Archive for May, 2007
InStorage Real Estate Investment Trust announced its results of operations for the three months ended March 31, 2007. The company took a net loss during the quarter of $0.9 million or $0.01 per unit. But InStorage is focusing on gaining ground in the Canadian market with an aggressive growth strategy. The high profit margins are sure to come later.
The REIT’s portfolio to 46 properties located in Alberta, Saskatchewan, Ontario and Quebec, with a gross rentable area of 2.6 million square feet and gross book value of real estate assets of approximately $404.0 million. As a result of its acquisitions to date, InStorage has gained a leading presence in the Greater Toronto Area and significant scale in Alberta, two very important markets due to their size and economic growth.
“Our growth continues as we build our presence as the leading consolidator in the Canadian self-storage business,” said T. James Tadeson, Chief Executive Officer. “We have successfully closed all acquisitions
announced to date and remain optimistic about the potential for further growth. We have taken significant steps towards the integration of the properties acquired within our property management structure and we will be rolling out the InStorage brand across our properties during the year.”
May 31st, 2007
Marcus & Millichap’s Mele Storage Group has hit a significant milestone in self-storage facility sales. In just eight years, the Tampa-based brokerage has surpassed the $300 million mark to become one
of the firm’s top specialty brokers.
Led by East Coast Self Storage Specialist Mike Mele, the Mele Storage Group is coming off a banner year. In 2006, the brokerage closed $71.5 million in sales in Florida markets across the state. This achievement earned Mele distinction as one of Marcus & Millichap’s top brokers in Central Florida, an honor he’s received for the past three years.
“The self-storage industry has changed dramatically since 1999. We’ve seen unprecedented growth, Wall Street has its eye on the business, and the long-term prospects are encouraging,” said Michael A. Mele, Senior Investment Associate at Marcus & Millichap’s Mele Storage Group and president of the Florida Self Storage Association. “Going forward, the mindset should be less of a ‘land grab’ and more of a forward-thinking look at a maturing industry.”
May 30th, 2007
A recent news article in the Herald-Dispatch discussed some “out of the box:”uses for portable storage, such as portable restrooms, extra-high security storage containers, and vending booths. Indeed, the possibilities are virtually endless for portable storage units.
“Just as Malcolm McLean came up with the idea of standardizing a metal box to move cargo by land and sea over 50 years ago, 21st century innovators are morphing containerized storage into innovative new products,” said John Finnessy, CMP, Executive Director of the National Portable Storage Association, or NPSA, a nonprofit membership association dedicated to the advancement of the portable storage industry. I can’t wait to see what NPSA members come up with next.”
Click here to read the rest of this story on PRLeap.com.
May 29th, 2007
Sovran Self Storage executives have high hopes for their hometown market of Buffalo, reports The Buffallo News. The Williamsville-based real estate investment trust became the biggest player in the Buffalo Niagara region self-storage market in March after acquiring eight local Storage Pro stores from Benderson Development Corp.
Kenneth Myszka predicted that occupancy rates would be in the mid-80 percent range within 18 months thanks, in part, to call centers and free move-in trucks. The company plans to keep gobbling up properties, according to the news report.
Sovran is well positioned and has differentiated itself in the market with its Dri-guard humidity control system. The company has also done a fab job of marketing the service, though it could do more to boost that differentiator. Of course, you can almost always do more, right? Kudos to Sovran
Click here to read the rest of this story in The Buffalo News.
May 28th, 2007
The popular self-storage webinar series, Legal Learning With Jeffrey Greenberger, sponsored by Inside Self-Storage and Selfstoragelegal.com, will now be available in a recorded format through the Self-Storage Training Institute (SSTI) and Self Storage Education Network (SSEN).
If you are playing in self-storage, you need to know the legal ropes and Jeff has a great handle on the issues, challenges and pitfalls. Greenberger is a leading self-storage attorney practicing with the law firm of Katz, Greenberger & Norton in Cincinnati, which primarily represents owners and operators of commercial real estate. He is a regular contributor to industry publications and tradeshows.
You can visit him on line at SelfStorageLegal.com.
May 25th, 2007
A European self-storage company has redesigned its web site. New features on the website include a more user-friendly frequently asked questions, a storage unit size guide, enabling customers to decide the best size storage unit for them and a Order packaging supplies page where packing items such as boxes can be ordered separately or as packages.
This is a big improvement over the old site and I applaud the company for the upgrade. While the site does employ some elements of Conversion Design and usability, though, there is still an amateurish look to the scheme. Remember, your web site may be the first impression your potential customers have of your facility. It’s been said that it takes seven sequential good impressions to overcome a bad first impression.
Click here to see the web site for yourself.
May 24th, 2007
After several years of strong performances, the tiny niche of real-estate investment trusts in the self-storage sector is showing some softness. But no one is quite sure why, the Wall Street Journal reports.
What’s your take? What’s going on here?
May 23rd, 2007
According to a Mini-Storage Messenger article called “Death of a Tenant,” Self-storage operators have their hands full with the daily activities of their customers, but when a tenant dies, life becomes much more complicated. Operators can rely on state probate laws to determine the legal parties who can claim goods left behind in a storage unit, however, there can numerous complications. These can include locating next of kin, or worse, a long-lost relative or estranged spouse showing up to claim the items after the tenant’s belongings have been dispersed.
This is a good how-to story on what to do when a self-storage tenant dies. In order to gain access to it, of course, you have to subscribe to the newsletter. You can do that at www.minico.com.
May 23rd, 2007
I’m looking for a self-storage facility in Texas that has undergone some renovations or a conversion. If that’s you, or if you know of one, please ping me at jennifer at selfstoragepromotions.com.
May 22nd, 2007
Self Storage Promotions’ blog was mentioned in the Wall Street Journal last week. In the “Related Articles and Blogs” section below the article entitled “Self-Storage REITs Lose Heat,” the Journal offered up a link to our blog.
Click here to read the WSJ article.
May 22nd, 2007
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