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Self Storage Industry Report: February 10, 2017

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Self Storage Industry Report: February 10, 2017

All Roads Lead to Texas

Texas is the number one US growth state for arrivals of one-way U-Haul truck rentals for 2016, according to the latest U-Haul migration trends report.

The year-over-year arrival of one-way U-Haul truck rentals rose 4 percent last year in Texas while departures held steady.

Florida, Minnesota, Wisconsin and Missouri complete the top five growth states. Maine, Idaho, Louisiana, Vermont and Arkansas round out the top 10.

Growth states are calculated by the net gain of one-way U-Haul truck rentals entering a state versus leaving a state during a calendar year. Migration trends data is compiled from more than 1.7 million one-way U-Haul truck rental transactions that occur annually. While migration trends do not correlate directly to population or economic growth, U-Haul growth data is an effective gauge of how well states are attracting and maintaining residents.

Governor Greg Abbott said of U-Haul’s migration report: “In the Lone Star State, we recognize that increased regulations and higher taxes are barriers to success for business, individuals and families. I am proud that Texas continues to be the state of choice for those looking for expanded economic opportunities.”

“Our market is strong,” said Zane Rowland, U-Haul Company of North East Dallas president. “Between the low cost of living, the abundance of job opportunities and the ability to start a business, many people want to move to Texas.”

In 2016 Austin was the No. 2 US growth city among those with 50,000-plus population.

Denver Self Storage Conversion Gets New Owner

Marcus & Millichap sold a mixed-use self storage and office asset in Littleton, CO, owned by Etkin Johnson Real Estate Partners.

The property is anchored by an 81,263-net-rentable-square-foot, class A storage facility that was converted from an office/warehouse building in early 2016. The sale also included a stand-alone office/flex building and adjacent 7-acre parking lot. 

“The seller purchased the property completely vacant and did an excellent job repositioning and re-tenanting the assets,” said Charles “Chico” LeClaire, of Marcus & Millichap’s Denver office.

Extra Space Storage manages the storage conversion that is currently in lease up and features 767 climate controlled units.

Marcus & Millichap has more than 1,600 investment sales and financing professionals throughout the US and Canada. The company specializes in commercial real estate investment sales, financing, research and advisory services.

Storage Post Grows in New York

Storage Post Self Storage is expanding in Nassau County, NY, with the purchase of a self storage property in Garden City, NY.

Storage Post has experienced tremendous growth in the last six years through acquisitions, redevelopment and select management contracts, said Dylan Delaune, COO of Storage Post. The latest purchase increases the company’s presence in the New York market to 26 properties.

Storage Post is headquartered in Atlanta and has self storage facilities along the east coast and throughout the south.

SkyView Advisors Sells Indiana Portfolio

SkyView Advisors has sold the five-property portfolio of R&R American ULock in Northwest Indiana. The collection of properties includes 164,640 net rentable square feet of non-climate controlled units. Ryan Clark, senior vice president, and Jay Crotty, managing partner, represented the seller, DCG Enterprises, LLC and the buyer.

The five storage facilities were built from 1989 to 2007 and consist of 916 storage units and 37 spaces for boat and vehicle parking. Together the portfolio of storage facilities is the dominant operator in the 200-square-mile area.

Clark said the buyer is relatively new to the storage industry.

“The buyer entered the self storage market within the last 18 months, demonstrating the continued strong inflow of capital into the asset class as well as demand for storage in tertiary markets,” Clark said.

Based in Tampa, FL, SkyView Advisors represents self storage owners in the sale of their properties and provides debt and equity solutions.

Storage in Midwest Finds New Owner

Marcus & Millichap has sold Westside Storage in Richmond, IN, a 24,195-rentable square foot self storage facility for $1.1 million.

Marcus & Millichap had the exclusive listing of the property. The buyer is a partnership secured and represented by Marcus & Millichap.

Westside Storage is located on 7 acres and has 212 non-climate controlled units.

“Westside Storage is a great example of how the demand for self storage assets has filtered its way to tertiary markets even in the Midwest,” said Mickey Hurley, lead agent representing the seller. “We were able to solicit multiple offers for the seller’s consideration and eventually traded at full list price.” 

Orlando Sports Store Converted to Storage

Volta Global LLC has purchased a former Sports Authority retail store in Orlando, FL, and plans to convert it into a self storage facility. This will be Volta’s first ground-up development since the company entered the self storage market in 2016 under the First USA Storage brand, which owns and operates self storage in North Carolina, Tennessee and Louisiana.

The Orlando project will comprise 90,000 square feet after two phases of planned development are complete. Extra Space Storage will manage the site.

| Categories: Self Storage Business | Tags: U-Haul, Marcus & Millichap, Charles “Chico” LeClaire, Storage Post, SkyView Advisors, Volta Global LLC, Orlando, Extra Space Storage | View Count: (6433) | Return

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