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Self-Storage

GeorgiaIndustrialSelf-StorageSoutheast

Stein Sells Three Self-Storage Properties in Metro Atlanta Totaling 300,000 SF

by Camren Skelton

CUMMING, MARIETTA AND ATLANTA, GA. — Atlanta-based Stein Investment Group has sold three of its Space Shop Self Storage properties in metro Atlanta totaling approximately 300,000 square feet. Life Storage LP acquired the Cumming, Marietta and Atlanta properties for an undisclosed price on behalf of one of its joint venture partners. The 103,700-square foot Space Shop Cumming features 800 units and was 90 percent leased at the time of sale. Located at 3148 Johnson Ferry Road in Marietta, Space Shop East Cobb features amenities such as climate-controlled wine storage. The facility was 88 percent leased at the time of sale. Developed as an urban, infill opportunity, Space Shop Old Fourth Ward is located at 486 Decatur St. in Atlanta and features five levels of storage, access control and covered loading. At the time of sale, the property was 85 percent leased.

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FloridaIndustrialSelf-StorageSoutheast

Jernigan Capital Invests $14.7M for Self-Storage Project in Miami

by Camren Skelton

MIAMI — Jernigan Capital Inc. has invested $14.7 million for the development of a 69,175-square-foot self-storage facility in Miami. Ocoee, Fla.-based Self Storage Associates Inc. is developing the ground-up project, which will be located at 4250 S.W. 8th St., roughly one mile from the central business district of Coral Gables and approximately two miles from the University of Miami. Construction on the multi-level, climate-controlled facility is expected to begin in the first quarter of 2018, with completion slated for the second quarter of 2019. Jernigan Capital and Self Storage Associates have co-invested in four other self-storage development projects.

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IndustrialSelf-StorageTexas

Marcus & Millichap Brokers Sale of 452-Unit Self-Storage Facility in Clute, Texas

by Taylor Williams

CLUTE, TEXAS — Marcus & Millichap has brokered the sale of Clute Affordable Storage, a 452-unit self-storage facility located at 508 E. Main St. in Clute, a Gulf Coast-area city approximately 50 miles south of Houston. Nicholas Ling of Marcus & Millichap represented the seller, an undisclosed partnership, in the transaction. Evan Griffith and Tony Pepdjonovic of Marcus & Millichap represented the buyer, a limited liability company. Other terms of sale were not released.

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IndustrialMarket ReportsSelf-StorageTexasTexas Market Reports

Texas Flirts With Oversupply of Self-Storage

by Taylor Williams

Speaking to a panel of real estate professionals in the 1980s on the dangers of overbuilding during a period of economic expansion, Dallas real estate magnate Trammell Crow offered lenders in the crowd a simple proposition: “If you stop lending, I’ll stop developing.” Thirty-one years later, the nature of that relationship has manifested in the Texas self-storage market. After minimal delivery of self-storage properties in 2012 and 2013, development began to surge in 2014. The Texas Self Storage Association (TSSA) estimates that there are now roughly 6,500 facilities statewide, and local sources concur that unit growth from 2014 to the present has been somewhere in the neighborhood of 350 new facilities per year. This development boom has occurred in the face of rising land prices, high property taxes and a constricting pool of skilled labor that has driven up construction costs. Overall economic growth is contributing to the concern as well. Lenders are still lending, thus developers are still developing, betting that the pent-up demand for self-storage properties in Texas still has some gas left in the tank. The bullish perspective on self-storage appears to go beyond the Lone Star State. Tennessee-based hotel data and research firm STR, which has …

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FloridaIndustrialSelf-StorageSoutheast

US Storage Centers Delivers 122,605 SF Self-Storage Facility in North Miami Beach

by Camren Skelton

NORTH MIAMI BEACH, FLA. — US Storage Centers has delivered a five-story, 931-unit self-storage facility located at 15555 W. Dixie Highway in North Miami Beach. The company acquired the property in 2015 for $1.4 million and subsequently began construction on the 122,605-square-foot building. The new facility features drive-up access, climate control, passenger elevators, video monitoring, electronic gate access, boxes and moving supplies, moving carts and alarm units. US Storage Centers owns and operates six facilities in the Miami area and is currently developing two additional facilities, which are slated for completion in the fourth quarter.

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IndustrialMassachusettsNortheastSelf-Storage

Strategic Storage Growth Trust Acquires 840-Unit Self-Storage Facility in Nantucket, Mass.

by Jaime Lackey

NANTUCKET, MASS. — Strategic Storage Growth Trust (SSGT), a public non-traded REIT sponsored by SmartStop Asset Management, has purchased an 840-unit self-storage facility in Nantucket. Located at 6 Sun Island Road, the 93,000-square-foot facility was constructed in 2002 on 1.7 acres of land. The property was approximately 91 percent occupied at the time of acquisition. The property includes 17 climate-controlled wine storage units that serve the Nantucket Wine & Food Festival. The SSGT portfolio currently consists of 21 operating self-storage facilities located in 10 states comprising approximately 13,700 self-storage units and approximately 1.6 million net rentable square feet of storage space.

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IllinoisIndustrialLoansMidwestSelf-Storage

Associated Bank Provides $17.5M Loan for Self-Storage Project in Chicago’s Wicker Park

by Kristin Harlow

CHICAGO — Associated Bank has provided a $17.5 million acquisition and construction loan for a self-storage project in Chicago’s Wicker Park. A joint venture between JSM Ventures Inc. and CEDARst Cos. plans to renovate the non-retail floors of two former office buildings located at 1279 N. Milwaukee Ave. and 1300 N. Ashland Ave. Upon completion later this summer, the self-storage facility will total 86,660 square feet and 1,273 units. The two buildings, originally constructed in 1928, are part of the 325,000-square-foot Wicker Park Commons shopping center. Centrum Properties sold the office portion of the buildings, totaling approximately 156,000 square feet, to the joint venture. RREEF will continue to own the ground-floor retail space as a separate condominium. Additionally, Neighborhood Housing Services of Chicago Inc. will remain in place on the fourth floor. Daniel Barrins of Associated Bank originated the loan.

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IndustrialSelf-StorageTexas

Casey Development Breaks Ground on 77,000 SF Self-Storage Facility in San Antonio

by Taylor Williams

SAN ANTONIO — Casey Development Ltd. has broken ground on The Keep Storage, a 77,000-square-foot self-storage facility located just south of Thousand Oaks Drive and Henderson Pass in San Antonio. The Class A property will feature 500 climate-controlled units totaling more than 55,000 square feet of net rentable space. Archcon Architecture designed the project. Capco Construction, the project’s general contractor, expects to deliver the property in May 2018.

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FeaturesIndustrialSelf-StorageTop Stories

Self-Storage Demand Remains Strong as Supply Grows

by Kristin Harlow

Halfway through a year of transition, the self-storage sector continues to undergo changing investor dynamics while feeling the effects of political uncertainty in Washington. Yet opportunities abound, particularly in the Midwest, where a moderate development pipeline has kept supply in check with demand. We’re currently witnessing a pool of buyers rethink their approach amid rising interest rates and a lack of tax and policy guidance. As a result, large self-storage real estate investment trusts have tempered growth expectations as development activity puts upward pressure on vacancy, and rent growth moderates. This may present an opening for small to midsize buyers to enter the market or expand their existing portfolios. Meanwhile, sellers are looking to capitalize on elevated valuations. Yet, the climate of higher interest rates will likely bring lower cash-on-cash returns and put upward pressure on cap rates. Favorable fundamentals Nationwide, self-storage is currently downshifting to a more sustainable growth trajectory after years of rampant expansion. Newly employed millennials are finally moving out on their own, spurring household formation. Baby boomers are also leaving the family nest as they look to downsize. These societal shifts, along with the current economic landscape, are driving a demand for space and keeping vacancy …

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