver 35 years ago, in 1975. This year's convention, therefore, will also be a celebration of the SSA's 35th anniversary.

About 1,000 self storage owners, operators, investors, developers, executives, and industry vendors are expected to attend the convention and participate in the trade show. Important leaders in the self storage industry will also be present, and will give talks and participate in educational panel sessions. [More]

Waikiki Self-Storage Facility in Limbo

by John Stevens January 25, 2010 10:46 AM
More than 600 customers' belongings are in limbo at Waikiki Self Storage in Honolulu. Early last week, managers phoned customers and asked them to come and collect their belongings as soon as possible, because there was a danger that the company would have to shut down. Hawaii News Now reported that its sources said that the owner owed back rent on the facility.

"There was someone who came in and posted a note on the door," said Waikiki's manager, Jenny Rodrigues. "We were all shocked." Waikiki's corporate office informed reporters that the notice on the door was an eviction notice, and commented that the landlord had raised the rent to an amount that the company could not afford. So, over the weekend of Jan. 16-17, the company asked staff members to clean up and prepare the business to leave the premises. One staff member reported that all the lights were taken from around the walls. Staff began calling tenants and asking them to come in and empty their units. [More]

StorageFront Website Ends Beta Phase

by Tony Gonzalez January 25, 2010 10:11 AM
Last October, StorageFront launched its new self-storage search engine and web-marketing service, making it available for use while also adjusting it periodically based on the demands of users. Now that its beta-testing phase is finished, StorageFront has announced that it will go live with its new website on Feb. 1 of this year.

StorageFront is a search engine and marketing resource for the self-storage industry. Its directory of self-storage providers includes over 40,000 storage facilities in the United States. The site is intended to be used both by consumers and by self-storage owners. For owners, the site is intended to be a marketing tool. For consumers, it shows all the facilities that meet a particular, user-defined criteria, sorted by geographic proximity to the consumer. [More]
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