Rosewood Property Co. (RPC), a Dallas-based real estate firm, has acquired five self-storage properties in major markets nationwide. The specific locations will be identified pending legal and governmental approvals, according to a press release.

“The markets in which we made these latest acquisitions were all target markets for our portfolio and represent important additions to our expanding presence in the self-storage sector,” said president Bill Flaherty.

The facilities are new, multi-story sites with climate-controlled and drive-up units. All were locally owned. “It was time for the ownership of those facilities to monetize their investments,” Flaherty said. “Rosewood is a knowledgeable buyer [that] had completed extensive market research and provided a predictable and fully qualified exit for those partnerships.”

Since mid-2016, RPC has invested more than $100 million to acquire self-storage properties in California, Indiana, Texas and Washington. The recent additions total more than 625,000 rentable square feet of space in 5,700 units. Most recently, the company purchased StorAmerica Storage & Wine Cellar in Carmel, Ind. The property is managed by self-storage real estate investment trust Extra Space Storage Inc. and branded under its name.

“We continue to focus on additional acquisitions in multiple targeted markets as well as maximizing the value of our existing properties through active management,” Flaherty said.

RPC is a subsidiary of The Rosewood Corp., a private investment concern owned by the Caroline Hunt Trust Estate. Its portfolio includes 41 self-storage facilities totaling more than 3.15 million rentable square feet and 25,000 units in 11 states. In addition, the company is expanding existing properties and developing multi-story self-storage projects in Denver as well as Portland, Ore. RPC and its affiliates maintain a portfolio that includes office, multi-family, industrial, self-storage and land assets as well as equity securities of public and private real estate investment companies.

 

StorageMart, which operates more than 190 self-storage properties across Canada, the United Kingdom and the United States, has purchased a facility in Bognor Regis, England. The company now owns 16 sites in the United Kingdom, according to a press release.

The property at 5 Durban Road comprises 24,091 square feet of storage space in 430 units. It offers packing and moving supplies, handcarts, 24/7 access by request, keypad entry, and other amenities. Online billpay is available. Gate hours are 6 a.m. to 10 p.m.

"The new location in Bognor is great news for locals in need of self-storage units for personal or business use," said Cris Burnam, president. "Our dedicated customer-service team is always ready to deliver our promise of 'easy, clean, service' to all customers."

StorageMart expanded its footprint in the U.K. last year with the acquisition of Big Box Storage Centres for £100 million. The portfolio includes 15 locations in Southern England comprising 674,756 square feet in 9,655 units.

Founded in 1999 and based in Columbia, Mo., StorageMart is privately owned and operated by the Burnam family, which has been in the storage industry for three generations. Its portfolio consists of more than 12 million square feet of storage. It serves more than 75,000 self-storage customers, and operates in Chinese, English, Punjabi, Quebecois French and Spanish.

Having a fully functional security system is crucial to any business, and even more so to a self-storage facility. Unlike other commercial ventures, storage operations must consider the liabilities associated with security failure. Theft, vandalism, arson and other property damage that result from an improperly maintained system can have a devastating impact on your business, not to mention disrupting the lives of dozens or even hundreds of customers.

If you have an adequate security system at your facility, that’s a great first step. The next step is to perform routine maintenance on that equipment. Preserving your hardware and software will help ensure your system works well every day for years—even decades—to come.

Hardware Maintenance

Your security hardware includes keypads, cameras, gate operators and alarms. There are many things you can do on a weekly or monthly basis to ensure it remains in good working order. The following tips don’t require any technical knowledge and can be done by self-storage owners and managers without the help of trained professionals. However, it’s important to comply with the manufacturer guidelines and never do anything that would void your warranty.

Check your housings. One very important thing you can do to maintain your outdoor security equipment is to regularly check your keypad and video-camera housings. Dirt and water can damage your hardware, so it’s important to ensure all enclosures remain sealed and water-proof. The recommended frequency is once per month.

Check for pests. We don’t always think about this one, but spiders and wasps frequently make homes on or around outdoor security equipment. Webs, nests and other infestations can create moisture that can ruin a circuit board in short order. These pests can also obstruct the field of view of your outdoor cameras. During the spring and summer, weekly inspections are ideal.

Clear all debris and trim landscaping. This is especially important if your facility is in a wooded area or you have shrubs, vines or trees. Pine straw and cones, leaves, sticks, tree limbs, and other debris can collect on or around your keypad housing, gate operator and other devices. They can damage your equipment, collect moisture and obstruct the field of view of your security cameras. Trimming your shrubbery and clearing any fallen detritus ensures your equipment always functions properly. Check for waste on a weekly basis, and trim shrubs and vines monthly.

Clean your camera lenses. This sounds simple, but cleaning your equipment goes a long way. Indoor and outdoor cameras can collect dust, but outdoor equipment is much more susceptible to collecting dirt and debris. Wiping your camera lenses weekly helps you capture clear, high-quality video footage. Don’t forget about the pinhole camera lenses in your keypads!

Clean your keypads. Each day, dozens of people touch those keypads, so regularly clean the buttons. Over time, they collect dirt and oil, and the keys can start to stick.

Check your cables. All cables should be properly connected so devices are receiving the correct amount of power. Again, check for signs of pests, and look for damaged wired from wear and tear.

Check your batteries. If you have wireless alarms or other devices that use battery power, check for signs of corrosion. Corroded or drained batteries should be replaced.

Clear ice and snow. If ice and snow builds up on security devices, it increases the chances of moisture damage. Some keypads and gate operators have built-in heaters or are made to accommodate the addition of aftermarket heaters. These are good options in areas that frequently experience freezing temperatures. Any aftermarket devices should be installed by trained and certified professionals.

Software Maintenance

Just like your hardware, your security software requires regular upkeep. Consider the following tips.

Remove outdated access codes. One of the most commonly overlooked maintenance measures is removing access codes for past employees and tenants, and updating codes for vendors and service providers. Removing an employee’s code when he leaves the company is always important; it’s even more critical if he was terminated or disgruntled. When renters move out, make sure their access codes are immediately expired. Finally, you want to regularly update any access codes distributed to landscapers, delivery services, garbage collectors, etc. Employees of these companies may change, and you don’t want past staffers to have access to your site.

Install updates. Updating your security software to the latest version is critical. Typically, updates provide additional features and functionality, which is a great way to enhance your system without a major overhaul. Updating your software and automatically installing updates is a simple yet important way to help maintain your security system.

If repeated regularly, the steps above will help keep your security system running at peak efficiency.

Christine DeBord is head of the marketing and the reseller-channel departments at PTI Security Systems, a provider of access-control and security systems for the self-storage industry. To contact her, call 404.649.5594; e-mail [email protected]; visit www.ptisecurity.com.

More than 160 industry professionals attended the Georgia Self Storage Association (GASSA) Convention & Expo, Oct. 1-2, at the Hyatt Regency in Savannah, Ga. The event included seminars, roundtable discussions, networking events and a tradeshow featuring 43 exhibitors. Winners of the “Facility of the Year” and “Manager of the Year” Awards were also announced.

The nine-hour education program covered topics including customer service, selling to Millennials and the life cycle of the storage industry. Featured speakers were M. Anne Ballard, president of training, marketing and developmental services for Universal Storage Group; Jim Chiswell, owner of Chiswell & Associates LLC; Carol Krendl, CEO of SkilCheck Services Inc.; Guy Middlebrooks, vice president of third-party management for CubeSmart; and Scott Zucker, a partner with the law firm Weissmann Zucker Euster Morochnik P.C.

The show’s exhibitors represented a variety of self-storage products and services, such as brokerage, construction and development, insurance, security, technology, and others.

The title “Facility of Year” was awarded to Space Shop Self Storage in Snellville, Ga., for the conversion of a single-story bowling alley to a three-story self-storage facility. Candidates in this category were judged on their overall excellence in design, construction and operation, according to a GASSA press release.

Qianna Felder, a manager at Storage World Inc. in Stockbridge, Ga., was named Manager of the Year. The honor recognizes excellence in self-storage management and customer service.

The date and location for the 2018 GASSA conference will be announced in the coming months.

Founded in 1992, GASSA is a nonprofit organization for self-storage professionals in the state of Georgia. Its 240 members include owners, managers, management companies, vendors and suppliers representing more than 800 facilities.

UltraStor Self Storage has entered the Canadian self-storage market with the opening of its first facility. The flagship property at 4585 Palladium Way in Burlington, Ontario, Canada, comprises 57,105 rentable square feet in 460 units. Amenities include climate control, a drive-in loading area and an executive boardroom available for rent. Security features include keycode access, perimeter fencing and video cameras, according to a press release.

Located at Appleby Line and Highway 407, the facility will serve 180,000 people within a five-mile radius of the facility, the release stated.

UltraStor has already begun construction on phase two of the project. It’s also in the process of acquiring property in the Mayfield West community of Caledon, a town in the Greater Toronto Area, for its second location.

A woman armed with a shotgun was shot multiple times by police officers on Monday at Dalhart Self Storage in Dalhart, Texas. Officers arrived on the scene at 713 Liberal St. about 2:15 a.m. after receiving a call that someone on the property was suicidal. When negotiations with the woman to drop her weapon failed and she turned the firearm toward the officers, they shot her, according to the source.

The unidentified suspect was treated at the scene before being transported to Coon Memorial Hospital in Dalhart. She later was transferred to University Medical Center in Lubbock, Texas.

In addition to the Dalhart Police Department, the Texas Rangers also responded to the call and are actively investigating the incident.

A new self-storage facility will open in Hoboken, N.J., in December featuring a mural across three of its seven floors. The Hoboken Planning Board approved the application in January for the property at 1312 Adams St., according to the source. The site will be branded and managed by CubeSmart, a self-storage real estate investment trust and third-party management company.

The $15 million development includes $4.5 million in land that was purchased from developer Jeffrey White of Casa Blanca Management. The 140,000-square-foot project is 155 feet wide by 35 feet tall. The ground floor is parking only, with actual storage space starting 20 feet above ground.

The mural, on the north side of the building, was a requirement of project approval, according to the source. The Hoboken Mural Arts Council requested submissions for the project in September. Three artists will be selected to design the wall based on the theme “diversity, inclusion and community.” The winners, chosen by the art council and the facility developer, will be awarded $500 each. In addition, a $25,000 honorarium will be given to the selected artist or group chosen to paint the piece. Paint, supplies and scaffolding will be provided.

The broker in the land acquisition was Anthony Rivera, managing director of the commercial real estate division for Pure Properties, which specializes in commercial and residential acquisitions, construction, interior design, and marketing.

CubeSmart is a self-storage real estate investment trust that owns or manages 910 self-storage facilities across the United States. Its operating portfolio comprises more than 60.5 million square feet.

Denver-based real estate developer Eric H. Bush, whose projects included self-storage, died Oct. 7 from a self-inflicted gunshot wound, according to the Arapahoe County, Colo., Coroner’s Office. Bush founded Bush Development Inc. in 1992 and specialized in building self-storage and small retail centers in the Denver area. He was 49.

Bush dropped out of college to pursue entrepreneurial interests, childhood friend Raven Wells told the source. After reportedly helping to turnaround a telecommunications company in 1991, Bush moved home to Colorado to pursue real estate. While building custom homes in the Denver area in the mid-1990s, he learned there were customers on waiting lists for self-storage units and decided to pursue development opportunities in the sector, Wells said.

Bush reportedly built one storage facility in Evergreen, Colo., for $480,000 and sold it a year and a half later for $1.65 million. In a 2007 interview with a local newspaper, he expressed his willingness to “build self-storage on the moon.”

Bush was also involved in developing a storage facility at 6150 Leetsdale Drive in Denver. The property once operated as United Storage and is now listed as part of the CubeSmart operating portfolio. In 2012, investor Daniel E. Young filed a lawsuit on behalf of himself and members of four limited-liability companies connected to Bush, including Leetsdale Self Storage LLC, accusing Bush of mismanagement.

Though Bush appears to have been successful with his early real estate projects, he ran into problems with financing during the Great Recession, according to friend and attorney Jeff Wittebort, who told the source he believes ongoing legal issues, financial trouble and a recent separation from his wife played a role in Bush’s suicide.

During pursuit of a development in Cherry Creek, Colo., in 2010, Bush launched a private-equity firm to raise money without bank financing. Though he raised capital from hedge funds and private investors, the terms of those deals were “far worse” than traditional loans, Wittebort told the source. Bush never developed the project and sold the Cherry Creek property in 2012 for about $16 million.

Bush filed for Chapter 7 bankruptcy in March 2013 and May 2014, listing less than $50,000 in assets and liabilities between $1 million and $10 million. Another bankruptcy filed this year by the developer listed assets between $1 million and $10 million and financial liabilities in the same range, according to the source.

A December 2016 lawsuit filed by Nevada-based Crosscheck LLC, which invested in projects spearheaded by Bush and also loaned his companies “millions of dollars,” alleged Bush misappropriated funds “for his own personal use and gain,” the source reported.

In another lawsuit last year, Bush agreed to pay a $225,000 judgment to Shames Makovsky Realty for unpaid commission, but reportedly never followed through. Shames Makovsky sued Bush again in March, alleging the developer had transferred funds to avoid payment.

Wittebort knew Bush for more than 30 years and told the source he recently spoke to the entrepreneur about a new self-storage deal Bush was working on and that he seemed “optimistic he could dig his way out” of trouble.

Wells indicated Bush was generous while successful, sometimes giving real estate brokers an equity stake in a project on top of their commission. Wells also told the source he lost money as an investor in the Cherry Creek project. “By the time it was done, he was just crushed,” Wells said.

In addition to business, Bush also liked to ski, fish and target shoot, Wittebort said.