Wentworth Sells Western Portfolio

 

Phoenix-based Wentworth Property Co., in a joint venture with an institutional equity investor, sold a portfolio of 18 storage properties across Arizona, Texas, Colorado, Utah and Idaho. A New York-based investment management company acquired the portfolio for $266.2 million. Tom Gustafson of Colliers procured the buyer for the off-market transaction.

 

 

Public Storage Aims for Life Storage

 

Public Storage has launched an unsolicited takeover bid for Life Storage, offering to pay $11 billion to acquire the 4th largest storage operator and pay shareholders a 17% premium over LSI’s Feb. 3 market value. So far, Life Storage has indicated that it intends to remain independent. Public Storage made two private offers to Life Storage’s leadership in December and again in January. By making its acquisition intentions public, Public Storage increases the pressure on Life Storage executives. What could lie ahead is a fight over Life Storage’s fate and a bidding war. Other potential buyers could also emerge.

 

REITs Plan Earnings Announcements

 

The storage sector’s public REITs are set to announce Q4 2022 earnings. Here’s the schedule:

Public Storage’s conference call is scheduled for 9 am PST on Wednesday, Feb. 22.
Extra Space Storage will host a conference call at 1pm EST on Thursday, Feb. 23.
CubeSmart will host a conference call at 11:00 a.m. ET on Friday, February 24.
Life Storage will conduct a conference call on Friday, Feb. 24 at 9:00 a.m. EST.
National Storage Affiliates will host a call Tuesday, Feb. 28 at 1 pm EST.

 

Shreve Running for Indianapolis Mayor

 

Jefferson Shreve, the founder of Storage Express and former SSA board chairman, is running to be mayor of Indianapolis, Indiana. Shreve will be in a four-way Republican primary. Shreve sold Storage Express and its 107 properties for $590 million in 2022 to Extra Space Storage, Inc. Shreve is now a member of the Extra Space Storage board of directors. Shreve served two stints as a member of the Indianapolis City-County Council.

 

Reed Joins Store Space

 

JC Reed has joined Store Space Self Storage as vice president of operations. Reed was previously with Public Storage.

 

StorageCafe: Where Rents Are Rising, Falling

 

Consistently high supply levels – now hovering around roughly 256 million square feet of storage space delivered in the last 5 years – have allowed street rates to cool down across the US, according to StorageCafe. The average street rate for a 10’x10’ storage unit is currently $126, a 2.3% drop year-over-year. Yet rents are rising in more than a third of the 150 largest cities. Buffalo, New York, has seen the largest storage price rise, followed by Tacoma, Washington, and Bakersfield, California. New Orleans, Louisiana, and Modesto, CA, had the largest price drops.

 

SkyView Brokers Sales

 

SkyView Advisors brokered the following sales:

•    CubeSmart (managed) storage facility in Colorado Springs, Colorado. Keith McCoy and Scott Schoettlin managed the transaction.
•    Illiana Storage in Cedar Lake, Indiana. Hunter Sells and Schoettlin managed the transaction.

 

Midcoast Manages Georgia Sales

 

Midcoast Properties brokered the following sales:

•    Eclipse Self Storage in Evans, Georgia, for $14 million. Michael Morrison worked on behalf of the buyer, Highline Real Estate. The seller was a private owner.
•    LaFayette Storage Solutions in LaFayette, Georgia. Morrison represented the seller.

 

Nokē, Inc. Names Leadership

 

Janus International Group, Inc has made leadership changes within Nokē, Inc. Alessandro Araldi has been appointed as Nokē’s president. Janus’s head of corporate strategy, Sanjay Khinvasara, is now Nokē’s senior vice president of engineering. Christine DeBord is chief commercial officer.

 

ASM Releases Results

 

Absolute Storage Management announced the following operating results:

For three months ended December 31, 2022: ASM increased same-store revenue by 6.5% compared to the same period in 2021 and acquired six management contracts.
For the year 2022: ASM increased same-store revenue by 13.5% compared to the same period in 2021 and acquired 33 management contracts.

 

Inland to Convert Louisiana Office

 

A former Mid City, Louisiana, office building has been sold to Inland Real Estate Group of Companies to be converted to self storage. Baton Rouge QOZ Self-Storage LLC, an entity of Inland, bought the building from Renaissance Park LLC of California.