Storage King USA Adds in Naples

 

Andover Properties acquired Jim’s Stowaway in Naples, Florida, from a private owner. The property will be rebranded under the Storage King USA brand.

 

 

 

Treadwell to Lead Silver Star

 

Houston-based REIT Silver Star hired Steve Treadwell as CEO. Silver Star plans to shift its portfolio from industrial, retail and office buildings to self storage. Treadwell has been CEO of SpareBox Storage since its 2020 inception.

 

Meridian Active in the South

 

Meridian Storage Group brokered the following sales:

•    Social Circle Storage in Social Circle, Georgia.
•    Storage Space in Little Rock, Arkansas. Brady Mast represented the seller.

 

CushWake: Sales Slow

 

The number of US self storage sector sales cooled off in the first half of 2023, according to Cushman & Wakefield. Sales during the last 12 months fell 57% year-over-year, primarily attributed to the increased cost of debt. Transaction levels are still higher than the 12 months leading up to the pandemic.

 

Store It Sells in Kentucky

 

Store It sold a facility in Lexington, Kentucky, to Storage X for $3.8 million.

 

DXD Raises Capital

 

DXD Capital raised more than $130 million in equity for two funds and individual investments. DXD was founded in 2020 by Drew Dolan and Cory Sylvester and has 30 active self storage investments.

 

SafeLease, SSM Integrate

 

SafeLease and Self Storage Manager have integrated their technology platforms. The integration creates a seamless data flow, enabling SafeLease to pull protection and insurance-related information directly from the SSM system.

 

Store Space Converts in Massachusetts

 

Store Space opened a converted industrial space in New Bedford, Massachusetts.

 

Tenant Raises Funding

 

Tenant Inc. closed its third seeding round by raising $25 million in investment. The company will use the funds for product development, expand customer support and sales, and increase platform integration.

 

2024 Completions Expected to Increase

 

The Yardi Matrix Q3 self storage supply now forecasts increased deliveries for 2024 to 4.4%. The increase in 2024 completions was driven by an increase in Q1 self storage construction starts.

 

Devon Adding in New Jersey

 

Devon Self Storage is developing a project in Glassboro, New Jersey, at the site of a former bakery.

 

Gantry Secures Permanent Loan

 

Gantry secured a $10.75 million permanent loan to retire construction financing for a facility in Antioch, California. The borrower is a private real estate entity.

 

Granger Lauded for Kmart Conversion

 

Granger Development has been recognized for its work converting a former Kmart in Niagara Falls, New York, to a Life Storage. The Pensacola, Florida-based contractor was awarded in the renovation category by Buffalo Business First. The building opened in 2022.

 

Davis, Highland JV Complete NYC Storage

 

The Davis Cos. and Highland Development Ventures have completed a storage facility in Manhattan’s Chelsea neighborhood. Public Storage will operate the joint venture.

 

Mississippi Grocery Converting

 

A former Palmer’s Shopper Value Foods in Tupelo, Mississippi, will be converted to storage by the former grocery operators.

 

Storage Approved in Maine

 

Reef Rock Storage gained approval from the Ellsworth, Maine, planning board, according to Ellsworth American.