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]
January 19, 2010 2:09 AM
The managers of American Self Storage, in Harlingen, Texas, are worried about the drainage ditch that adjoins their property. The ditch runs north and south off Tyler, the same street that American is located on. The problem is that the ditch is full of grass and may not drain properly in the event of a flood. (Harlingen is located next to the Rio Grande.)
Experts agree with American Self Storage's managers that the ditch needs to be cleaned. They just can't agree on who should do it: the city or the irrigation district. While the issue of a dirty ditch may seem minor, it illustrates the turf wars that can occur between local government departments when previously rural land becomes more developed and is used in different ways than it was when originally zoned. [More]
December 22, 2009 12:05 PM
Equity Based Services (EBS) announced today that it has purchased two more self-storage facilities....The deal used a combination of equity and debt financing.
EBS financed the purchase in part with non-recourse loans, showing that non-recourse mortgages are still viable financing options within the self-storage market. Non-recourse loans are preferable to recourse debt when it is possible to obtain them. The debt financing, which was set up by Tavernier Capital Partners, came from a life insurance company.
The equity financing for the deal came from EBS' private investor pool and from the EBS Income Fund III, which was recently closed. The fact that EBS was able to arrange privately placed equity financing in addition to its mortgages shows that investors consider self-storage facilities to be strong, viable, low-risk businesses in which to invest. [More]