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In an all-cash transaction, Strategic Storage Trust, Inc. (SSTI) — a publicly registered non-traded REIT targeting the self storage market — recently acquired two facilities located in Fort Lee, N.J. and Weston, Fla. for a combined purchase price of approximately $23 million.
“These facilities represent newer Class A properties in prime markets,” said H. Michael Schwartz, SSTI’s chairman and CEO. “Both properties offer the latest generation of secured climate-controlled self storage featuring convenient access to major roads and interstates.”
Built in 2000, the Fort Lee facility is situated on a 1.2 acre site located at 550 Main Street in Fort Lee, Bergen County, NJ. The Class A property is 88.2% occupied, offering 965 climate-controlled units. The three-story building offers a three door, drive-in, covered loading/unloading area. Additionally, the property contains a cellular tower, leased to multiple tenants located on the roof.
The Fort Lee facility is located approximately two miles north of Manhattan in close proximity to the George Washington Bridge. The self storage property, which is based in Bergen County, is accessible via the New Jersey Turnpike (I-95) and the Garden State Parkway. The turnpike provides access to upstate New York and New England to the north and Philadelphia and Washington D.C. to the south.
The Weston facility was built in 2005 and is situated on a 1.97 acre site located at 16400 State Road 84 in Weston, Broward County, FL. The four-story building is currently 86.1% occupied and offers 651 climate controlled units. The city of Weston is located in western Broward County. Primary access to the facility is provided by Interstate 75 and Interstate 595. The Sawgrass Parkway, located just to the north of the facility, connects the area to the Florida Turnpike and Interstate 95. The Weston area is currently in a stage of growth and development, as evidenced by new construction occurring in the overall market.
“Due to the recent development of the Weston community, the city has become a desirable environment for dining, nightlife and shopping among the community’s many shopping plazas. “The Ft. Lauderdale/Miami market is one where we see opportunity,” said Wayne Johnson, senior vice president of acquisitions for SSTI. “We are pleased with the high quality of storage we can provide to the Ft. Lauderdale/Weston market and surrounding region with this acquisition.”
Since the launch of the REIT a year and a half ago, the REIT’s portfolio of properties has expanded to include 28 properties in 14 states (Georgia, Mississippi, Florida, Virginia, New Jersey, Kentucky, Alabama, Arizona, California, Nevada, Texas, South Carolina, Tennessee and Pennsylvania). The seller of both properties, Chicago Five Properties, LLC, was represented by CB Richard Ellis.
February 26th, 2010
In an all-cash transaction, Strategic Storage Trust, Inc. (SSTI) — a publicly registered non-traded REIT targeting the self storage market — recently acquired two facilities located in Fort Lee, N.J. and Weston, Fla. for a combined purchase price of approximately $23 million.
“These facilities represent newer Class A properties in prime markets,” said H. Michael Schwartz, SSTI’s chairman and CEO. “Both properties offer the latest generation of secured climate-controlled self storage featuring convenient access to major roads and interstates.”
Built in 2000, the Fort Lee facility is situated on a 1.2 acre site located at 550 Main Street in Fort Lee, Bergen County, NJ. The Class A property is 88.2% occupied, offering 965 climate-controlled units. The three-story building offers a three door, drive-in, covered loading/unloading area. Additionally, the property contains a cellular tower, leased to multiple tenants located on the roof.
The Fort Lee facility is located approximately two miles north of Manhattan in close proximity to the George Washington Bridge. The self storage property, which is based in Bergen County, is accessible via the New Jersey Turnpike (I-95) and the Garden State Parkway. The turnpike provides access to upstate New York and New England to the north and Philadelphia and Washington D.C. to the south.
The Weston facility was built in 2005 and is situated on a 1.97 acre site located at 16400 State Road 84 in Weston, Broward County, FL. The four-story building is currently 86.1% occupied and offers 651 climate controlled units. The city of Weston is located in western Broward County. Primary access to the facility is provided by Interstate 75 and Interstate 595. The Sawgrass Parkway, located just to the north of the facility, connects the area to the Florida Turnpike and Interstate 95. The Weston area is currently in a stage of growth and development, as evidenced by new construction occurring in the overall market.
“Due to the recent development of the Weston community, the city has become a desirable environment for dining, nightlife and shopping among the community’s many shopping plazas. “The Ft. Lauderdale/Miami market is one where we see opportunity,” said Wayne Johnson, senior vice president of acquisitions for SSTI. “We are pleased with the high quality of storage we can provide to the Ft. Lauderdale/Weston market and surrounding region with this acquisition.”
Since the launch of the REIT a year and a half ago, the REIT’s portfolio of properties has expanded to include 28 properties in 14 states (Georgia, Mississippi, Florida, Virginia, New Jersey, Kentucky, Alabama, Arizona, California, Nevada, Texas, South Carolina, Tennessee and Pennsylvania). The seller of both properties, Chicago Five Properties, LLC, was represented by CB Richard Ellis.
February 26th, 2010
Storage Opportunity Partners and Storage Pros Self Storage have acquired two self-storage facilities in southeastern Massachusetts, one in the Cape Cod town of Falmouth and one in Fairhaven, across the Acushnet River from the City of New Bedford.
The acquisition brings StorageOp’s holdings to 13 properties totaling 780,000 rentable square feet, 6,800 units and more than 950 outdoor parking spaces for rent in its initial target markets of New England and southeastern Michigan, all acquired within the last 28 months.
“Once again, our strong investor base and solid financing relationships have allowed us to further implement our acquisitions strategy in New England at a time when the capital markets continue to pose enormous challenges,” says David Levenfeld, co-founder and CEO of StorageOp. “We intend to continue our disciplined growth strategy within our core markets.”The Falmouth facility, located on State Route 28, has 79,495 rentable square feet in five two-story buildings featuring more than 30,000 square feet of climate-controlled space.
The Fairhaven facility has frontage on State Route 240, and consists of 41,500 rentable square feet in six single-story buildings. New ownership will update the Fairhaven facility, including the complete renovation of one of the six storage buildings to convert 6,100 rentable square feet into climate-controlled space. Budget Truck Rental will also be added at Fairhaven.
“We will realize immediate operational synergies by adding these two properties to our existing New England portfolio,” says Ian Burnstein, co-founder and COO. “Our scale allows increasing efficiencies to maximize facility performance at all Storage Pros locations.”
The properties will be rebranded Storage Pros Self Storage, and will be operated by Storage Pros Management LLC, a wholly owned subsidiary of StorageOp that also offers third-party self storage property management services.
August 21st, 2009
WEST PALM BEACH – August 28, 2008 – With the economy slowing, self-storage operators are looking for strategies to generate more revenue, cut expenses and increase equity.
RK Kliebenstein and Jennifer LeClaire, two self-storage industry veterans, are offering straight-up advice, little-known secrets and practical tips to do just that in a new book entitled, “How to Make Money in Self-Storage.” This book unlocks keys to greater profits for self-storage operators anywhere in the world.
“This book contains some of the secrets I’ve learned over the past 25 years in the self-storage industry,” said RK Kliebenstein, the book’s co-author and principal of Coast-To-Coast Storage, a self-storage consultancy in City of Atlantis, Fla. “I truly believe this book will become the number one resource for self-storage operators who want to watch their revenues climb, the expenses decline and the overall property value increase.”
RK Kliebenstein is a self-storage industry pioneer. He is an internationally renowned author and speaker with extensive experience in all aspects of financing, developing, acquiring, and managing self-storage properties. Kliebenstein is an innovator, whose many years of dedication and hard work have helped self-storage achieve its modern status as one of today’s best investment opportunities. He has been responsible for underwriting over $1 billion in self-storage transactions, running more than 1,000 acquisition and development projects, and personally conducting due diligence on over 100 million square feet of self-storage space.
“Marketing can be a vital competitive advantage in self-storage – and few truly do it well,” said Jennifer LeClaire, the book’s co-author and principal of Self Storage Promotions, a self-storage marketing and PR firm in Hallandale Beach, Fla. “How to Make Money in Self-Storage offers proven strategies for making the most out of your marketing budget.”
Jennifer is the president and creative director of Self Storage Promotions. She has been serving the self-storage industry with writing, editing, ghostwriting, public relations and graphic design services since 2001. That industry-specific knowledge, combined with her nearly 20 years of media savvy, positions her to help self-storage companies promote their brands. Jennifer is a member of the Public Relations Society of America and the American Society of Authors and Journalists and the Web Analytics Association.
For more information, visit H2MMM.com or visit the authors at their personal Web sites at www.Coast-to-Coastconsulting.com and www.SelfStoragePromotions.com.
About the Book
“How to Make Money In Self-Storage” is an A-to-Z resource guide for self-storage operators who want to increase revenues, decrease expenses, and create equity. The book is the work product of two pioneers in the self-storage industry, RK Kliebenstein and Jennifer LeClaire. Managers, investors, bankers, and anyone who has an interest in self-storage will benefit from this book. Some of the greatest minds in self-storage, Jim Chiswell, Derek Naylor, and Kelly Perdew have rave reviews for How To Make More Money In Self-Storage.
September 25th, 2008
Self Storage Promotions was featured in a brief in Inside Self Storage magazine. Click here to read the brief.
January 3rd, 2007
HALLANDALE BEACH, FL (July 20, 2006) – Self Storage Promotions, the self-storage industry’s only integrated marketing communications firm, has launched an interactive blog designed to educate and spark discussion among storage industry players.
SelfStoragePromotions.com’s blog features strategic categories, including Branding/Corporate Identity, Community Relations, Corporate Communications, Grand Opening Events, Marketing & Ad Campaigns, Media Relations, Public Relations, Strategic Counseling, Video Production and Web Services.
“The Self Storage Promotions blog will keep you up to date on industry goings on – and offer insights into the branding, marketing and public relations strategies behind the headlines,” said Jennifer LeClaire, President and Creative Director of Self Storage Promotions, a division of Revelation Media Networks. “You can glean insights from what others in the industry are doing right – and what they are doing wrong.”
LeClaire heads up a team of writers, editors, web developers, PR pros, marketing specialists, graphic designers, branding gurus, event managers, consultants, market researchers, photographers and video producers who know how to craft multimedia messages that cut through the clutter.
LeClaire has been serving the self-storage industry for more than five years with writing, editing, ghostwriting, public relations and graphic design services. That industry-specific knowledge, combined with her 15 years of media savvy, positions her to help self-storage companies promote their brands. LeClaire has worked with Universal Studios, the NBA, the New York Times, the Associated Press, and many large and small corporations in their quest for communications excellence.
“SelfStoragePromotions.com illustrates our creativity and technical knowledge,” LeClaire said. “We understand that web development is not just about a pretty web site. It’s about converting visitors into customers. SelfStoragePromotions.com’s combination of aesthetics, site architecture and copywriting is a strong example of web design that meets business objectives.”
About Self Storage Promotions
A division of Revelation Media Networks, Inc., Self Storage Promotions is the industry’s only integrated marketing communications firm. Whether you need a quick press release, a complex web site, grand opening event management, or some other promotional service, consider Self Storage Promotions your one-stop shop for strategic solutions that bring results. For more information, visit www.selfstoragepromotions.com.
July 25th, 2006
At Self Storage Promotions, we understand the power of promotions – and we understand how to harness that power to accomplish your business goals. We started this firm specifically to correct and control the breakdowns between what your company represents and how your company is perceived in the marketplace.
We introduce a simple concept, yet one that has been often overlooked in the self-storage industry’s quest to lease up, increase ancillary income and expand into new territories: strategic promotions.
The new definition of storage promotions
We work with storage developers, investors and other industry stakeholders who understand that Wall Street is watching. Sure, the unit-renting public is beginning to notice that modern-day storage facilities are no longer rectangular boxes with little aesthetic appeal. But attractive buildings with high-tech bells and whistles do not a successful company make.
July 1st, 2006
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