Storage Post Buys Near Chicago

 

Marcus & Millichap brokered the sale of Extra Space Storage (managed) in Cicero, Illinois. The seller was JD3 Property, and the buyer was Storage Post Self-Storage.

 

 

 

 

Extra Space Surpasses 4,000 Stores

 

Extra Space Storage celebrated reaching over 4,000 stores nationwide. Extra Space has more than doubled its store count since 2021. Extra Space now operates 4,011 stores across 42 states and Washington, D.C.

 

Florida Mall to Be Converted

 

The former JCPenney building at Gateway Town Center in Jacksonville, Florida, will be converted to self storage. Global Storage Partners will convert the building, with completion later this year.

 

Anytime Storage Deploys SSM Cloud

 

Self Storage Manager implemented its advanced software platform, SSM Cloud, at Anytime Storage. Anytime Storage has 25 properties.

 

StoreEase Unveils Ease.AI

 

StoreEase launched Ease.AI, an artificial intelligence platform that manages office and call center interactions. StoreEase also introduced Virtual Counter powered by Ease.AI, a more affordable and efficient solution for live customer service.

 

Canada’s U-Lock Using Everbrite Coatings

 

U-Lock Mini Storage is the first Canadian storage portfolio to join Everbrite Coating’s Top Operator program. U-Lock’s teams are using the Everbrite Restoration System.

 

New Jersey Town Approves Storage

 

The Piscataway, New Jersey, zoning board approved plans for a storage facility in a residential zone.

 

RentCafe: Development Slowing, With Exceptions

 

Storage development is slowing, but a few markets are set for major expansions, according to RentCafe. Construction in the 150 largest cities is expected to drop 13% year-over-year. These five markets are expected to buck that trend: San Antonio and Houston, Texas, Jacksonville, Florida, Los Angeles, California, and Phoenix, Arizona.

 

Yardi Matrix: Construction Slowdown Persists

 

The Yardi Matrix Self Storage Supply forecast predicts a 2% decline in self storage supply by 2027 and a further reduction of 1.5% anticipated by 2029. The 20% decline in new construction starts experienced in 2024 will persist into 2025.

 

MJ Partners: Rent Rate Decline Turning

 

The fourth quarter of 2024 was a possible inflection point of decelerating rental rates with improvements for the first time in two years, according MJ Partners self storage market overview. REITs reported the negative gap in year-over-year rental rates is beginning to narrow.

 

XPS Solutions Hits Quarter Century Mark

 

XPS Solutions celebrated its 25th anniversary in March. XPS Solutions provides call center services, live video support and remote management.

 

PSRS Secures Loan for California Flex Space

 

PSRS arranged a $38.2 million bridge loan to an undisclosed borrower to convert a flex property in Los Angeles, California, into storage.

 

Dyer Named BlueGate President

 

BlueGate Boat & RV Storage promoted Neil Dyer to president. BlueGate is an affiliate of Madison Capital Group.