More self-storage transactions are closing… According to CoStar, Granite Investment Group sold the 91,594-square-foot industrial self-storage building at 5951 East Firestone Boulevard in South Gate to Nova Development for $8.57 million, or approximately $94 per square foot. The 1988 property was converted from a warehouse building to self-storage site in 2004. It offers 800 internal units and 82 RV/boat parking spaces outside. The facility is 85 percent occupied.
April 5th, 2009
MiniCo Publishing has released the “2009 Self-Storage Development Handbook,” an annual reference focused specifically on the self-storage facility development process from site selection to opening day.
Topics in this year’s edition include determining site potential, understanding pro formas, local market obstacles, selecting security components, the impact of design on security, and facility marketing as well as financial and legal considerations. The book also features detailed information about the challenges faced by Security Self Storage in Westlake, Ohio, the facility named the overall winner in Mini-Storage Messenger’s 2008 Self‑Storage Facility of the Year competition.
Commenting on the publication, Co-Publisher Poppy Behrens stated, “It is always important for self-storage professionals to understand the challenges they may face when developing a facility, but in our current economy this preparation is absolutely critical.”
April 2nd, 2009
Despite the credit crunch, self-storage properties are still selling. A private investor sold a 15,200-square-foot Exact Self Storage located in Ocean Shores, Wash., for $1.2 million. Marcus & Millichap’s Seattle office, marketed the property for the seller, a private investor. The storage facility is a 73-unit stabilized self-storage facility located on approximately 0.7 acres and was built in 2003.
April 1st, 2009
