Four Beyond Self Storage Facilities Underway in Pennsylvania and Michigan

Beyond Self Storage has plans for construction of three new facilities in suburban Pittsburgh and another facility in Rochester Hills, MI.

In Pennsylvania, construction of Beyond Self Storage at Robinson Township has begun. Projects in Ross Township and Mt. Lebanon will begin soon.

The Pittsburgh-area projects are the first three of five self storage facilities planned in the area by NorthPoint Development, which launched the Beyond Self Storage brand in February 2016. The facilities will be some of the largest in metro Pittsburgh.

“Building in the Pittsburgh area has its construction challenges, but we’re thrilled to have three projects under development in great locations, and we’re confident our modern storage facilities will be well received by area residents and businesses, said Ben Hagedorn, director of self storage operations for NorthPoint Development.

NorthPoint Development is also active in Rochester Hills, MI, where the first of five Beyond Self Storage facilities planned for the Detroit area will soon be underway. There the developer has plans for what will be one of the largest self storage facilities in the area.

U-Haul CEO Joe Schoen Honored by Arizona State University

Edward J. “Joe” Schoen, president of U-Haul since 1987 and son of the founders, will be awarded the 2017 Executive of the Year Award by Arizona State University’s W.P. Carey School of Business this month. The award honors business leaders who have created and sustained superior organization performance.

Schoen, 68, grew up in the U-Haul organization and is currently president, chairman and CEO of AMERCO, the parent company of U-Haul International. Schoen’s parents founded U-Haul in 1945. Schoen’s sons, Sam and Stuart, are the third generation actively managing the business. Schoen is a graduate of the college of Holy Cross, Harvard Business School and ASU’s Sandra Day O-Connor College of Law.

Since becoming president in 1987, U-Haul has grown from 4,600 rental outlets to 21,000 locations across North America.

Public Storage Chiefs of HR and Real Estate Retire

Candace Krol, senior vice president and chief human resources officer, and David Doll, senior vice president and president, Real Estate, will retire in April.

Krol and Doll both joined Public Storage in 2005.

“Candy and David have been outstanding partners,” said Ron Havner, chairman and CEO of Public Storage. “I am grateful for their leadership and contributions to our business, our talent and our culture.”

Public Storage is a REIT with interests in 2,348 self storage facilities in 38 states and 219 facilities in seven Western European nations operated under the Shurgard brand.

U-Haul Buys Arkansas Facility

U-Haul International Inc. has acquired The Storage Place in Texarkana, AR. The 2.5 acre property comprises 40,275-square-feet of storage space in 209 units. The property also includes covered vehicle parking. Built in 2005, the property includes a facility manager studio apartment.

The property is located just east of the Arkansas state line with Texas.

U-Haul is based in Phoenix and has more than 44 million square feet of storage space at its owned facilities throughout North America.

The seller was represented by Larry Goldman, an investment property specialist for RE/MAX Commercial, part of the Argus Self Storage Sales Network.

Elite Stor Capital Rebrands as SROA Capital

Elite Stor Capital Partners has changed its name to SROA Capital, LLC. The West Palm Beach-based company made the change to more closely connect with the company’s consumer-facing brand, Storage Rentals of America.

SROA Capital is focused on acquiring, developing and redeveloping undermanaged facilities in select growing markets throughout the US.

“Our company has grown exponentially over the past few years as we acquired undervalued properties and we felt this was the right time to more closely align our corporate identity with our consumer-facing brand,” said co-founder and CEO Benjamin Macfarland. “The industry is prime for consolidation as the top ten storage companies only control 15% of the facilities in the market. In addition, many markets remain undersupplied with rental facilities, so growth of new facilities is expected to continue.”

Strategic Storage Trust IV Makes First Purchase

Strategic Storage Trust IV, Inc. has made its first purchase, a 504-unit self storage facility in the Port St. Lucie suburb of Jensen Beach, FL.

Strategic Storage Trust IV is a public, non-traded real estate investment trust

“This property is an excellent initial acquisition for Strategic Storage Trust IV as it suits our selective acquisition criteria to a tee,” said H. Michael Schwartz, chairman and CEO.

The facility is 99 percent leases with interior climate controls and 96 spaces for RV and boat parking. The facility is approximately 48,000 square feet and it located on nearly four acres.

Strategic Storage Trust IV is sponsored by SmartStop Asset Management LLC. SmartStop is a diversified real estate company focused on self storage assets, student and senior housing. The company has a managed portfolio that includes more than 66,000 self storage units.

Marcus & Millichap vice president of investments Luke Elliott and Michael Mele, senior managing director investments, marketed the property on behalf of a private investor and secured and represented Strategic Storage Trust IV.