July 15, 2011 10:28 AM
Extra Space Storage Inc. is continuing to build its strength in the marketplace and recently announced it has entered into an agreement with an affiliate of W. P. Carey & Co. LLC to assume management of 19 self storage assets recently purchased by CPA®:17 - Global, one of W. P. Carey's publicly held non-traded REIT affiliates. [More]
March 8, 2010 5:00 PM
StorageVault of Canada announced today (MarketWire, Trading Markets, Inside Self Storage) that two investment funds managed by PFM Capital will, collectively, make a $4,000,000 preferred share investment in StorageVault. StorageVault expects the preferred share financing deal to close on or around March 17 of this year. StorageVault will draw down the investment in two tranches of $2,000,000 each, with the first tranche being drawn down on the closing date (March 17), and the second tranche being drawn down within one year of the closing date -- or by March 17, 2011. StorageVault will use the money to buy a self-storage facility in Cambridge, Ontario, to develop PUPS portable storage at that location, and for general working capital to cover operating expenses. [More]
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 3, 2010 5:03 PM
Tech-Fast Self Storage founders Dave Cook and Mark Duncan announced today that they have sold the Tacoma, Washington company to Trachte Building Systems, Inc.
Tech-Fast,which was founded in 1989, designs and builds customized low- to mid-rise, pre-engineered self-storage buildings. The company's philosophy is to make self-storage properties "easy to plan, simple to build and profitable to operate." Tech-Fast advises its clients from the very beginning of a project, including finding a location, acquiring property, performing a feasibility study, obtaining city/county permits, and constructing the facility. Trachte, which is headquartered in Sun Prairie, Wisconsin, runs a very similar business. It designs and produces customized, pre-engineered steel self-storage systems. Trachte makes single- and multi-story systems, portable storage, interior partitions and corridors, and boat/RV canopies. Trachte was founded in 1901, by two brothers (George and Arthur Trachte) who had become tinsmith apprentices, learned the trade, and then went into business for themselves. [More]
January 21, 2010 4:48 AM
American Spectrum Realty, a real estate investment and management company, announced Tuesday that it has acquired 74 property management and asset management contracts (representing 80 separate assets) from Evergreen Realty Group. The interests in real estate that were acquired by American Spectrum represent Evergreen's interest in properties connected with the contracts that were acquired. The contracts include a number of self-storage facilities, with a total of 12,098 self-storage units making up 1,793,881 square feet of storage space. American Spectrum has been negotiating the acquisition with Evergreen for more than a month (its original Purchase Agreement was dated Dec. 17, and the deal closed on Jan. 19). [More]
December 17, 2009 11:09 AM
Earlier this month, real estate investment group Equity Based Services, Inc., announced that it is acquiring a new self-storage facility, Advantage Self Storage (now to be called American Mini Storage) in Plano, Texas....The Advantage acquisition ushers in a new policy for EBS, one of aggressively acquiring new self-storage properties. EBS and other real estate investors have found that the economic climate currently is very favorable for buying self-storage. EBS, which currently owns and operates 64 self-storage properties in 11 states, plans to double its self-storage acquisitions over the next year. [More]