Contributing Editors



Safeguard Self Storage to Sell Three Properties

by Kim Kilpatrick August 30, 2012 11:51 AM
Are you in the market to purchase a self storage facility? Two facilities? How about three of them? If you have a cool $25 million, then Marcus & Millichap has a deal for you. They represent Safeguard Self Storage, who has three properties up for sale. Safeguard is willing to sell the properties as a portfolio or as individual facilities. The selling price averages out to $111 per square foot. [More]

Real Estate Investors Turn to Self Storage Properties

by Holly Robinson October 21, 2010 10:48 PM
Investors continue to take advantage of real estate investment opportunities in self storage as a way to escape otherwise risky commercial real estate markets, reports this week suggest. Self storage properties -- or land destined for self storage properties -- changed hands in Texas, Florida, and New York this week. [More]

Are Foreclosures Fair? “Robo-Signers” Confess Amid Mortgage Company Investigations and Fraud, Forgery Allegations

by Holly Robinson September 23, 2010 11:51 PM
There are many reasons, happy and sad, to become a self storage tenant, but one of the saddest must be to have to put belongings in self storage because your home has been foreclosed on. But in a recession economy, foreclosures seem to have become the new American experience, with millions of Americans from all walks of life losing their homes. Self storage companies have stepped up to the plate, offering storage to families who are going through a transition from one home to another, providing the first month or two of storage at a discount while families struggle to get back on their feet, and providing discounts to families with special circumstances, such as military families. Families who use self storage typically do so temporarily, while they are in transition, with the average self storage tenancy for an individual or family lasting about 11 months, according to industry statistics published last May in NuWire Investor.

Now it is becoming clear that one subset of self storage customers -- families who have lost their homes to foreclosure -- may have been improperly evicted from their homes in a deeply flawed foreclosure process that does not allow for careful and thorough review of mortgage documents and records to occur before the eviction process begins. Some bank employees are signing off on foreclosure documents without first going through the documents to make sure that the foreclosure is truly justified. Some of the foreclosures that have been processed over the last few years not only were processed far too quickly and sloppily, but are not even legal, because some files contained documents that were forged, signatures that were forged, names of made-up companies and employees from those companies, and affidavits that were signed without the presence of a notary (or that were signed by a notary several days after the initial signature that the notary was supposed to have witnessed). [More]

97-Year-Old Dalí Collector Had Converted Storage Warehouse into Museum

by Winnie Hsiu July 7, 2010 5:11 PM
Eleanor Morse, an art collector who made a museum out of a storage warehouse in 1982, died last week in St. Petersburg, Florida. She was 97 years old. Like many collectors whose collections have outgrown their own homes and living spaces, Morse, along with her late husband, A. Reynolds Morse, made their art collection, which included hundreds of modern paintings and drawings by Salvador Dalí, into a museum. They founded the Salvador Dalí Museum in St. Petersburg. At first they stored the collection in a wing of A. Reynolds Morse’s business, but it outgrew the space. So they moved the entire Salvador Dalí Museum to a space in St. Petersburg that had previously been used as a marine storage warehouse. The museum is still located on St. Petersburg’s waterfront, but has moved to a new location and is now operated by the state of Florida. [More]

FL Self Storage Operations Director Promoted to U.S. Navy Commander

by Kim Kilpatrick June 21, 2010 4:12 PM
A Florida self storage operations director who also serves in the U.S. Navy reserves has received a promotion to commander in his reserve. Paul Feikema, the operations director for Hide-Away Storage of southwest Florida, is a veteran who has spent a total of 17 years in the Navy. Some of his years have been spent on active duty and others on reserve duty. Feikema was promoted by Captain Lewis Harrison, the U.S. Central Command (CENTCOM) Deputy Engineer, at CENTCOM Headquarters, at MacDill Air Force Base in Tampa, Florida. The promotion was effective as of June 1. [More]
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