Manhattan Mini Explores Sale

 

Edison Properties is working with Eastdil Secured to explore the sale of Manhattan Mini Storage, according to Bloomberg.

Founded in 1978, Manhattan Mini Storage has 18 locations and is estimated to have the largest market share of any storage provider in Manhattan.  The company could fetch more than $3 billion.

“The pandemic has only reinforced the importance and stability of these assets,” Jon Dario, chief operating officer of Edison Properties, said in an emailed statement.

Other recent blockbuster deals include Public Storage’s $1.8 billion purchase of EzStorage, and Blackstone Real Estate Income Trust Inc.’s purchase of Simply Self Storage from Brookfield Asset Management Inc. for about $1.2 billion.

 

Public Storage Founder Dies

 

Public Storage founder and philanthropist B. Wayne Hughes Sr. died August 18 at age 87. Spendthrift Farm, the legendary Lexington, Kentucky, thoroughbred ranch Hughes bought a decade and a half ago, said Hughes died at his residence with his family. No cause of death was given.

“The self storage community mourns the passing of iconic Public Storage founder B. Wayne Hughes, who established the brand synonymous with the industry itself,” said Self Storage Association President & CEO Timothy Dietz, CAE. “Mr. Hughes’ vision not only created employment for thousands over five decades but even more significantly, led to the proliferation of self storage as an essential component of the transitory engine of our culture,” said Dietz.

Hughes stepped down as chairman of Public Storage’s board in 2011. In retirement, he was among the most high-profile racehorse owners and breeders. He co-owned the 2020 Kentucky Derby winner, Authentic.

Hughes is survived by his wife, Patricia; son, Wayne Hughes Jr.; daughter, Tamara Hughes Gustavson; and four grandchildren. He was preceded in death by his youngest son, Parker Hughes, who died in 1998 of leukemia.

 

StorTropolis Grows Kansas City Presence

 

Hunt Midwest has opened a new location of StorTropolis in Kansas City, Missouri. It’s the fifth Kansas City location since the brand launched in 2018. Strickland Construction built the project.

 

Goeman’s Plans Wisconsin Store

 

Goeman’s Self Storage plans to open a new facility in Hartford, Wisconsin, according to GMToday. The planning commission has approved the site plan.

 

Marcus & Millichap Brokers Indiana Sale

 

Marcus & Millichap brokered the sale of Little Turtle Storage in Fort Wayne, Indiana. Clint Miller, Brett R. Hatcher and Gabriel Coe had the exclusive listing to market the property on behalf of the seller and secured the buyer.

 

Andover Buys Phoenix Property

 

Andover Properties, LLC acquired Extra Space Storage in Phoenix, Arizona, its ninth facility in the state. The property will be rebranded as Storage King.

 

Janus Named to Inc. 5000

 

Janus International Group Inc., has been named to Inc. Magazine’s ‘5000 Fastest-Growing Private Companies’ in America. Ranked 4911 on the annual list, Janus achieved three-year revenue growth in June 2021 of 42%. Janus is a newly public company and began trading on the NYSE in June. Janus made the Inc. 5000 list eight times in 12 years.

 

Global Reports 2Q Results

 

Global Self Storage, Inc. reported the following highlights for the second quarter of 2021. Total revenues increased 15.2% to a record $2.6 million. Funds from operations (FFO) increased 52.1% to a record $773,000 or $0.08 per diluted share. Same-store net operating income (NOI) increased 17.9% to a record $1.3 million. Same-store occupancy at June 30, 2021, increased to a record 96.3% from 92.9% at June 30, 2020.

 

Partnership Buys in Northern Virginia

 

A partnership between Potomac Yard Mini U Storage, Dahn Corp. and Elevation Fund 8 has purchased Oakville Self Storage in Alexandria, Virginia. Oakville Self Storage was an adaptive reuse project. The JLL Capital Markets team that arranged the transaction included Brian Somoza, Steve Mellon, Bruce Strasburg and Craig Childs.

 

Developer Plans Georgia Facility

 

Developer Lanier Luxe Self Storage of Murrayville, Georgia, intends to build a self storage facility on 10 acres in Gainesville, Georgia, according to the Gainesville Times. The facility will include bot and RV facility storage.

 

Street Rates Continue Growth

 

Yardi Matrix reports that in July, self storage street rates across the nation continued to grow as the sector benefited from ongoing consumer demand. National street rates for 10x10 non-climate-controlled units increased by 10.4% compared to July 2020, and rates nationwide for 10x10 climate-controlled units rose by 12.4% year-over-year. On a monthly basis, national street rates for 10x10 NON CC units saw a 0.8% uptick, while rates for 10x10 CC units jumped 1.4% month-over-month.

ASM Releases Results

 

Absolute Storage Management released the following operating results for the three months ended June 30, 2021: Increased same-store revenue by 15.7% vs. the same period in 2020 and acquired six management contracts. For the first six months of 2021, ASM increased same-store revenue by 12.2% vs. the same period in 2020. ASM ended the first half of the year with 94.1% unit occupancy, a 6.7% increase vs. the same period in 2020.

 

Stoic to Open Alabama Storage

 

Stoic Equity Partners purchased a converted building that will become a self storage facility in Fairhope, Alabama. It will be managed by StoreEase. The building is a former Food World grocery store that closed in 2009 and was converted to office space. The office space became vacant during the pandemic and will be converted to self storage.

 

SmartStop Posts Results

 

SmartStop Self Storage REIT, Inc. released results for the three and six months ending June 2021. SmartStop recorded its highest ever same-store occupancy of 96.3% at quarter end and strong rental rate growth. This resulted in same-store revenue and NOI growth of 21.5% and 28.7% for the quarter. For the three months ending in June, same-store revenues increased by 21.5% compared to the same period in 2020.