Self-storage real estate investment trust (REIT) Public Storage Inc. has acquired 43 storage properties from investment management firm Harrison Street Real Estate Capital LLC and operator Morningstar Properties LLC for $315 million. The deal is believed to be the largest self-storage portfolio transaction of the year. The facilities were 82 percent occupied at the time of the sale and comprise more than 2.9 million square feet in 22,500 units across five states: Georgia, North Carolina, South Carolina, Texas and Virginia.

Harrison Street had purchased the properties in separate deals during the last six years and developed them through three of its closed-end opportunity funds: Harrison Street Real Estate Property Funds I, II and III, launched in 2006, 2008 and 2010 respectively, according to the source. The assets were owned in a joint venture with Morningstar and managed under the Morningstar Mini-Storage brand name. The facilities will be rebranded as Public Storage.

We are extremely pleased with the outcome of this portfolio sale, said Christopher Merrill, Harrison Street President and CEO. The strategy of rolling up our sleeves and working to build a portfolio over time proved to be quite successful for our [limited partnerships].

"This is an extremely gratifying result, especially considering the vintage of when we put this portfolio together and the tough economic conditions in which we were operating for most of the period," added Dave Benson, president and CEO of Morningstar Properties. "Our team worked hard to build this portfolio and increase the value of the assets. Today's outcome validates our effort, as well as how well storage performs relative to the broader economy and as an institutional investment. We could not be more pleased."

In 2013, Harrison Street has acquired more than $2 billion in new investments and sold more than $1 billion in assets, according to the source. The firm focuses on acquiring or developing property in the markets of student housing, senior housing, medical offices and self-storage. Headquartered in Chicago, the company and its affiliates manage approximately $5.5 billion in property assets and publicly traded securities through multiple investment vehicles.

Founded in North Carolina in 1981, Morningstar had owned and operated 66 self-storage facilities in eight states, mostly in the South. The company now has 23 storage properties remaining but is "already back at it, building another portfolio," with five new facilities in development, Benson said. The situation is similar to 2006 when the company sold 60 of its 63 properties to Public Storage.

Based in Glendale, Calif., Public Storage has interests in more than 2,080 self-storage facilities in 38 states with approximately 133 million net rentable square feet. Operating under the Shurgard brand name, the company also has 188 facilities in seven European countries, with approximately 10 million net rentable square feet.

Authorities have identified human remains found inside an auctioned self-storage unit at Pier Rentals & Storage in Corbin, Ky., as those of Doris Anne Wood, a Delaware woman who vanished in 1997. Wood's husband, Robert A. Wood, reportedly rented the unit until he died in May. He was questioned by authorities about his wifes disappearance 16 years ago but was never arrested or named as a suspect.

Investigators used the National Missing and Unidentified Persons System to match dental records and identify the remains.

The bones were discovered last week by Steven Terry and his father after he purchased the contents of the unit at a Pier Rentals lien auction. Terry said he was sorting through items when he saw what looked like a jawbone and ribs inside a rolled-up yellow bag. The men notified the self-storage facility manager who then called police. The bones were first verified as human by a local coroner.

Doris Anne Wood was 42 when she disappeared on July 28, 1997. She was supposed to visit her sisters home but never arrived, according to police in New Castle County, Del. Woods husband reportedly had family in Kentucky. Were following an active lead [for a] missing-person case out of Delaware from 1997, said Corbin detective Rusty Hedrick.

Medical examiners in both states worked together to positively identify the remains. That would be great if a family could get closure from this, Terry said.

By Aycha Williams

Some of the factors that determine a self-storage facility's profitability are location, curb appeal, price, unit mix and marketing. Of equal importance are customer service and manager sales skills. Managers who have a successful retail-sales background will generally be great at selling and will most likely have excellent service skills, too, as these go hand-in-hand.

Most successful self-storage owners hire experienced facility managers and put them through rigorous training. But what about the part-time help they employ to support those managers? Isn't it important that they share the same skills?

What qualifications do you look for when hiring part-time "relief" staff? Following are four tips to help you bring in the best support personnel for your team and ensure your own business profitability.

Tip 1: A Successful Retail-Sales Background Is A Must

Operators know to be diligent when hiring a self-storage manager and look for the right candidate with a proven track record in retail sales, service and operation. But when it comes to hiring a part-time manager, most tend to underestimate the skill set and experience they require.

Usually, when we hear the title relief manager, we think of an employee who is only working a few hours a week and is mostly responsible for site maintenance, busy with fixing things or cleaning units. In reality, site maintenance is only a portion of the job.

If yours is a larger facility with a lot of customer traffic, the part-time manager ends up being in contact with your prospects at least half the time. Your phones are ringing and you have walk-in customers. Your full-timer is either selling on the phone or in person, and your part-time help may be the only sales back-up. For example, at one of the properties my company manages, the part-timers work five days per week to keep up with the traffic and workload.

It doesn't make much difference if yours is a smaller facility with less traffic. The relief manager may only be working two or three days per week, but the whole point of hiring the additional help is to rent more units. If you hire someone with no skills, you can bet that he won't close any sales. The customer, with multiple other storage options and little time to spare, will not wait to be convinced. When hiring part-time managers, consider including retail-sales experience as a requirement in your job posting.

TIP 2: Look for Motivation, Ambition and the Ability to Work With Others

All jobs, no matter how big or small, require a certain level of diligence and a sense of ownership to be done well. While you may think that motivation and determination are not critical attributes to have in your part-timer, full-time managers who have to work with them disagree. I asked a few site managers what traits they look for when they interview candidates for a part-time position. Heres what they wanted in support staff:

• Can take initiative and run the facility in the absence of the site manager with minimal supervision
• Can multi-task
• Has a genuine interest in the business
• Is a team player
• Has great customer-service skills

Setting your part-time manager requirements at a higher level may make it harder to find the right employee. However, it will benefit your business in the long run by helping you create the right team for your facility that will work toward a common goal.

TIP 3: Clearly Identify Responsibilities and Offer the Right Training

You're spending thousands of marketing dollars to get that phone to ring or get that customer to walk in the door. How would you like to listen to a phone call on which your relief manager denies a prospect the existing special offer because he is unaware of it? Or takes too long to find the availability and price for a certain unit size because he doesn't know how to use your system? Or is just plain rude and uninterested in renting units because he doesn't think sales is part of his job?

The part-timer may very well be your future site manager in training. You may argue that the average relief manager spends the larger part of his working hours simply maintaining the property, but does he ever answer the phone? Does he interact with prospects or customers? If so, then he has to go through the same operations and sales training as your full-time managers.

Relief managers are mostly offered minimal training (if any) that has to be completed in a very short time before they start working, sometimes single-handedly. For your self-storage investment to be a success, carefully evaluate the responsibilities of your part-time employee and offer the right training program to help him help your business.

TIP 4:  There Is a Way to Reverse High Turnover

Its not a secret that there's a high turnover rate for employees in the self-storage industry. Could this be partially attributed to a lack of investment in employee development? With average pay starting at minimum wage, the positions attract candidates who may be more transitory. This puts the owner in a position where he's not eager to invest in part-time staff, especially if they think the employee may not be around two months later.

You may not be able offer a higher wage. But by  hiring the right candidate, clearly defining responsibilities and offering growth opportunities via training, your part-timers may not be as eager to move on to a different job. Add to this mix a performance-based bonus program, and you can sit back and watch while your managers and property thrive.

Small to mid-size self-storage operators work around the clock to improve facility profitability and cash flow. We come up with new techniques and strategies to advance the areas that need work. The hiring and training of part-time employees is an area that should not be overlooked. It will bring you one step closer to the objective of streamlined operation and increased profit.

Aycha Williams is a marketing and training strategist for AC Commercial Property Management, manages more than 1.2 million square feet of self-storage and other commercial holdings in Florida and Texas. Williams oversees the strategy, implementation and tracking of all company marketing efforts and property-manager training programs. She has more than 15 years of commercial real estate, high-tech and consumer-products marketing experience. For more information, call 407.647.9800; e-mail [email protected]; visit www.accommercial.net .

Orsett Properties, a Phoenix-based commercial real estate development and management firm, has purchased Arrowhead Mini Storage, a self-storage facility in Peoria, Ariz., for $4.43 million. The property at 19315 N. 83rd Ave. comprises 58,000 square feet in 499 units.

Arrowhead was the original builder of the facility, which was 80 percent occupied at the time of closing.

Bill Alter and Denise Nunez of Rein & Grossoehme Commercial Real Estate negotiated the deal. The firm specializes in the sale of investment properties and commercial leasing. The transaction was the 121st self-storage closing handled by Alter and Nunez.

Originally founded in Boston in 1972, Orsett Properties has operated in the Arizona commercial real estate market for nearly 20 years. The company develops and operates office, industrial and retail projects in the Northeast and Southwest.

Portable self-storage operator Mobile Mini Inc. has appointed Ruth Hunter as senior vice president of sales and marketing, effective Oct. 1. In this newly created role, Hunter will oversee the company's sales and marketing efforts, including its local-branch sales strategy, national accounts team and national sales center.

Before joining Mobile Mini, Hunter spent more than 20 years at GE Capital, a commercial lending and leasing business, as a senior sales and marketing leader. In her time there, she built and led teams focused on increasing growth, sales-force effectiveness and tactical marketing efforts through analytics, training and sales-management engagement.

"We are very pleased to welcome Ruth to Mobile Mini and look forward to her leadership in this key role," said Erik Olsson, president and CEO. "Mobile Mini has tremendous opportunity, and Ruth's demonstrated track record of sophisticated sales and marketing execution will help us accelerate our growth and achieve our financial performance goals. Our investment in sales and marketing resources will drive growth in existing as well as new geographic and vertical markets."

Founded in 1983, Mobile Mini is a provider of portable-storage and mobile-office solutions. The company operates more than 130 locations throughout North America.

Dirty, chalky or grimy roll-up doors can detract from your self-storage facility's curb appeal. In addition, if you don't care for your doors, the paint will eventually be damaged, which will lower your property value.

Even new doors need cleaning. Removing dust, dirt and road salt will not only make your facility look better, it will protect the paint. Even if your doors aren't extremely oxidized or faded, dust and grime can make your property look like its not well-maintained. Customers tend to rent from facilities that look clean and well-treated. Keeping your doors clean will improve your curb appeal and prolong paint life.

Ways to Wash

The paint on your self-storage doors is baked on and will last for years without fading. After time, however, the paint on exterior doors is burnt off by the sun, and the remaining paint will chalk and oxidize. Customers dont appreciate this oxidation when it gets on their hands and clothes.

If you see splotchy, lighter-colored areas on your doors, thats touch-up paint the contractors applied to hide any scratches or blemishes when your doors were installed. Because this paint is not baked on, it fades faster. You can clean these areas with a no-scratch scrubby pad or restore them with a quality, clear, protective coating made for metal.

If youre in a region that uses salt for ice or snow control, rinse any areas where the salt can come in contact with metal doors or buildings with fresh water to stop corrosion. Here are some more dos and donts for cleaning you exterior doors.

DO

• Wash the doors in the shade, if possible. Just like when you wash your car in the sun, hard water can leave spots.
• Use a small amount of free rinsing detergent like Original Dawn or Joy dish soap. These rinse off easily and are gentle on your paint. Just a little bit of mild, biodegradable soap in a bucket of water will work wonders. You can also use a solution of household ammoniaone cup of ammonia dissolved into five gallons of water with a little soap added for wetting.
• Wash by hand. Use a mild soap, water and soft-bristled brushes on poles or microfiber towels and plain water. If there's heavy oxidation, chalk or stains, you can use a no-scratch scrubby pad before the washing process. Wash from side to side on roll-up or panel doors. Do not allow the soap to dry on the surface. Rinse completely with plain water and let dry.
• Remove any chalk. Your doors will look better, and customers will appreciate not getting chalk on their hands and clothes.
• Rinse the doors completely with a soft spray of a hose or just let the water run down the door. This will remove the dirty water and soap residue.

DO NOT

• Use water under pressure, as water can get into the units. Power or pressure washing is not recommended because most doors lack seals to keep the water out. Even a nozzle on a garden hose can apply too much pressure. You must take care to avoid the opening above the door and the C channels on the edges.
• Apply soap solution to a dry surface, as it can cause streaks. Test a small area first to make sure your paint is compatible with any cleaning procedures.
• Use vinegar. The acid can etch your aluminum hasps and bottom, causing rust.
• Use silicone-based products like Pledge, as future paints or restoration coatings cannot adhere to them.
• Use oily products like WD-40. Dirt and dust is attracted to these products and will make a real mess thats difficult to clean.

Clean But Not Great

What if your doors are clean but still dull or faded? If your doors have lost their luster and you can see the difference between when they are wet or dry, the topcoat is probably gone. A clear protective coating made for metal will restore the color and shine.

Another issue you might face is peeling paint. If your doors are peeling, chances are theyve been repainted in the past. The loose paint will need to be removed, and the area should be feathered in, primed and painted. This should probably be done by a professional, as it can be challenging to paint metal, especially on a flexible roll-up door.

Interior Doors

Interior doors or panels offer different cleaning challenges. Hallway doors lack a protective lip, so any spilled water will seep under the doors or walls and damage stored goods. For this reason, its a bad idea to clean these doors with buckets of water. As an alternative, there are waterless wash and wax products that can be sprayed on and wiped off with a cloth. Spray cleaners like Formula 409 or Fantastik will work for spot cleaning. Microfiber towels work well because they don't leave lint or fibers like rags or terrycloth towels.

Keeping your doors clean will improve the look of your property and the life of the metal. The better the curb appeal, the better you can attract and keep happy customers.

Teresa Sedmak is president of Everbrite Inc., which manufactures Everbrite Protective Coating, ProtectaClear coating and a variety of building cleaners. She is a licensed painting contractor with extensive experience and knowledge of protective coatings. For more information, call 800.304.0566; e-mail [email protected]; visit www.renewstorage.com .

U-Haul International recently purchased eight self-storage facilities and celebrated the grand opening of another. The facilities total more than 439,825 square feet of net rentable space in more than 3,800 storage units and 36 vehicle-parking spaces.

The acquired facilities are in Massachusetts, Nevada, New Jersey, North Dakota and Rhode Island. The grand opening was in Michigan. No financial terms were disclosed.

The new facilities are:  

• 1256 How Lane, New Brunswick, N.J.The former Mini U Storage is on a 12.4-acre lot. It includes 10 single-story self-storage buildings offering more than 588 units, 64 of which are climate-controlled. It comprises more than 77,055 square feet of net rentable space.
• 1801 N. 21st St., Newark, N.J. The property includes two single-story self-storage buildings with more than 112 units, comprising more than 16,200 square feet of net rentable space. Formerly J&D Storage, the facility has indoor and drive-up units.
• 610 N. 42nd St., Fargo, N.D. The property includes six single-story self-storage buildings offering 211 drive-up storage units. Its comprised of 29,654 square feet of net rental space. The property was purchased from BTE Rentals & Storage.
• 5523 53rd Ave. S. and a 3.67-acre adjacent parcel, Fargo, N.D. The self-storage property includes one office building and six single-story buildings with 229 units, five of which are climate-controlled. It is comprised of 46,520 square feet of net rental space. The storage facility and adjacent parcel were also purchased from BTE Rentals & Storage.
• 110 Lewiston St., Fall River, Mass. Situated on a 4.7-acre lot, the property includes one office building and 10 single-story self-storage buildings offering 618 units, 264 of which are climate-controlled. It includes 65,450 square feet of net rental space.
• 99 Rockford Ave., New Bedford, Mass. Purchased from Storage Center New Bedford, the self-storage facility includes one four-story building with 557 climate-controlled units and 52,880 square feet of net rental space.
• 8525 Oso Blanca Road, Las VegasFormerly Storage One, the property includes one three-story self-storage building with 730 units, 675 of which are climate-controlled, and 36 RV, vehicle or boat spaces. It comprises 77,055 square feet of net rental space.
• 35 Oxford St., Providence, R.I. The self-storage facility includes one four-story, one two-story and two single-story buildings that offer more than 755 units comprising more than 75,011 square feet of net rentable space.

In addition to the recent acquisitions, U-Haul celebrated the opening of a facility in Detroit. The ribbon-cutting ceremony at 899 W. Baltimore St. took place on Sept. 26. The event included photo opportunities, a Vine video lounge, and refreshments catered by El Guapo Fresh Mexican Grill and The Mac Shack food trucks.

During the grand opening, U-Haul shared information about its alliance with The Conservation Fund, an organization that works with communities to balance economic and environmental goals, and the Greening of Detroit, a nonprofit resource agency that spearheads tree-planting projects and offers environmental education.

Donations from U-Haul and its customers to The Conservation Fund's Go Zero program will support the planting of 1,600 trees at Rouge Park over the next 18 months. The initiative kicked off on Sept. 28 with the planting of 300 trees by The Greening of Detroit and its army of volunteers.

U-Haul also established the Growing Detroit's Green Economy Fund, a grant program aimed at supporting green entrepreneurs. It will be administered by The Conservation Fund.

Established in 1945, U-Haul has 36 million square feet of storage space at more than 1,000 owned and managed facilities throughout North America.

Amherst, N.Y.-based real estate investment trust Sovran Self Storage Inc., which operates the Uncle Bobs Self Storage brand, will pay its shareholders a quarterly dividend of $0.53 per share of common stock for the third quarter of 2013, which ended Sept. 30. The amount is the same as for the second quarter and will be paid on Oct. 28 to shareholders of record as of Oct. 14.

Sovrans annualized dividend is $2.12 per share, which equates to an annual rate of approximately 2.7 percent, company officials said.

Sovran issued its quarterly earnings for the second quarter of 2013 on July 31. A conference call was held on Aug. 1 to review the companys financial performance.

Total revenue increased 18.4 percent over the previous year's second quarter, while operating costs increased 12.7 percent, resulting in a 21.1 percent increase in net operating income (NOI). Same-store NOI increased 12.2 percent year over year, while funds from operations for the quarter was 94 cents per fully diluted common share.

Same-store revenue during the second quarter increased 8.9 percent year over year due to an increase in average occupancy of 380 basis points (89.7 percent), increased rental rates and growth in insurance commissions. Average overall occupancy was 88.3 percent during the quarter.

Sovran was in the process of purchasing three properties in Colorado and New York for $27.9 million and expected to close the acquisitions during the third quarter. The company operates more than 470 self-storage properties in 25 states.