NSA JV to Buy 112 Simply Locations

National Storage Affiliates Trust and an affiliate of Heitman LP have formed a joint venture to acquire 112 Simply Self Storage locations for $1.325 billion.

Simply Self Storage is based in Orlando, Florida and its portfolio consists of 210 self storage properties across 17 states and Puerto Rico. Following the closing of the deal the properties will be rebranded under NSA’s iStorage brand.

NSA has launched a public offering of 5,900,000 common shares, which it will use partially to pay for a 25 percent stake in the acquisition. Heitman will hold a 75 percent stake in the asset.

The portfolio features 8.7 million rentable square feet in over 68,000 storage units.

Six facilities in Puerto Rico and a facility in Ohio will be spun out of the portfolio to be wholly owned by NSA.

NSA has 551 locations and went public in 2015.

Simply Self Storage was founded in 2003 and has a portfolio of 210 facilities. Brookfield Asset Management acquired a majority stake in Simply in 2016.

Owners Summit Will Draw Havner, Former Governor

The Self Storage Owners Summit to be held July 19 will feature Extra Space Chief Marketing Officer James Overturf, California’s 36^th Governor Pete Wilson and Ron Havner, chairman and CEO of Public Storage.

The event will be opened by Robert Chiti, California Self Storage Association chairman, and Jim Davies, Owners Summit Founder and a principal with Talonvest Capital, Inc. Wilson will provide a state of the state and nation. For the industry keynote address, Jim Sullivan, president of Green Street’s Advisory Group will interview Havner. The day’s last session will include Overturf presenting about analyzing supply and demand data with an emphasis on micro-market data, and Gary Sugarman, COO of The William Warren Group serving as moderator.

The 14^th Annual Owners Summit will be held at the Balboa Bay Club resort in Newport Beach, CA.

Storage Underway Near Grand Rapids

KJK Real Estate Management has begun construction on a new storage facility in Holland Township near Lake Macatawa in Michigan.

Lake Macatawa Storage will be built on a 12-acre parcel at 500 Douglas Avenue. The first phase of the project will include two buildings with 16,000 square feet and 100 units. Plans call for an office and climate-controlled building and three more storage buildings for a total of 51,000 square feet by the end of the year, according to the Holland Sentinel. Three more units will be built bringing the total to nine buildings with 72,000 square feet.

SoCal’s Oldest Storage Celebrates 50 Years

Don Temple Storage is celebrating a half-century in business.

Don Temple Storage is proclaimed to be the first self storage facility in Southern California. It celebrated with a public party on July 7. The party celebrated the legacy of founder Don Temple, who opened the business on July 7, 1968 at 3750 e. Spring Street, next to the Long Beach Airport.

Don Temple Storage now has 10 locations.

Temple passed away in 2013. Before his passing he established the Don Temple Family Charitable Foundation, which donates to local causes, especially those focused on healthcare, children, education and the arts. 

Storage Treasures Buys Competitor

Storage Treasures LLC, has acquired StorageStuff.Bid, a competing online storage auction site. Cheli and Chris Rosa, auctioneers and employees of StorageStuff.Bid, will join Open Tech Alliance, Inc., managers of StorageTreasures.com and majority stakeholder of Storage Treasures, LLC.

Founded in 2010, StorageTreasures is a self storage auction platform available on the internet.

After the transition, StorageTreasures.com will represent 8,500 storage facilities, 900,000 active buyers and 15,000 monthly online auctions. 

Store Here Buys 2 in South

Store Here Self Storage has purchased Paterson Secure Storage in Jackson, Georgia, and American U-Stor in Pantego, Texas. The two sites will be rebranded under the Store Here name.

The facilities comprise a combined 140,000 rentable square feet.

Store Here operates 23 facilities nationwide and is a division of RHW Capital Management Group, LLC.

SST II Plans Toronto Storage

Strategic Storage Trust II Inc., has acquired 2.23 acres in East York outside of Toronto, where it plans to build a 100,000 square foot storage facility with 990 units. The project is expected to break ground in the third quarter and be completed in late 2019.

SST II is a public, non-traded, self storage real estate investment trust sponsored by SmartStop Asset Management, LLC. The SST II portfolio includes 83 facilities in Canada and the United States.

Retailer Converted to Storage in Salisbury, NC

GMS Ventures has purchased the former Magic Mart in Salisbury, North Carolina, and plans to turn the property into indoor, climate-controlled storage. The building is approximately 90,000 square feet and will have 650 units. It is located on Jake Alexander Boulevard.

The building will be branded and managed by Extra Space Storage. It is expected to open in August. GMS is a company under the umbrella of Goodwill Industries.

STR Assesses Pittsburgh’s Storage Growth

Pittsburgh’s population may be declining, but the city’s economy is showing signs of promise and a spark in self storage development, according to STR.

Pittsburgh has a square-foot-per-capita nearly 25 percent higher than the national average, yet self storage inventory grew by 4.8 percent over the last year. Currently, there are 46 projects in some stage of the development pipeline. As of June 2018 there were 337 facilities in the Pittsburgh MSA.

STR projects that supply in the MSA will grow by 1.5 million NRSF, or 9.2 percent, by June 2019. The supply growth rate is higher than the national rate of growth projected for the next 12 months, at 7.3 percent.

PA Township Plans for Storage

The Butler Township, in western Pennsylvania, has approved a proposal from Fairfield Southpointe to convert a property to self storage.

One of three existing buildings will be renovated into 28 units at the site on Hillvue Drive. Another 13 smaller storage units will be constructed. There will also be space for RV and boat storage.

If approved by Butler Township commissioners, the facility could be open by September.