February 25, 2010 6:47 PM
Strategic Storage Trust, Inc. (SSTI) announced today that it purchased two self-storage facilities from Chicago Five Properties, LLC, for a combined purchase price of $23 million, cash. One facility is located in Fort Lee, New Jersey, while the other is located in Weston, Florida.
SSTI's chairman and CEO, H. Michael Schwartz, was pleased with the acquisition. "These facilities represent newer Class A properties in prime markets," he said. "Both properties offer the latest generation of secured climate-controlled self storage featuring convenient access to major roads and interstates." [More]
February 24, 2010 5:51 PM
The Arizona Self Storage Association has been trying to push a bill that will protect tenant documents, HB2643, through the Arizona legislature. Last week HB2653 passed another milestone on its way to becoming a law -- it passed the Arizona House Commerce Committee. The law will impose certain restrictions on what can be done with personal documents that are placed in self-storage, and what should happen to those documents in the event that the tenant abandons a self-storage unit without removing its contents. The bill is meant to prevent possible cases of identity theft if documents that are abandoned were to fall into the wrong hands.
HB2643, if passed, will place certain responsibilities with the self-storage tenant and will provide some protection for self-storage operators if they are placed in the position of being left with personal documents that have been abandoned in a unit. Specifically, the new bill has the following provisions: [More]
February 24, 2010 1:46 PM
MiniCo Publishing announced today that the next webinar in its free webinar series will be "Marketing Strategy vs. Tactics -- a Game-Changing Marketing Distinction for Our Industry." The webinar will be presented by Derek Naylor, the president of Storage Marketing Solutions, and will be sponsored by Storage Marketing Solutions. It will be held March 24, at 2 p.m. ET/ 1 pm CT/ 12 pm MT/ 10 am PT. [More]
February 23, 2010 4:16 PM
Access Self Storage, of Red Oak, Texas, announced this week that it is donating $405 to the Red Oak Independent School District Education Foundation. Access raised the money during its grand opening. The company donated a sum of money on behalf of each person who attended its grand opening. The opening was promoted as a fundraiser for the education foundation, and was advertised on KBEC radio, which tried to encourage a large turnout. [More]
February 23, 2010 10:17 AM
Armored Mini Storage of Albuquerque, New Mexico, has announced that it is partnering with local church Calvary Chapel East to set up a food pantry. Armored Mini Storage will provide a storage unit to hold the food, and a local hardware store, Hacienda Home Centers, will will build shelves in the unit to hold the donations. [More]
February 22, 2010 3:20 PM
Extra Space Storage released its 4th quarter and year-end results today. Compared to other self-storage REITs, Extra Space did fairly well in 2009, industry analysts observed. Reporting just before the release of the 4th quarter report, Learning Markets, a resource for investors who are just beginning to learn about investing, used Extra Space's performance as an example of a company that is leading the way in its industry, noting that Extra Space stock has gone up 8.25 percent in the last quarter, while the REIT industry has gained only about 1.39 percent in the same period.
Highlights from Extra Space's fourth quarter and year-end report were as follows: [More]
February 22, 2010 9:49 AM
Storage is becoming a problem for local government in many parts of the U.S. In the last week, several local government storage problems were reported in the media:
In Gaylord, Minnesota, the Sibley County Sheriff's office is considering building its own storage shed to store equipment and vehicles for the Sheriff's Office and the Environmental Services Department....The Sheriff's Office in Santa Rosa County, Florida, bought a mobile command unit and disaster response trailer shortly after Hurricane Ivan passed through in 2004. Initially, Terhaar & Cronley Property Co, the owner of a vacant warehouse, donated the warehouse to be used for storage of the new equipment. But it is becoming difficult for Terhaar & Cronley to pay the property taxes....In Ozark, Missouri, the Christian County Library has run out of space for its books. The library has pulled more than 1,500 books off its shelves and put them into storage....The Franklin County Courthouse renovation, in Malone, New York, is causing an embarrassing storage problem for courthouse officials: the installation of advanced technology has caused the temperature in the courthouse records center to escalate up to anywhere from 113 to 121 degrees.... [More]
February 19, 2010 11:24 AM
Westy Self Storage, a self-storage company based in Connecticut, New Jersey, and New York, announced today that its 16 self-storage sites supported 91 non-profit community organizations in 2009. In most cases, Westy donated storage space to be used for the collection of donations.
Most recently, the Chatham, NJ Westy Self Storage facility began collecting books, as it does every spring, for the annual book sale of the College Club, the Summit, Jew Jersey branch of the American Association of University Women. This year's sale will be held at the American Legion Hall in New Providence, from April 22-25, and will raise money to pay for college scholarships for area girls. Westy's Stamford, CT facility also began a donation drive this January, to benefit victims of the Haitian earthquake. [More]
February 19, 2010 10:30 AM
The Florida Self Storage Association announced yesterday that it has opened registration for its 2010 "New Horizons" Conference and Expo. Vendor exhibit applications are still being accepted as well. The conference will be held from May 5 to 7, at Disney's Contemporary Hotel, in Lake Buena Vista, Florida. Although the FSSA conference is held annually, this year several new events have been added to the schedule, including several pre-conference activities. This year's conference is being sponsored by U.S. Door & Building Components, MiniCo Publishing, Noah's Ark Development, Bader Company, Inside Self-Storage, and Phone Smart Sales Solutions.
One of the featured events at the FSSA conference will be panel discussion, called "The Storage Summit." Panelists will include Anne Ballard, from Universal Management Co.; Michael Haugh, from Absolute Management; Brenda Scarborough, from Accountable Management; Marc Smith, from Personal Mini Storage; Steve Wilson, from Hide-Away Storage; and Paul Martin, the keynote speaker. [More]
February 18, 2010 10:57 AM
This Monday, Women Investing in Nashville, a Nashville group of women who invest in real estate, will host a speaker focusing on investment opportunities in the self-storage industry. The speaker will be Anne Williams, past president and co-founder of the Tennessee Self-Storage Association. Women Investing in Nashville chose to invite Williams to speak because many of its members are interested in investing in commercial real estate. Williams' topic will be, "Self Storage as an Investment Strategy."
Williams has been working in self-storage for ten years. She began working in the industry as a district manager for Extra Space Storage and currently is a self-storage investment broker for Marcus & Millichap. Williams co-founded the Tennessee Self-Storage Association, served as its vice president in 2008, its president in 2009, and now serves as its treasurer. [More]