List Self Storage (LLS), a website for real estate professionals to list and identify facilities for sale, has launched a “List Alert” short-message service (SMS) that provides users with real-time updates when properties are uploaded to the platform. The system will automatically send a text message to registered users when a new listing is activated, according to a press release.

The notification will include the property name and location, along with a link to view more information. “As a technology platform, we are always exploring opportunities to connect with users, and text messaging is List’s natural next step,” said Theresa Gallas, president. “We are pleased to offer our users expedited notifications.”

The notifications are provided through telecommunications firm Carrier Logix, which provides phone and Internet services including cable resources, call centers, cloud-based solutions, hosted voice and mobile communications, to the self-storage industry. Users can opt in to the List Alert service by texting their property search criteria to LLS.

Founded in 2015, LLS has represented more than $2 billion in self-storage, conversion and development assets for sale nationwide, according to the release. The website provides a directory of self-storage transaction specialists, providing a reference for all aspects of self-storage development, building, financing, purchasing, managing and selling.

Investment Real Estate LLC (IRE), a property-management and consulting firm serving the self-storage industry, has hired Tyler Jermyn as accounting assistant, responsible for managing the daily accounting functions for Investment Real Estate Management (IREM). She’ll work with the company’s new accounting manager, Mary Cornelius. Her duties will include providing key support and administration in banking and treasury, accounts payable and receivable, payroll support, and financial reporting.

Jermyn is also spearheading the implementation of a paperless accounts-payable process for the company. She brings a wealth of experience in accounting and facilities operation in the self-storage industry, according to a press release.

“Tyler is a wonderful addition to our accounting department at IREM. Her super-positive attitude and knowledge of the self-storage industry made her the perfect fit. We are glad she decided to move back to her home state of Pennsylvania, and we welcome her to our team,” said John Gilliland, IRE CEO and President.

Jermyn earned a bachelor’s degree from York College of Pennsylvania. After graduation, she spent a year in Lancaster, Pa., working as an associate microbiologist for Eurofins Lancaster Labs Environmental LLC. She then moved to Oregon, where she switched career paths and became the accounting and human-resources assistant at a real estate management company specializing in residential housing and self-storage.

“I am thrilled to be a new member of the Investment Real Estate team, and it’s already evident to me that IRE is moving in a very positive direction,” Jermyn said. “I look forward to building a fulfilling career here, alongside all of the other talented individuals at this company.”

Since its inception in 1998, IRE has provided brokerage, construction, development and management services to self-storage owners and investors.

Absolute Storage Management (ASM), a self-storage owner and property-management firm, announced operating results for the third quarter of 2018 that ended Sept. 30. The company increased same-store revenue by 4 percent compared to the same period last year. Same-store occupancy increased by .3 percent versus the same time in 2017, according to a press release.

ASM gained two management contracts of operating facilities and six more following the completion of construction. The facilities include Gatehouse Self Storage in Clayton, N.C.; Highway 31 Storage in Thompson Station, Tenn.; Niceville Loc-N-Stor in Niceville, Fla.; Northshore Storage in Chattanooga, Tenn.; SoBro Storage in Nashville, Tenn.; Toledo Self Storage in Toledo, Ohio; University Storage in Lawrence, Kan.; and The Vault in Rock Hill, S.C.

“We are extremely proud of our team’s performance. Our focus on rate management, and our attention to both local and regional marketing efforts are contributing to our exceptional results,” said CEO Scott Beatty. “We look forward to a successful end of 2018 and a strong start to 2019.”

Founded in 2002, ASM operates 116 properties in 14 states. Headquartered in Memphis, Tenn., it has regional offices in Atlanta; Charlotte, N.C.; Jackson, Miss.; and Nashville, Tenn.        

Stor-Age Property REIT, which operates self-storage in South Africa and the United Kingdom, will sponsor the fifth annual “Old Boys Tens” (OBX) rugby and netball tournament on Nov. 9 and 10 at the Stor-Age Pirates Rugby Club in Johannesburg. The event, which pits organized teams against each other, is expected to draw more than 800 athletes, according to the source.

The tournament also serves as a fundraiser for the nonprofit Education Endowment Fund, which is designed to improve educational opportunities in disadvantaged communities. The event’s goal is to raise more than R700,000, the source reported.

“OBX 2018 is going to be even bigger than last year, with a record number of teams signing up to battle it out on the field and on the court,” said Chris Oosthuizen, spokesperson for Stor-Age. “The event offers a wonderful opportunity for local communities to come together, to celebrate through sport and to raise money for a worthy cause at the same time. It’s not only about the sports teams, as the event is well-attended by families and friends of those competing to join in the festivities through various activities. It’s a great atmosphere, and we are proud to be involved as a sponsor.”

“Stor-Age are more than just sponsors; they are friends, supporters and, most importantly, believers in OBX and its ideals,” added Marcel Malherbe, the tournament director. “It’s very hard to find a sponsor that matches your organizational ethos, and the Stor-Age/OBX relationship represents what can be done if corporate South Africa engages in nation-building.”

The “tens” in the event name refers to the number of players on each team. Netball is an international sport similar to basketball that restricts the player who holds the ball from moving his feet until he’s passed it to another player.

Next year, organizers plan to introduce a women’s rugby division.

Headquartered in Cape Town, Stor-Age was established in 2005 by Stor-Age Property Holdings Pty. Ltd. to acquire, develop and manage self-storage assets. Today, Stor-Age operates a 64-property portfolio, primarily in four South African metropolitan areas, that comprise approximately 413,000 square meters. It also has 10 projects under development. The company was listed on the Johannesburg Stock Exchange in November 2015. It acquired the U.K. Storage King portfolio in 2017.

Source:
Sport24, 2018 Stor-Age Old Boys Tens Set to Kick Off
OBX, Website

A common question asked by self-storage operators these days is, “How do I keep visitors on my website longer and turn them into customers?” To begin, it’s crucial to stay up-to-date with the latest online tools and technology. There are some fantastic facilities out there that offer superb customer service, top-notch security and competitive prices, but with websites that look like they haven’t been updated in a decade!

If you don’t have a website that’s eye-catching and mobile-friendly, with a design that works for self-storage customers, this article is for you! Below are four critical steps to ensure your website retains and converts customers.

Step 1: Be Mobile-Friendly

If your website isn’t mobile-friendly, you’re losing customers in a matter of seconds. When you visit a website from your mobile device and it isn’t mobile-friendly, aren’t you more likely to leave? Not only will your site design affect your retention rate, it’ll impact referrals as well. Fifty-seven percent of Internet users say they won’t recommend a business with a poorly designed mobile website, according to media website socPub.

We’re living in a time when the most popular way of researching anything is via mobile device. In fact, mobile is projected to comprise 79 percent of global Internet use by the end of 2018, reports marketing firm Sweor. So, if your website isn’t modern, the time to act is now. The days of walk-in customers are quickly fading. The key is to build a state-of-the-art, mobile-friendly website that’ll lead to long-lasting tenants.

Step 2: Provide an Online Lease Agreement

Your online rental process should cover all the basics, including the lease signing, and a customer should have easy access to his self-storage contract at all times. Online leases mean less paper, making it easier for you to sort and find documents and for customers to store them on their devices.

Create your own streamlined, online lease sign-up. Simply take your hard-copy lease and fill in the data from the online move-in process. By integrating with your self-storage management software, you can pull in the lease you’re already using, so there’s less work!

Step 3: Offer Online Payment Options

Your customers are trying to pay you, so don’t make it difficult for them! A tenant should easily be able to find the login button on your website and make a payment without hassle. Once he’s logged in, the account page should be extremely user-friendly, so he knows exactly where to go and what to do. Dedicate a link so he can see when his next payment is due.

Storage managers shouldn’t have to spend time tracking down delinquent payments. Make their job easier by creating more options to collect rent.

Step 4: Build Trust

According to software-development firm HubSpot, up to 85 percent of consumers won’t continue browsing a website if it isn’t secure. That's a lot of people who could be interested in your storage facility! When potential renters visit your website, they want to know their information is safe. Here are two important tips:

Maintain the same Web address throughout the entirety of the customer’s visit. When someone visits a site to make a payment and is transferred out to another website, it can deter them. New-tab popups can also make them uneasy because they don’t know who they’re paying.

Another essential safety feature is Secure Sockets Layer (SSL). When a website is SSL-certified, the customer sees https:// at the beginning of the URL instead of http://. SSL is vital in keeping the data transfer between your browser and a website’s host secure and protected. It’s important for any website that handles sensitive information, such as personal data or credit card information. Talk to your Web provider to ensure you have SSL encryption turned on for your website.

Let Customers Know

Now that you’ve completed steps one through four, it’s time to spread the word! Send your customers an e-mail to let them know about your latest website features. This provides an easy opportunity for them to refer you to friends and family. Word-of-mouth is huge, and people will trust a recommendation from someone they know.

More self-storage operators are recognizing the importance of user-friendly websites. A properly updated site with mobile capabilities as well as online lease and payment features can lower delinquencies and increase your rental-conversion rates.

Zac Sharp is a product specialist for StoragePug, a software company helping self-storage facilities rent units through their website. Powered by modern marketing, StoragePug has built an e-commerce platform that connects customers to self-storage through online rentals, billpay and lease eSign. For more information, call 833.786.7784; visit https://storagepug.com. 

Update 11/8/18 – MCSS has opened its self-storage facility on 79th Street in Miami, an arterial street also known as the John F. Kennedy Causeway. The five-story structure comprises 76,050 square feet in 922 units. It’s a few blocks west of the overpass to North Bay Village and Miami Beach.

MCSS recently opened the Miami facility along with two properties in Doral and Fort Lauderdale, Fla. Together, the three facilities add nearly 240,000 rentable square feet of climate-controlled storage to the company’s portfolio.

Though the company intends to scale back its activity in South Florida, it currently has 11 projects in the pipeline in Broward and Miami-Dade counties. It’s on track to develop more than 1.5 million square feet in region, the release stated. The company is also actively developing in California and the Northeast.

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7/13/15 – Miami City Self Storage 3rd Ave. LLC, an affiliate entity of Miami City Self Storage LLC, received $11.41 million in financing to develop one of the six planned self-storage facilities in Miami-Dade County, Fla., according to the source. The funding was provided by PNC Bank, which offers personal and commercial lending services nationwide.

Miami City Storage acquired the property 270 S.W. 11th St. last year for $3.5 million. The 17,715-square-foot site is four blocks west of Brickell Avenue, which contains several office buildings and high-end condo projects, the source reported.

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5/21/15 – Affiliate entities of Miami City Self Storage LLC have received $21.9 million in financing to develop the first two of six planned self-storage facilities in Miami-Dade County, Fla., according to the source. Financing was secured through Jernigan Capital LLC, a merchant bank and advisory firm serving the self-storage industry.

Financing for the project at 1100 N.E. 79th St. was increased from $2.5 million to $12.3 million, while the mortgage on the development at the corner of N.W. 5th Avenue and N.W. 36th Street increased from $1.1 million to $12.3 million, the source reported.

Each facility will comprise about 100,000 square feet and 1,000 climate-controlled units.

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5/1/15 – Miami City Self Storage LLC, a joint venture recently launched by real estate veterans Stephen Garchik, Jay Massirman and Steve McBride, has purchased six properties in Miami-Dade County, Fla., on which it plans to develop 1 million square feet of storage space. All six properties are in the Miami metro area, with three occupying corner lots, according to a press release.

Each of the projects will feature multi-story construction and modern architecture and include approximately 1,000 climate-controlled units. The facilities will be managed by an unidentified self-storage real estate investment trust, the release said.

“We launched our South Florida storage venture early in the cycle, and were able to secure six premier sites,” said Massirman, managing partner. “We are aggressively seeking new sites and have several parcels in the acquisition pipeline.”

The six purchased parcels are:

• 1100 N.E. 79th St., Miami
• Corner of N.W. 5th Avenue and N.W. 36th Street, Miami
• Corner of S.W. 3rd Avenue and S.W. 11th Street, Miami
• Corner of S.W. 137th Avenue and S.W. 6th Street, Sweetwater
• N.E. 151st Street, North Miami
• S.W. 28th Lane, across from the Coconut Grove neighborhood

“We have been developing in the self-storage space for over 20 years along the eastern seaboard,” said Garchik, managing partner, who has developed more than 35 storage facilities in Florida, New York and Washington, D.C. “In South Florida, demand is rising because of the proliferation and growth of small businesses and the development of new condominiums and apartment rentals, and a generally under-served market.”

Miami City Self Storage is actively pursuing new development opportunities in “high-value” locations in South Florida and select “high-growth” cities, according to the company website.

Rendering of the Miami City Self Storage facility planned for 1100 N.E. 79th St. in Miami, Fla.

Sources:
South Florida Business Journal: Miami Self-Storage Projects Land $22M in Financing
South Florida Business Journal: PNC Bank Lends $11M to Build Miami Self-Storage Building

Self-storage real estate investment trust (REIT) Life Storage Inc. has acquired a facility in Sacramento, Calif., for $10.3 million from Storage Solutions Main Ave. LLC. The property at 181 Martin Ave. comprises 75,000 square feet and previously operated as Storage Solutions.

The purchase includes the option to expand the property by another 15,000 square feet, which Life Storage plans to pursue, according to Michael Rogers, vice president of real estate for Life Storage. “We’ve always looked at California as an attractive market. A lot of self-storage is getting overbuilt, and in California, that is not happening,” he told the source, adding that obtaining entitlements to build in the state can be difficult.

The REIT is also considering other acquisition opportunities in the Sacramento region. The company operates 12 locations in the city.

Life Storage also recently announced that David Rogers, co-founder and longtime CEO, will step down on March 1, though he’ll remain on the board of directors. Rogers will be replaced by Joseph Saffire, who joined the REIT in November as chief investment officer. Under Rogers, Life Storage nearly doubled its revenue and funds from operations from 2013 to 2017.

Based in Buffalo, Life Storage operates more than 700 self-storage facilities in 28 states under the Life Storage and Uncle Bob’s brands. Its portfolio of owned and managed facilities comprises more than 50 million square feet.

Source:
Sacramento Business Journal, More Than $30 Million in Self-Storage Properties Sold

 

Pinnacle Storage Properties, a Houston-based firm that operates more than 10 Texas self-storage facilities under various names, has acquired Preferred Mini Storage in Conroe, Texas. The property at 4300 W. Davis St. is off near Interstate 45 and Texas State Highway 105, about 42 miles from downtown Houston, according to the source.

Built in 1996 and expanded in 2017, the facility comprises 73,759 square feet in 572 units. Features include 24-hour access, climate-controlled units and video cameras.

“The addition of this property to our rapidly growing portfolio gives us additional efficiencies and synergies across our management platform,” said Robby Dunn, chief investment officer for Pinnacle. “By utilizing bridge financing for the acquisition, we are able to create additional value through lease-up, management and improvements, which can be leveraged with long-term financing down the road.”

The acquisition financing was arranged by Greysteel, a transactional commercial-property advisor for private, middle-market and institutional investors. The team was led by senior finance associate Daniel Hartnett. Last month, the firm also arranged acquisition financing for an Extra Space Storage facility in Houston.         

Pinnacle is a privately held real estate owner and operator focused on the acquisition, development and management of self-storage assets. Its investment strategy is to purchase under-leveraged properties in suburban and secondary markets. The company also currently has a location under development in Round Rock, Texas.

Source:
Commercial Property Executive, Greysteel Arranges Financing of Houston-Area Storage Asset