Jernigan Capital Inc. (JCAP), a merchant bank and advisory firm serving the self-storage industry, has added Randy Churchey and Rebecca Owen to the company’s board of directors, effective immediately. The board now includes eight members. The pair was also appointed to the board’s Compensation Committee and Nominating and Governance Committee, according to a press release.

“Both Becky and Randy are proven leaders and bring a wealth of strategic knowledge, which should make an immediate and meaningful impact on our company,” said CEO John Good. “We are confident that the experience, relationships and expertise in commercial and residential real estate of both these fine individuals will create additional opportunities for JCAP to create value for our shareholders.”

Most recently, Churchey was CEO and chairman of the board of Education Realty Trust Inc. (EdR). Prior to going private in September, the company was a public real estate investment trust (REIT) focused on collegiate-housing communities. Churchey has nearly two decades of experience as an executive of publicly traded real estate companies including FelCor Lodging Trust Inc., Great Wolf Resorts Inc. and RFS Hotel Investors Inc. He also served on the board of trustees of Innkeepers USA Trust. Churchey is the lead independent director and a member of the board of trustees for MedEquities Realty Trust, a public healthcare real estate company.

Owen is senior vice president of Clark Enterprises Inc., a private investment firm with a diversified portfolio ranging from private equity to real estate. She’s also president of CEI Realty Inc., an affiliate of Clark Enterprises that manages the company’s real estate portfolio, which is valued at more than $1 billion. Owen has been in senior leadership positions at Clark for more than 20 years since joining the company as general counsel. She also serves on the company’s Real Estate Investment Committee. Owen is a board member for Carr Properties, a private REIT, and chair of the Real Estate Investment Advisory Committee of ASB Capital Management LLC, an institutional real estate investment firm. She previously served as a board member for Columbia Equity Trust.

“On behalf of the JCAP Board of Directors, I am pleased to welcome Becky and Randy to the board. Both bring unique talents and experiences to our already strong group of independent directors,” said Dean Jernigan, executive chairman. “Becky’s 20 years of experience in real estate investing, with a significant amount of that experience being in development and construction, is a great fit given our evolving business model. Moreover, Randy’s public REIT experience both as an executive and board member, including overseeing over $1 billion of student-housing development projects as CEO of EdR, will further enhance our access to exceptional ideas as we continue to strategically position the company.”

JCAP is a REIT listed on the New York Stock Exchange. The company provides financing to private developers, operators and owners of self-storage facilities. It offers financing for acquisition, ground-up construction, major redevelopment or refinancing. The firm is externally managed by JCap Advisors LLC.

Source:
Business Wire, Jernigan Capital Adds Rebecca Owen and Randy Churchey to Board of Directors

The vision for our company has always been to design and build architecturally interesting, state-of-the-art self-storage facilities. When we were in the market-analysis phase for our newest facility in St. Matthews, Ky., a suburb of Louisville, we explored a wide range of amenities, products and services that paired well with climate-controlled self-storage, one of which was wine storage.

We found there weren’t any dedicated wine-storage facilities in our market or even the region, especially not within self-storage. Once we identified this gap, we decided to integrate wine storage into our design, and we’ve had a very good response.

Considering Customers

We designed our facility with several types of customers in mind. Some clients are rebuilding or adding to their existing wine cellar and need a safe environment to store their collection in the meantime. Others ship cases of wine to our facility and use it as their personal cellar. They’ll store the majority for long periods and retrieve a few bottles at a time when they want to enjoy them.

We accept packages for tenants on the self-storage side of our business, as we know peoples’ schedules can be quite busy and they’re not always available to meet a delivery person. So, it was a natural progression for us to add this service to our wine storage as well. Some clients ship cases directly to our facility so the wine can be placed in our storage room from the start.

Designing the Space

When we built our wine-storage room, we had two key objectives: to ensure the conditions are ideal for long-term storage and to make the area highly secure. Our biggest challenge was the overall construction since it’s such a specialized space. Not many general contractors have experience building wine storage. There were a lot of meetings and communication between the various parties to make sure we got everything to the correct specifications and accomplished our goals.

Our room is between 1,200 and 1,300 square feet. It’s on the first floor to ensure people can access their collection quickly and easily. We offer six unit sizes, with case capacities ranging from 12 standard, 12-bottle cases in our smallest unit, up to 85 cases in our larger units.

The room is maintained at a constant 55 degrees and 56 percent to 58 percent relative humidity, which is the ideal environment for long-term wine storage. In addition to the sensors on our cooling system, we installed a separate Wi-Fi-enabled hygrometer, which takes readings of temperature and humidity. This allows our clients to log on to an app and check the conditions of the room in real time from their smartphone, giving them peace of mind that their collection is safe.

Managing the temperature and humidity and keeping them within their optimal ranges involved some creative solutions. The room is essentially walled off and separated from the rest of the facility using a special closed-cell, tri-polymer foam insulation. The ingress and egress point is a highly secure two-door vestibule. The door from the hallway requires the customer to enter a PIN. The second door is a large, industrial-grade refrigeration door that serves as the barrier and seal of the wine-storage environment.

Our cooling system is redundant, which means we have two refrigeration units that are independently capable of maintaining the desired temperature. If one malfunctions, the second will pick up the slack while the first is repaired. Additionally, we’ve installed natural-gas backup generators for the coolers to ensure wine won’t be vulnerable in a power outage.

All lighting is motion-activated and has been strategically positioned so it doesn’t shine directly on bottles if they happen to be outside a case or crate. As you’d imagine, some of our clients’ collections are quite valuable, so it was paramount to design our wine room to the highest specifications.

Keeping It Secure

One of the most important factors for our clients is security. When a wine unit is leased at our facility, the customer chooses a four- to 10-digit PIN, which he enters at the access gate. This disengages the individual alarm on his unit. He must also enter his code to unlock the vestibule door to the wine-storage room. After the client drops off or retrieves what he wants, he must input his PIN at the gate upon exit, which re-engages his alarm.

We also have more than 60 high-definition, forward-looking, infrared, radiometer-enabled security cameras. We want to put our clients’ minds at ease when they store with us. They know their valuables are secure.

Getting the Word Out

We do a fair bit of digital marketing, but we’ve found the most successful marketing tool has been direct referrals and partnerships with local wine organizations, clubs and home-cellar builders. We also hold wine tastings at our facility and sponsor tastings at local wine stores. If any of you are “wine people,” then you know this group sticks together and is passionate about it. It’s important for us get in front of these folks and meet them face-to-face.

If you’re considering wine storage for your facility, first look into your market. Is there anyone else doing it? If so, reach out to them and gather information about their successes and woes. If no one else is doing it in your area, engage an expert in the wine industry to get a sense of the local demand and help guide you through the design process. Additionally, since a lot of the wine you’ll be storing has the potential to be expensive, you’ll need to consult a legal expert to create a lease specific to the service.

Wine storage is worth exploring. It can give your facility a unique amenity guaranteed to set you apart from competitors.

Chase Davis is the head of marketing and research for Citadel Self Storage, an expanding self-storage company in the Midwest and Southeast. He’s been in the storage industry since 2015 and has worked on many aspects of developing and operating modern, indoor facilities. For more information, call 502.708.4943; visit www.citadelselfstorage.com.

The Inside Self-Storage (ISS) Store, an e-commerce website providing research and education products for industry professionals, has released its 2019 Guidebook Series covering all aspects of the storage business. The new series includes the buyer’s choice of digital or softcover publications available individually or in a discounted package. Created for facility owners, managers, investors and developers, it includes:

• Building/Investing Guidebook: Designed to help those interested in self-storage investing as well as those who want to establish or expand an operation, this 76-page book addresses real estate, finance, development and construction.
• Facility-Operation Guidebook: Designed for managers and owners, this 172-page book addresses key aspects to self-storage operation, providing insight to revenue, sales, legal issues, marketing, maintenance, liability, technology, security and much more.

The Building/Investing Guidebook is $59.95 for the softcover version and $49.95 for digital. The Facility Operation Guidebook is $89.95 in softcover and $79.95 in digital. The discount bundles are $129 and $99 for softcover and digital, respectively. The PDF versions are easy to view on a computer screen or tablet and are available for immediate download upon completion of purchase.

Additional details can be found by choosing "Guidebooks" from the left navigation bar at www.iss-store.com.

Conceived as a central hub that allows self-storage owners, operators, developers and investors to obtain cutting-edge information and resources, the ISS Store is owned and operated by ISS, a dynamic services provider that has served the self-storage industry for more than 27 years. The brand includes ISS magazine, the ISS Expo and Self-Storage Talk, the industry’s largest online community.

Limerick Self Storage of Limerick, Ireland, has created a video in tribute to Dolores O’Riordan, the local-born lead singer of Irish band The Cranberries. The town’s “most beloved daughter” died in January.

Filmed at the storage facility and viewable on the company’s Facebook page, the video includes appearances by approximately 60 local musicians. Vocalists take turns singing verses from the song “When You’re Gone,” which was released by The Cranberries in 1996. Performers include Paddy Dennehy, Sarah Dolan, David Idioh, Emma Langford, the Limerick Gospel Choir, Brendan Markham, Ronan Mitchell, Clare O’Brien and Steve Ryan. The film was directed and edited by Shane Serrano.

“Each and every week, dozens of musicians load their equipment in and out of rented units at Limerick Self Storage, honing their craft, with the dreams and aspirations of one day bringing their music to the world like The Cranberries once did,” the video states. “From Limerick Self Storage and Limerick artists of every genre, this is our tribute and thank you to Dolores O’Riordan and The Cranberries.”

O’Riordan drowned due to alcohol intoxication on Jan. 15 at the Hilton Hotel on Park Lane in London. The 46-year-old singer was in town for a recording session. Her death was ruled an accident.

Several empty bottles of champagne were found in O’Riordan’s hotel room, along with prescription drugs. Toxicology results found "therapeutic" amounts of medication in O'Riordan’s system, but her blood-alcohol level was more than four times the legal driving limit, according to a source.

The Cranberries are best known for a string of mid-1990s hits, including "Linger," "Zombie" and "Dreams." Comprised of Limerick musicians, the group has sold more than 40 million albums worldwide.

Though the video is free, Limerick Self Storage is asking that viewers donate to Mid West Simon Community, which provides housing and services to the homeless. It was established in 2006.

Limerick Self Storage was founded and has been family-run since 1915. Located in the Docklands Business Park, the three-story facility offers more than 65,000 square feet of commercial, residential and document storage. It’s the only facility in Ireland with the ISO Quality Standard, according to its website.

Sources:
Limerick Post, Watch: Limerick Musicians Pay Tribute to Dolores O’Riordan
CNN, Cranberries Singer Died From Drowning While Drunk, Inquest Hears
Limerick Self Storage, Website

The Storage Group (TSG), an Internet-marketing company serving the self-storage industry, has partnered with Storage Protectors LLC, a Phoenix-based business specializing in contents insurance and damage-waiver coverage for storage businesses. The partnership will allow Storage Protectors to integrate with ClickandStor, TSG’s online rental tool, according to a press release.

As part of the agreement, the companies will also act as consultants for each other. In addition, TSG will provide exclusive packages to self-storage operators that’ll include tenant insurance in addition to customized Web themes and monthly Web hosting.

“The Storage Group has always focused on the tenant experience, as we believe a sticky product experience produces satisfied customers,” said Steve Lucas, chief operating officer of TSG. “Our business strategy is one that focuses on product innovation through aligning with companies that prioritize customer service and end-to-end SaaS [software as a service] technology. Storage Protectors shared our vision and strategy for an encompassing experience for self-storage operators and owners, alike. We couldn’t be more pleased with this newly formed partnership.”

“We are honored to be able to work with The Storage Group and their clients,” said Jim Grant, president and CEO of Storage Protectors. “With The Storage Group’s success in providing innovative digital services and software, Storage Protectors is thrilled about the future of this partnership. I strongly believe that our combined expertise will improve both conversions and customer satisfaction in the storage industry.”

Based in Altamonte Springs, Fla., TSG provides online tools and marketing solutions to the self-storage industry. The company's services include local-listing management, mobile websites, online rentals, pay-per-click advertising, search engine optimization, social media marketing and website development.

Storage Protectors provides contents insurance for self-storage and mobile-storage units. It has clients in Canada, New Zealand, the United Kingdom and the United States.

Source:
The Storage Group, The Storage Group Partners With Storage Protectors

Update 12/12/18 – Tamarac, Fla., officials will hear the first reading today for the self-storage facility proposed by RISP. The city commission will consider whether to rezone the property at 5602 N. Rock Island Road from medium-high residential to commercial, according to a source.

Leigh R. Kerr, president of planning firm Leigh Robinson Kerr & Associates Inc., will represent the developer at the meeting.

A site plan will be submitted at a later date. If approved, the facility will comprise 125,395 square feet.

Based in Boca Raton, Fla., RISP is managed by Ric Newman, principal of Newman Realty Partners, a real estate development firm that specializes in mixed-use, office, retail shopping centers and self-storage.

A controversial property embroiled in litigation between Tamarac, Fla., officials and real estate developer Bruce Chait could become a self-storage facility as part of a compromise. Pending city approval, the 2-acre lot at the corner of Commercial Boulevard and Rock Island Road is expected to be acquired by Rock Island Storage Partners (RISP) for $1.75 million, with the profit split between the city and Chait, according to the source.

The agreement is dependent on the land sale going through as well as the five-story self-storage project being approved by the development review committee and the city commission.

The bad blood stems from a housing project Chait proposed for a different site. Three commissioners involved in that proposal were accused of corruption, and Chait and his son were accused of buying votes from elected officials.

Chait testified in court that he expected support from Beth Flansbaum-Talabisco after he helped her become mayor of Tamarac in 2006 by attacking her opponents. He also told jurors he gave Patricia Atkins-Grad $7,300 to use for a down payment on a leased BMW and a victory party, and that he bought commissioner Marc Sultanof a $30,000 Honda Accord, the source reported.

Atkins-Grad and Flansbaum-Talabisco were both acquitted by juries. Though Sultanof was charged with six felonies in 2010, he died while awaiting trial. Chait served a four-year probation after pleading guilty to a charge of unlawful compensation, according to the source.

During discussions with the city about the housing project, Chait agreed to give the city the 2-acre lot to build a fire station. When the city decided to renovate an existing station elsewhere rather than build a new one on the site, Chait asked for the land back, arguing the city never took possession. When the city refused to turn over the land, he sued.

The land sale amounts to a settlement, which the city commission approved in June. The self-storage project is viewed favorably by city manager Michael Cernech for its design and low-impact use. “It’s nice to settle all the litigation [and] to have that chapter closed,” he told the source.

It’s not clear when the design review committee or the city commission will review the self-storage plan.

Source:
Sun Sentinel, Self-Storage Proposal Could Mean the End of Bitter Saga Over Tamarac Land
South Florida Business Journal, Self-Storage Facility Proposed on City-Owned Land in Broward

Access Self Storage, which owns and manages 23 facilities on the East Coast, has opened a new location in Lopatcong, N.J., through a partnership with CBR LLC. The property is the first self-storage venture for CBR, which is owned by father-and-son team Rick and Chas Ferruggia, according to a press release.

A Nov. 3 ribbon-cutting ceremony was attended by the owners as well as Mayor Jim Mengucci, council president Joe Pryor and council member Jim Palitto. Participants received a tour of the property.

Access plans to grow its portfolio to 30 locations by 2020. “Our simple truth: We care about people and their things. We promise to provide the optimal storage solution with care and professionalism. You will not be treated better anywhere else,” said Michele Cavaliere, vice president of operations.

Founded in 1976 by Foy and Ken Cooley, Access is family-owned and -operated. It opened its first facility in Eatontown, N.J., in 1977. The company owns and manages facilities in New Jersey, New York and Pennsylvania.

Private equity firm Integrita Capital Partners LLC is developing a five-storage self-storage facility in Ridgefield, N.J. Once complete, the structure at 625 Grand Ave. will comprise 152,000 square feet in 1,220 climate-controlled units. It’ll also feature drive-in loading bays, according to the source.

The $13.6 million construction loan was negotiated by Talonvest Capital Inc., a boutique self-storage and commercial real estate advisor. The team members involved in the deal include Jim Davies, Terra Hendrich, Erich Pryor and Tom Sherlock. The lender, a midwestern bank, included a five-year term with interest-only payments, the source reported.

​​Based in Coral Gables, Fla., Integrita invests in the acquisition of family businesses, management buyouts and corporate divestitures in Canada and the United States. Its principals and operating partners have more than 100 years of experience in mergers and acquisitions as well as senior management, according to its website.

Source:
Rebusiness Online, Talonvest Capital Arranges $13.6M Construction Loan for Self-Storage Facility in New Jersey

StorageMart, which operates more than 200 self-storage properties across Canada, the United Kingdom and the United States, has acquired Move It Self Storage in San Antonio. It’s the company’s fifth location in the area, according to a press release.

The property at 10930 Braun Road comprises more than 72,000 square feet of storage space in 500 climate-controlled and drive-up units as well as 23 vehicle-storage spaces. StorageMart plans to upgrade the site’s fencing and security as well as add a new lift gate.

“StorageMart is excited to add another store to our collection in the San Antonio area. We will continue to bring our easy, clean, friendly service to Helotes and San Antonio area,” said Cris Burnam, president.

StorageMart aims to grow its portfolio to more than 300 facilities by 2020. The company recently purchased Safe Place Mini Storage in Virginia Beach, Va., and Cornerstone Storage in Omaha, Neb.

The buyer and the seller were represented in the transaction by Bill Bellomy and Michael Johnson, brokers with commercial real estate firm Bellomy & Co. With offices in Atlanta, Houston, and Austin, Texas, the company focuses on the sale of self-storage, industrial, office and retail properties nationwide.

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. It serves more than 75,000 self-storage customers, and operates in Chinese, English, Punjabi, Quebecois French and Spanish.

Move It is a privately owned company that acquires and manages self-storage facilities. Founded in 2013, it owns and operates 50 locations comprising 4 million square feet of storage in several states.

Source:
PR Newswire, StorageMart acquires a New Self Storage Facility in Helotes-San Antonio, Texas
Commercial Property Executive, StorageMart Buys 72 KSF Facility