Devon Reaches New Heights - Literally

Devon Self Storage has purchased a 21-story self storage facility in downtown Chicago, likely the tallest storage facility in the country.

The former owner, U-Stor-It, converted the facility from a parking garage in 2016.  Major renovations included exterior brickwork, fire suppression and heating systems and new flooring throughout. New high-speed elevators were installed and are capable of climbing one floor per second.

Marcus & Millichap advised on the sale of the 95,589 NRSF facility on South Wabash Avenue. The property is in its first year of lease up and is surrounded by nearly 8,000 apartment and condominium units under construction.

StorQuest Grows in Reno

The William Warren Group, which operates the StorQuest Self Storage brand, has opened its fourth location in Reno, Nevada. The contemporary facility is 67,750-square-feet and offers 641 climate-controlled and non-climate-controlled units. 

The facility is expected to serve area residents looking to store seasonal gear for the area’s abundant outdoor recreation.

Founded in 1994 and based in Santa Monica, California, the William Warren Group acquires, develops and operates 128 self-storage facilities in Arizona, California, Colorado, Florida, Hawaii, South Carolina and Texas.  

Hurricane Repair May Slow Orlando Storage Development

Orlando is expected to experience a slowdown in self storage development as labor is redirected toward rebuilding efforts triggered by Hurricane Irma, according to STR, which tracks the industry.

Currently there are 264 open and operational self storage facilities in the Orlando MSA. On the development side, STR is tracking 56 self storage projects in various phases of development.

With the reallocation of labor for rebuilding efforts and hurricane relief, STR expects interruptions in the completion of active projects. As a result, STR anticipates only 20 active projects in Orlando to be completed. If all 53 development projects were completed, STR estimates a total of 3.8 million NRSF, or a 26 percent increase, entering the Orlando MSA. This inflow of new supply may have an impact on the MSA’s performance in 2018.

Public Storage Adds to Houston Market

Public Storage opened its seventh new storage location of 2017 in Houston in December. Together the facilities added more than a million square feet of new storage in less than a year in one of the company’s largest markets.

The new Public Storage on West Grand parkway South in Richmond, Texas, includes more than 1,200 climate-controlled units. It’s a five-story, bright orange building.

Public Storage has 2,358 locations around the country, making it the largest in the self storage business.

Jernigan Invests in New Jersey

Jernigan Capital, Inc., has closed a $10.6 million investment in a proposed multi-story, climate-controlled 836-unit storage facility in Dover, New Jersey, 30 miles west of Manhattan.

The proposed 78,425 NRSF facility will be a ground-up, three-story project near Rockaway Townsquare mall.

Construction is expected to begin in early 2018 and be completed in early 2019. Structure Development of Orlando, Florida, is the developer. This is the fourth project between Structure Development and Jernigan Capital.

CubeSmart Brands New SC Coastal Storage

Johnson Development Associates, Inc., based in Spartanburg, South Carolina, has opened a new, three-story storage facility in Mount Pleasant. The coastal storage facility is managed by CubeSmart.

The facility offers climate-controlled storage units within the Indigo Square master development.

Johnson Development Associates is a privately-held, multi-division real estate developer.

Shurgard Opens Two in London

Shurgard Self-Storage, the international brand operated by U.S. real estate investment trust Public Storage Inc., has opened two new facilities in the London metropolitan area. The properties are in Deptford and Greenwich, England.

The Deptford facility contains 1,400 units and a second-floor business center featuring meeting rooms, free Wi-Fi and workstations. The Greenwich contains four floors and more than 1,500 units, making it one of the largest self storage facilities in Europe.

Founded in Brussels in 1995, Shurgard expanded into the United Kingdom in 1999. It operates more than 220 locations across seven European countries.

Bethesda Storage Gets Go-Ahead

Plans for a self storage facility in the Westbard neighborhood of Bethesda, Maryland, are moving forward after the Montgomery County Planning Board approved a proposal for a 195,000-square-foot facility. The developer is Bethesda Self Storage Partners.

As part of the project, the developer will dedicate sections of the 1.37-acre property to the Willett Branch Greenway and contribute money toward an archaeological study onsite. The study is part of an effort to protect the site of a cemetery in the area.

Wentworth Buys Phoenix Facility

Quantum Property Advisors has completed the sale of Accessible Self Storage in Phoenix, Arizona. The facility consists of 70,605 square feet of net rentable space with 723 drive-up units. Additionally, there are 12-RV spaces and 144-mailboxes.

Norman Herd of Quantum Property Advisors, represented the buyer, Wentworth Self Storage, which paid $5,100,000 for the property.

The facility, which was constructed in 1985, sits on a 4.07-acre tract of land.

Quantum Property Advisors is a real estate services firm that specializes in the self storage industry. The firm is based in Phoenix with a satellite office in Seattle.