Posts filed under 'Industry Happenings'
n March 10, 2010, Mike Parham, Founder and President of Noah’s Ark Development, a Parham Group company, will present a free webinar to help self-storage professionals understand the complexities of the self-storage pro forma, a critical document in the financing process. The Parham Group will sponsor the presentation entitled “Understanding a Self-Storage Pro Forma,” which will address the following topics:
- Overall pro forma analysis
- Anticipated development variables
- Normal operating expenses
- How to determine development costs
- Future fair market value determination
The Parham Group includes Noah’s Ark Development, Maverick Investments, NDS Construction, Cross Metal Buildings, and Joshua Management. Poppy Behrens, Publisher, MiniCo Publishing, will moderate the presentation as part of the ongoing Mini‑Storage Messenger Self-Storage Webinar Series. For more information or to register, visit www.ministoragemessenger.com. Online registration is required for this free live event.
March 3rd, 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
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
Strategic Storage Trust, Inc. (SSTI), a publicly registered ($1 billion of common stock registered) non-traded REIT targeting the self storage industry, has completed the transition to a new transfer agent.
DST Systems, Inc. will handle the processing of new accounts, ongoing recordkeeping, transfers, tax reporting, account statement and distribution processing and other reporting for all of its real estate investment programs. Based in Kansas City, Mo., DST Systems is an information processing and computer software company servicing the financial services industry.
“When we began our transfer agent search, DST clearly stood out at as the industry leader,” said H. Michael Schwartz, SSTI’s chairman and CEO. “The company’s advancements in technology and stringent attention to security issues were also key components to our decision. Representatives can now access SSTI client information through DST Vision(R), a web-based system that provides intermediaries with real time access to client information on a consolidated program across product platforms, including other non-traded REITs and mutual funds.”
“SSTI has experienced significant growth since the business launched two years ago, and its recordkeeping needs have evolved. We’re proud to be able to offer a full suite of solutions — including access to DST Vision to support SSTI’s distribution needs and AWD, our business process management offering, to streamline its business processes,” said Tom Schmidt, vice president, DST Systems. “We look forward to helping SSTI achieve further business expansion.”
SSTI is continuing its focus as one of the leading purchasers of self storage properties across the United States in conjunction with a nationwide branding initiative which began in the fourth quarter of 2010. The non-traded REIT’s current portfolio has expanded to include 26 properties in 14 states.
February 23rd, 2010
Self Storage Finders, an online self storage directory, just rolled out its website redesign. This should serve as an example to the self-storage industry — the web is a vital part of your business and will become moreso in the months and years ahead.
The new design is a key factor in order to establish brand awareness, provide clarity of communication and foster business to business marketing and lead generation.The website incorporates sleeker design architecture with clean, aesthetic lines optimizing the overall consumer experience. The simple and clean site design is part of the company’s mission to continuously meet the needs of its Members and potential renters by providing improved navigation, better organization of content, interactive communication functions, user friendliness and current website technology.
The website redesign is one of several tactics Self Storage Finders has incorporated into their integrated marketing campaign. “We are happy to unveil our new website redesign. Being able to stay current on technology advances is a priority for us. As an innovator in the online storage industry, we must give the customer and client a positive user experience. We are confident the new redesign will achieve this objective,” said Brian Barwig, Marketing Director of Self Storage Finders.
“I am very pleased with the new site,” says Barwig. “It is not only aesthetically pleasing but it also has enhanced load speeds and design flexibility.” He adds the site will continue to grow as Self Storage Finders does saying, “We are constantly evolving and adapting while encouraging our Members to be vocal about what they like and do not like about the website.”
Enhancements have also been made to the sites general website directory and blog organization.
We continue to strive for excellence and have designed the site to be a primary source of storage information on the internet – a one-stop resource for potential renters.
All of the updates allow users to more easily find the information they are searching for, in the most logical places, and to support them in their research, evaluation and selection of a storage unit. The redesign will continue to contribute to the value Self Storage Finders customers and Members receive through the company. The redesign is another step in efforts to continually enhance user and Member experiences, as well as to deliver additional functions and features.
The website was redesigned by Fox Web Creations, a Kansas City based company servicing various businesses in several industries.
February 16th, 2010
Hundreds of millions of users are now actively logging on to social networking sites such as Facebook, Twitter and LinkedIn, to access both personal and business information. Self-storage facilities have joined the growing list of businesses that are putting social media to work.
On January 20, 2010, Rebecca Morse, Circulation and Social Media Manager for MiniCo Publishing, and Derek M. Naylor, President of Storage Marketing Solutions, will present the free webinar “Self‑Storage + Social Media: How to Make it Work Without Wasting Time & Money.” The webinar is open to all self-storage professionals and will introduce participants to various social networking sites. Topics will include the following:
· The ever-growing social network
· Live demonstrations of social media sites
· Time-saving tools to increase efficiency
· How self-storage facilities are using social media
· Getting started
· Best practices for your facility
The webinar of will be co-sponsored by MiniCo Publishing and Storage Marketing Solutions and moderated by Poppy Behrens, Publisher, MiniCo Publishing, as part of the ongoing Mini‑Storage Messenger Self-Storage Webinar Series. For more information or to register, visit www.ministoragemessenger.com. Online registration is required for this free live event.
January 14th, 2010
SpareFoot added Simply Self Storage to the SpareFoot.com marketplace.Consumers in need of storage across the United States can now reserve units at any of the 165+ Simply Self Storage properties nationwide. This is a pretty cool company — and they scored big with Simply Self Storage. Simply Self Storage is the largest privately owned storage operator in the United States and Puerto Rico with facilities throughout California, Florida, Georgia, Illinois, Indiana, Kansas, Massachusetts, Michigan, Minnesota, New Jersey, New York, Ohio, Pennsylvania, Rhode Island, Texas, Virginia and Puerto Rico.
“Simply Self Storage is a key addition to the SpareFoot.com marketplace,” says SpareFoot CEO Chuck Gordon. “Their extensive footprint, competitive pricing and high quality portfolio will be an obvious choice for SpareFoot consumers.”
“We are excited about working with SpareFoot,” says Simply Self Storage Director of Marketing Christina Furnia. “There are plenty of self storage aggregators on the web, but SpareFoot’s marketplace technology and unique customer sourcing strategy sets them apart from the rest.”
January 11th, 2010
In case you missed it, the New York Times ran an article discussing whether there’s any steam left in REITs. The article specifically mentions self-storage. If you haven’t read it, check it out by clicking here.
January 9th, 2010
Steve Hartman has left the eBay to join U-Store-It Trust as Senior Vice President of Marketing. What a score! I am not sure what this means for U-Store-It from an Internet perspective, but I would expect the company to leverage his e-commerce skills. Should be interesting. Congrats to U-Store-It.
January 5th, 2010
U-Haul, the leader in self-storage, with more than 34 million square feet of storage space at more than 1,075 owned and managed facilities throughout North America, recently introduced the latest in Sustainability initiatives: U-Haul Reuse Centers. U-Haul of Yonkers, 155 Saw Mill River Road, in Yonkers, New York, is now featuring a Self-Storage Reuse Center for customers. The U-Haul Reuse Program was developed to provide a redistribution network for unwanted, gently used household goods, furniture, sporting equipment, bikes and clothing that formerly were destined for landfills.”At U-Haul, we are committed to sustainable development through environmental protection, social responsibility and economic efficiency,” stated Jeff Sonberg, president, U-Haul Company of Manhattan/Bronx. “This program gives U-Haul another opportunity to provide a service which will enhance the self-storage industry by improving the environment for generations to come.”
Items placed in the area are available for reuse, not resale, by the U-Haul community, including U-Haul employees. U-Haul continues to support humanitarian, community-based organizations such as the Salvation Army, Goodwill and the like, by placing clothing-donation bins in close proximity to the designated reuse area so that customers may donate directly to these groups.
Corporate citizenship is U-Haul Company’s commitment to being accountable to the communities in which we live and serve. With nearly 1,100 self-storage facilities conveniently located in North American communities, U-Haul is an innovative leader in the field of shared storage–providing shared spaces which enable local residents to live comfortably in more compact homes and apartments with substantially reduced living expenses, while at the same time being able to store their possessions at another location.
Since 1945, U-Haul has been the best choice for the do-it-yourself mover, with a network of more than 15,800 locations in all 50 United States and 10 Canadian provinces. U-Haul customers’ patronage has enabled the U-Haul fleet to grow to approximately 101,000 trucks, 76,000 trailers and 34,000 towing devices. U-Haul offers more than 395,000 rooms and approximately 35 million square feet of storage space at nearly 1,090 owned and managed facilities throughout North America. U-Haul is the consumer’s number one choice as the largest installer of permanent trailer hitches in the automotive aftermarket industry. U-Haul supplies alternative-fuel for vehicles and backyard barbecues as one of the nation’s largest retailers of propane.
U-Haul was founded by a Navy veteran who grew up in the Great Depression. Tires and gas were still rationed or in short supply during the late 1940s when U-Haul began serving U.S. customers. Today, that background is central to the U-Haul Sustainability Program: “Serving the needs of the present without compromising the ability of future generations to meet their own needs.” Our commitment to reduce, reuse and recycle includes fuel efficient moving vans, neighborhood proximity, moving box reuse, moving pads made from discarded material and packing peanuts that are 100 percent biodegradable. Learn more about these facts and others at www.uhaul.com/sustainability.
August 21st, 2009
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