STR Studies Los Angeles, Launches Storage Development Database

STR, a self storage market data and research company, is tracking development in the Los Angeles, and has identified 35 self storage projects at various stages of development.

Of the projects, 27 are new construction and eight are expansions. The new supply, if completed, would grow Los Angeles’ supply by 4 percent. The greater Los Angeles market is estimated to have 850 self storage facilities with about two-thirds associated with national chains. Public Storage is the largest brand in the country and in the Los Angeles region.

Data about Los Angeles and other large markets nationally can be found in STR’s newly launched development database, which covers the country’s 25 largest self storage markets. The comprehensive data is intended to serve as a tool for operators, investors, developers and third parties in the industry. The top 25 markets stretch from Seattle to Miami and include the largest cities as well as Sacramento, San Bernardino, Nashville, and Charlotte to name a few.

STR has a 30-year track record of providing accurate and actionable data and information services for the hotel industry.

Strategic Storage Trust Raises Capital

Strategic Storage Trust IV Inc.’s registration statement with the US Securities and Exchange Commission to launch an initial public offering (IPO) of approximately $1.095 billion in common stock has been declared effective March 17.

SST IV will offer up to $1 billion in shares of its common stock and use the proceeds to invest in self storage in the US and Canada. Its primary offer comprises three classes. Class-A shares are available for $25 per share up to $450 million, while Class-T is priced at $24.21 per share up to $450 million. Class-W shares are priced at $22.75 per share up to $100 million. Any investor may purchase Class-A or Class-T shares. Class-W shares are available only to “Investors purchasing through certain fee-based programs or registered investment advisors.”

SST IV appointed Michael McClure as president in February. McClure is also president of SmartStop Asset Management, LLC.

SST IV is based in Maryland. The portfolio includes 51,500 self storage units. SmartStop is the asset manager for 103 facilities in Toronto and the United States.

Personal Mini Storage Joins NSA

Personal Mini Storage has become the eighth participating regional operator of National Storage Affiliates Trust, strengthening NSA’s presence in the Florida market.

Personal Mini Storage is headed by Marc and Laurie Smith. The company is central Florida’s largest family owned storage operator with 36 properties in the Orlando area.

Marc Smith is completing a six-year term on the national SSA board. He served as board chair in 2016. He is past president of the southeast region board for SSA.

“Joining NSA as its newest PRO is the best way to accelerate our growth through NSA’s attractive capital structure, and at the same time strengthen our operational tools by integrating them into NSA’s best practices platform,” Smith said.

Personal Mini Storage will retain its management team and operate the company as a family-owned business while gaining the benefits of being part of a large public company, Smith said.

NSA is a Colorado-based REIT. The company currently holds ownership in and operates 453 self storage properties in 23 states.

West Coast Self-Storage Opens in Seattle Suburb

West Coast Self-Storage Group has opened its newest self storage facility in Auburn, WA.

The facility was developed by Bowlds Real Estate Development Group will open this month with 733 units, in 69,800 rentable square feet. The facility is heated and has inside storage unites and drive-up access spaces. West Coast Self-Storage Auburn also has 22 RV and boat storage spaces.

West Coast Self-Storage Group is a self storage property management, acquisition and development company headquartered in Mill Creek, WA. The company has 36 managed and owned locations in Washington, Oregon and California.

SkyView Advises on GA, IN, AL Sales

SkyView Advisors has advised on self storage sales in Georgia, Indiana and Alabama.

Ryan Clark, senior vice president at SkyView, represented the seller in each transaction.

In Fairburn, Ga., SkyView advised on the sale of SureLock Self Storage to Compass Self Storage. The facility is located on almost 6 acres and has almost 85,000 net rentable square feet with 222 climate-controlled units, 271 non-climate controlled units and space for boats and vehicle parking.

In Montgomery, AL, SkyView announced the sale of the A Mini Flex Storage portfolio, also to Compass Self Storage. The portfolio includes three properties in the area on 12 acres of land and consisting of 650 climate controlled units and 648-non-climate controlled units and 76 spaces for boat and vehicle parking.

In Noblesville, IN, near Indianapolis, Skyview sold Mill Creek Self Storage, a 650-unit facility situated on just over six acres of land.

CubeSmart Promotes Perry to Top Investment Officer

CubeSmart has promoted Jonathan Perry to the position of senior vice president and chief investment officer.

“Since joining CubeSmart in 2008 Jonathan has been instrumental in the execution of our external growth strategy, leading more than $3.5 billion in real estate transactions that have substantially improved the quality and composition of our real estate portfolio,” said Christopher Marr, president and CEO.

Perry has 20 years of self storage experience.

Based in Malvern, Pa., CubeSmart is a self-administered and self-managed REIT that owns or manages 827 self storage facilities across the US.

Compass Self Storage Expands in Texas

Compass Self Storage has purchased its fifth storage center in the Greater Dallas/Ft. Worth region and its eighth acquisition since the start of 2017.

The facility in Fort Worth includes more than 49,000 net rentable square feet and features RV/boat storage, climate-controlled units and drive-up units.

“We are very pleased to announce the acquisition of this great storage center as it broadens the Compass footprint in this fast-growing market,” said Todd Amsdell, president of Amsdell Companies.

Compass Self Storage now owns 77 self storage facilities nationally.