Andover Buys Philly Portfolio

 

JLL brokered the sale of a three-property portfolio in the Philadelphia area. A partnership between Metro Self Storage and Heitman sold the portfolio to Andover Properties, which rebranded the facilities to Storage King USA.

 

 

 

Shreve, Downing Win Congressional Seats

SSA members Jefferson Shreve (R-IN) and Troy Downing (R-MT) won their Congressional races earlier this month. Shreve and Downing will be sworn in on January 3, 2025.

 
Shreve founded Storage Express before eventually selling the company to Extra Space Storage in 2022. His long-time involvement with the Self Storage Association culminated with his time as chair of the SSA board in 2022.  

Downing founded and led AC Self Storage Solutions and Sage Insurance Services. He is a mainstay at the SSA’s annual Ski Workshop and a former member of the Charity Storage board.

 

Inland, Devon Open Texas Project

 

Inland Private Capital Corporation and Devon Self Storage completed a storage facility in Lubbock, Texas. It’s the third in a five-property fund.

 

SkyView Manages Minnesota Sale

 

SkyView Advisors brokered the sale of Extra Space Storage (managed) in Minneapolis, Minnesota.

 

Talonvest Secures Loan for Deca

 

Talonvest Capital secured a $22.9 million construction loan for Deca Companies to build a storage facility in Daly City, California.

 

Investor Buys 3 California Properties

 

Gantry secured $18.9 million of loans for three SAF Keep-branded properties in Los Angeles and Milpitas, California, for a private real estate investor.

 

Go Store It Fund Busy in Sun Belt

 

Madison Capital Group launched the Go Store It Opportunity Fund, LP, which has a quarter-billion-dollar capacity to invest in storage across the Sun Belt.

 

OpenTech Buys Auction Sites

 

OpenTech Alliance acquired SelfStorageAuction.com and iBid4Storage.com. In 2018, OpenTech Alliance purchased StorageStuff.Bid.

 

Los Angeles Demolishing Storage for Transit

    
The Los Angeles County Metropolitan Transportation Authority plans to demolish a vacant Life Storage building as part of the agency’s Link Union Station project. The project intends to expand capacity and accommodate future high-speed rail service.

 

Midcoast Leader in NCHOF

 

Dale C. Eisenman, president of Midcoast Properties was inducted into the North Carolina Self Storage Association Hall of Fame.

 

Noble Opens Florida Development

 

Noble Storage opened a storage facility in Bonita Springs, Florida. The property is managed by Space Shop Self Storage.

 

Weak Demand Continues to Impact Rent Growth

 

Weak demand influenced by the housing market saw asking rates reach $16.35 nationally in October, a 3.1% decrease YoY. The rate is an improvement compared to larger drops in September and August, according to the Yardi Matrix report.

 

MakoRabco Expands Metal Building Offerings

 

MakoRabco unveiled an addition to its product line with Pre-Engineered Metal Building solutions for a wide range of building applications.

 

U-Haul Opens Biloxi Store

 

U-Haul Moving & Storage opened in Biloxi, Mississippi, the company’s first store in the city and 14th in the state.