Township officials in Lower Pottsgrove, Pa., are considering three self-storage projects, including two by Moove In Self Storage, which operates 20 locations in Maryland and New Jersey. The proposed developments are on East High Street, North Charlotte Street and South Pleasantview Road, according to the source.

Officials from Moove In have discussed their proposal to convert a former car dealership at 2148 E. High St. to self-storage, but has yet to formally file it. Initially, commission chairman Bruce Foltz said the township wasn’t interested in the development and the plan needed improvements. Moove In has since made modifications, Foltz told the source.

The High Street office and showroom would be gutted and converted to climate-controlled storage. The units would be a neutral color and face inward, away from the street, according to John Gilliland, founder and president of Investment Real Estate Group Cos. (IREGC), which manages the Moove In portfolio.

Moove In will also spend $500,000 to enlarge its existing property on South Pleasantview Road, which has a waiting list, Gilliland told the source. The proposed expansion, which will add 89 units to the facility’s existing 267, was approved by the township when the property was built, according to Ed Wagner, township manager. Moove In has also received approval to develop a new project in Amity, Pa., the source reported.

A separate development by GEG 663 Storage is slated for a 4-acre former car dealership opposite a Planet Fitness. Plans include 175 to 300 storage units. The township zoning board approved a use variance last year for the site, which is in a commercial office district, Wagner said. The site plan is being revised before it’ll be considered by the planning commission. If approved, it’ll then be forwarded to the township commissioners.

Founded in 1997, Moove In operates facilities in Baltimore County in Maryland; Berks, Huntingdon, Lancaster, Montgomery and York Counties in Pennsylvania; and Sussex County in New Jersey.

IREGC also includes Investment Real Estate LLC (IRE), Investment Real Estate Management LLC and Investment Real Estate Construction LLC. Since its inception, IRE has provided brokerage, construction, development and management services to self-storage owners and investors.

Source:
The Mercury, Lower Pottsgrove Eyeing 3 Self-Storage Facilities

 

AMERCO, the parent company of U-Haul International Inc., has acquired Music City Self Storage in Nashville, Tenn., from Andover Management Group, a real estate development and management firm. Opened in March, the facility at 506 Fesslers Lane contains 969 climate-controlled units and 89 wine-storage units, according to a press release.

Situated on 1.69 acres, the property is a mile from downtown Nashville and near the Interstate 24/Interstate 40 corridor, a city thoroughfare. Features include covered unloading area, individual door alarms and video cameras.

The seller was represented in the transaction by Barbara Guffey, managing director, and Jason Nettles, senior managing director, of Holliday Fenoglio Fowler L.P. (HFF). “This was a great opportunity for the buyer to strategically add to their existing Nashville portfolio with a newly constructed and modernized class-A property in a high-growth market,” Guffey said.

AMERCO is also the parent company of Oxford Life Insurance Co., Repwest Insurance Co. and Amerco Real Estate Co. Established in 1945, U-Haul owns more than 55 million square feet of storage space throughout North America.

Andover specializes in property acquisition, development, management and disposition. Its principals have developed and invested across numerous asset classes including industrial, multi-family, office, residential and self-storage.

HFF and its affiliate, HFF Securities LP, are owned by HFF Inc. The firm operates out of 26 offices nationwide and specializes in advisory services, commercial-loan servicing, debt and equity placement, and investment and loan sales.

KingKho Mini Storage has opened the first self-storage facility in the Hadong District of Hanoi, Vietnam. The facility comprises more than 1,000 square meters of storage space in four different unit sizes ranging from 1 to 100 square meters. The property features 24-hour access and security, according to a press release.

Co-founders Vinh Do and Lorenz Wagener believe Vietnam’s growing economy will help fuel consumer demand for self-storage.

"There are now many e-commerce companies selling products online in Vietnam. With mini-storage, they can just rent a small unit of 1 square meter and easily add [more] as needed,” said Do, who has professional real estate experience.

The entrepreneurs believe traditional consumer factors and business needs will draw tenants to the KingKho facility. "In the self-storage industry, we call the main drivers for self-storage the four Ds: dislocation, density, divorce and death. But besides these, mini-storage can also be useful for businesses where the bulk of the work takes place outside of the office,” added Wagener, who’s based in Germany. “Many mini-storage customers are online shops, painters, electricians, landscapers, sales reps, plumbers and so on."

Economic factors and increasing population density across the continent have also contributed to the growth of self-storage across Asia, according to a recent report from global real estate investment-management firm Heitman LLC. Markets that have experience high growth include Hong Kong, Seoul, Singapore and Tokyo.

Westport Peoria Phoenix Self Storage LLC has acquired two U.S. Storage Centers locations in Arizona. The properties at 19315 N. 83rd Ave. in Peoria and 2331 W. Indian School Road in Phoenix comprise 92,805 square feet in 943 units. Each offers climate-controlled units and boat/RV storage. They were 88 percent occupied at the time of the sale.

The seller was Phoenix-based Orsett Storage LLC, an affiliate of commercial real estate development firm Orsett Properties Ltd. The buyer and seller were represented in the transaction by Paul Boyle and Rick Danis, executive directors for global real estate services company Cushman & Wakefield.

“The sellers received several offers for the stabilized portfolio, which had little deferred maintenance issues and are well-positioned for the purchaser to increase their yield through rent growth,” Boyle said in a press release. “The self-storage industry remains popular with investors on a local and national level, and demand continues to outweigh supply.”

The U.S. Storage Centers brand, operated by Westport Properties Inc. (WPI), has more than 120 self-storage facilities nationwide. Founded in 1985 and based in Irvine, Calif., WPI is a real estate investment company that acquires, develops and operates self-storage facilities, and provides third-party management services. Its portfolio comprises more than 9 million rentable square feet in 15 states.

Founded in 1972, Orsett develops, owns and manages commercial real estate. It specializes in industrial, office and retail projects. The U.S. Storage Centers locations were the only self-storage properties in the company’s portfolio, based on listings published on its website.

The Dyersburg, Tenn., Municipal-Regional Planning Commission approved a site plan on Nov. 8 for the construction of a new self-storage facility. A-1 Mini Storage will be on Hornbrook Avenue near the south bypass of U.S. Route 51. The land is currently zoned as planned business, according to the source.

The facility will contain several structures, but only one will be climate-controlled, according to the source. It’ll include an asphalt parking area per city code. “Most of this is going to be gravel driving aisles. That’s been a practice—sort of policy—we’ve allowed for mini-storage buildings in the past,” said Will Radford, a community planner with Nelson Community Development Group LLC, which represented A-Mini during the commission meeting.

The Dyersburg Fire Department agreed the distance between the buildings was sufficient. The plan includes a second drive aisle from Hornbrook Avenue for first responders, Radford said. “Engineering has not been completed yet at this time, but we are comfortable with a recommendation of approval, contingent on engineering approval.”

The commission unanimously approved the site plan contingent on the engineering plan, the source reported.

Source:
State Gazette, Dyersburg Planning Commission Approves Mini-Storage Site Plan

Banner Storage Group LLC (BSG), a subsidiary of Banner Apartments LLC that buys, builds, finances and sells self-storage properties, recently opened a new facility in Malden, Mass. The three-story building at 490 Eastern Ave. comprises 125,577 square feet. The site is managed by self-storage real estate investment trust Extra Space Storage Inc. and branded under its name, according to a press release from ARCO/Murray Design Build, which provided architectural and engineering design, permitting and construction on the project.

BSG has completed four self-storage developments this year comprising more than 496,000 gross square feet, according to its website. It has three projects underway in Brooklyn, N.Y., Chicago and Westchester County, N.Y., that will add another 345,000 gross square feet to its portfolio.

BSG was formed in July 2013 to diversify Banner Apartments’ real estate holdings. It’s development strategy is to build “institutional-grade, urban-infill, climate-controlled properties in premier locations nationwide,” according to its website. It targets sites with high population density, good visibility and high traffic counts, in which “competitive supply will remain less than the submarket's equilibrium.”

Headquartered in Salt Lake City, Extra Space owns or operates 1,568 self-storage properties in 39 states; Washington, D.C.; and Puerto Rico. Its properties comprise approximately 1.09 million units and 119 million square feet of rentable space.

Based in Dallas, ARCO/Murray is a national design-build general contractor with more than 25 years of experience.

Update 11/14/18 – The DealPoint Merrill conversion of Macy’s to self-storage continues to move forward. The $8 million project will comprise more than 1,100 units at 691 Richmond Road. A previous source reported the street address number as 641. The developer has also acquired the vacant 248,000-square-foot Sears store, with plans to build a four-story luxury apartment complex, according to the source.

The apartment complex will feature retail space on the ground floor as well as a plaza and public park. An annex area will also be set aside of additional recreational amenities.

“No city, county or state tax affects residents with these plans,” said Brian Gleisser, the city’s director of economic and community development. “We’ve been pleasantly surprised regarding no questions for any tax incentives. It allows us to do more and reduces bureaucracy typically associated with projects of this magnitude. Hopefully, it’s the beginning of a new trend.”

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1/23/18 – DealPoint Merrill LLC, a real estate development and property-management firm, intends to convert a former Macy’s store to self-storage in Richmond Heights, Ohio. The company acquired the 162,190-square-foot building at 641 Richmond Road through affiliate Richmond Heights Owner LLC for $1.15 million. The developer secured a use variance on Nov. 14 from the city council and intends to begin construction during the second quarter, according to the source.

The conversion will leave 30,000 square feet for retail space on the ground floor. The facility will be branded under CubeSmart, a self-storage real estate investment trust and third-party management firm. DealPoint Merrill also intends to build two freestanding restaurants on the 9-acre site.

“The Macy's building is a notable addition to our climate-controlled self-storage portfolio and an excellent fit for our co-investment and redevelopment projects throughout the United States,” said David Frank, CEO of DealPoint Merrill, in a press release.

Macy’s closed the store in 2015. The two-story structure is part of the Richmond Town Square shopping mall, which has also experienced closures of J.C. Penney and Sears locations, the source reported.

DealPoint Merrill is a subsidiary of The Merrill Group of Cos., a privately held real estate development and property-management firm that has been in business since 1985. Merrill Group manages more than 2 million square feet in office and retail assets nationwide. Based in Los Angeles, DealPoint Merrill also has a strategic partnership with real estate firm Sperry Van Ness LLC for co-investment opportunities and development services.

Public Storage Canada has acquired the four-property SelfStorageCo portfolio in Greater Toronto. The facilities are in Brantford, Guelph, Hamilton and Waterdown, Ontario. Together, they total approximately 270,000 rentable square feet, according to a press release from The Colliers International Self Storage Group, the real estate firm that brokered the transaction.

“This acquisition was accretive to our existing portfolio in Canada and aligns with our growth strategy going forward,” said Andy Hick, vice president of real estate for Public Storage Canada.

The Colliers brokerage team included Ashley Compton, Matt Davis, Tom Gustafson and Greg Peak.

Headquartered in Toronto, Public Storage Canada is a division of U.S.-based self-storage real estate investment trust Public Storage Inc. It opened its first location in Brampton, Ontario, in 1979. It now operates 60 facilities in the country.

Colliers is a global commercial real estate services firm employing more than 16,000 professionals who operate out of 554 offices in 66 countries. The company offers a variety of services for business owners, developers and investors. It has brokered more than $600 million in self-storage sales across North America in 2018.