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Self Storage Industry Report: November 7, 2016

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Self Storage Industry Report: November 7, 2016

StorQuest Self Storage Opens 2 New Centers in Mile High City

Following tremendous apartment development and residential downsizing in the Denver, CO, area, StorQuest Self Storage is opening two new locations this month. The facilities provide ample storage for active Coloradoans needing space to store paddleboards, bicycles, motorcycles and camping equipment as well as winter-sport toys.

The StorQuest located at 5301 DTC Blvd. in Greenwood Village, 20 minutes south of downtown, opened in early November. It offers ground level units with covered loading docks, round-the-clock digital surveillance and climate-controlled units near Denver Tech Center. A second location at 549 Kalamath Street near downtown will open later in the month.

These two new StorQuest facilities bring to 15 the total number of locations in the Denver area. StorQuest self Storage is owned by The William Warren Group, Inc.

Arizona Developer Partners with US Storage Centers in Southern California

An Arizona-based developer has purchased two industrial properties in Southern California that it intends to convert to Class-A self storage. 

Wentworth Storage Company LLC purchased a 90,000-square foot industrial building in Eastlake Village and an 82,000-square-foot building in San Diego in October.

“Each property is located in a high demand area and will provide local residents and businesses with a positive rental experience,” said Dave King, vice president of Self Storage for Wentworth. “These two properties are good additions to our southern California portfolio that we have focused on growing over the past 12 months.”

Wentworth plans to convert the Eastlake Village property to fully climate controlled self storage with more than 100,000 rentable square feet. The San Diego property will also offer 100,000 square feet of climate controlled rentable space after the conversion. Both facilities will open in 2017.

Earlier this year Wentworth Property Group, a 40-year-old real estate company based in Phoenix, bought two storage properties in Phoenix and Tempe and rebranded them as US Storage Centers, the storage brand for Westport Properties.

Devon Self Storage Promotes Construction VP

Shannon Dodge has been promoted to regional vice president of construction with Devon Self Storage. In this role Dodge will oversee the company’s current construction activities, including additions and renovations to existing storage facilities and conversion projects. Previously Dodge had been regional director of construction. 

 Dodge joined Devon in 2015 after working for nine years in the construction industry building self storage facilities. With a family history in storage construction, Dodge once served as the project manager for a company that renovated a Devon facility in Memphis, TN. Dodge served in the US Marine Corps from 2002 to 2006.

 Devon Self Storage owns or manages 45 self storage facilities nationwide.

A-1 Self Storage Donates $500K to Charity

A-1 Self Storage has made a half-million-dollar donation to St. Madeleine Sophie’s Center of El Cajon, CA, to help the center provide services to adults with developmental disabilities such as autism, Downs Syndrome and cerebral palsy. The donation will be used to cover costs involved with renovating the center’s aquatic locker rooms. Work began on the renovations in September and are part of a comprehensive capital campaign.

A-1 is owned and operated by the Caster family. It was started in 1959 by Terrence and Barbara Caster. A-1 company president, Brian Caster, along with his siblings, have long supported St. Madeleine Sophie’s Center and worked at the center during summers when they were growing up. 

Marcus & Millichap Negotiates Self Storage Sale in Tulsa

Marcus & Millichap has negotiated the sale of 38th Street Mini Storage in Tulsa, OK. Trey Hammond and Michael Mele of Marcus & Millichap marketed the 37,350-square-foot property on behalf of the seller, a limited liability company, and secured and represented the buyer, a private investor.

38th Street Mini Storage consists of 354 non-climate controlled units ranging from 50 to 400 square feet. 

SkyView Advisors Represents on Sales in Three States

SkyView Advisors in Tampa, FL, represented the seller on three recent self storage transactions in Ohio, Indiana and Kentucky.

SkyView Advisors announced the portfolio sale of A-1 Store It All for $7.3 million. A-1 Store It All has two locations in Akron and North Canton. The facilities have a total net rentable square footage of 165,200 square feet. The buyer was Valley Storage Co.

In Indiana, managing partner Jay Crotty and Ryan Clark, senior vice president, represented Wildcat Project, LLC, and the buyer, PS Mid-west Two, LLC, in the sale of The Storage Station. That property is in Sellersburg and includes 107,995 rentable square feet.

And in Kentucky, Crotty and Clark again represented the seller, AA Self Storage LLC and they buyer, Compass TPM, LLC, in the sale of AA Self Storage in Cold Spring. That property has 66,150 net square feet of rentable space.

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