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RegisterJim Ross of “The Self-Storage Show,” a YouTube channel tackling industry topics, recently interviewed several seminar speakers for the Inside Self-Storage World Expo, April 1-4, in Las Vegas. In this video, he talks with Mike Castleman, owner of Castleman Capital LLC in Dallas, who details his journey to storage ownership, from being a brand-new expo attendee just four years ago to developing his first facility. He gives a sneak peek at his presentation, “The Anatomy of a Self-Storage Startup: An Owner-Taught Case Study,” in which he’ll share his story and offer advice for new investors. Learn more about the event’s education, exhibits and networking opportunities at issworldexpo.com.
Jim Ross of “The Self-Storage Show,” a YouTube channel tackling industry topics, recently interviewed several seminar speakers for the Inside Self-Storage World Expo, April 1-4, in Las Vegas. In this video, he talks with Pamela Alton, founder and CEO of Mini-Management Services, about her upcoming presentation, “Climbing the Ladder of Self-Storage Success: Career Advice for Facility Managers.” Alton will share advice on how to get a job in the storage industry, how facility managers can advance in their career, and how owners can help their employees succeed. Learn more about the event’s education, exhibits and networking opportunities at issworldexpo.com.
Bluebird Self Storage, which operates five facilities in New Hampshire, is partnering with local WOKQ FM radio station on a Valentine’s Day holiday-inspired contest. The storage operator will provide a $500 American Express gift card to the person who enters the best “pick-up” line via the radio station’s website. It’ll also give out five $50 American Express gift cards to runner-up contestants.
The contest seeks the “most outrageous, hilarious, worst or successful pick-up lines—whether you've heard them or used them,” according to the WOKQ website. Contestants who are at least 18 years can complete an entry form. Only one entry is permitted per person, and any entries that contain lewd or vulgar language will be disqualified. The deadline to enter the contest is 11:59 p.m. EST on Feb. 14. The winners will be announced the following day.
Headquartered in Greenland, N.H., Bluebird operates facilities in Bedford, Greenland, Hooksett, Manchester and Rochester, N.H.,and has two facilities under development in Epping and Londonderry, N.H. The sites are owned by Bluebird Storage LLC.
Source:
WOKQ, Submit Your Best Pick Up Lines to Win $500
Update 2/6/19 – NorthPoint Development has opened its third location in the Pittsburgh area and 10th property overall. The Beyond Self Storage property at 512 Castle Shannon Blvd. in Mt Lebanon, Pa., began operating on Jan. 17. The climate-controlled facility contains 824 units and a meeting room that’s available to tenants upon request. It features drive-through loading, controlled access, security cameras, and a retail store that sells moving and packing supplies.
“We connect our stores to the communities that they serve and are proud to be operating in Mt. Lebanon,” said Jenna Bishop, director of operations. “When we start building in a neighborhood, we conduct a great deal of due diligence to learn about the area. We love hearing stories from neighbors [who] have been waiting patiently for us to open and support a new business open in the area.”
7/19/17 – NorthPoint Development has opened the first two sites in its multi-facility development initiative. The Beyond Self Storage properties at 2321 McCausland Ave. in St. Louis and 17481 N. Outer 40 Road in Chesterfield began operating on June 21 and July 5, respectively. The McCausland site, which took 10 months to build, is one of the largest storage facilities in the city, according to a press release.
"Our entire team is very excited to see our first project open for business,” Hagedorn said. “We have a number of other projects under construction or in the planning process, so to actually open for business at our first facility is a great feeling.”
The Chesterfield location was developed in 11 months. Hagedorn was even more excited to open the second site after construction was hampered by spring rains. “We expect the location to do well since it’s off Interstate-64, right down the road from the Taubman Prestige Outlets, and very convenient for residents and businesses in the Chesterfield area,” Hagedorn said.
4/19/17 – NorthPoint Development has another four Beyond Self Storage facilities in its development pipeline, this time in the Detroit and Pittsburgh markets. The assets are in various stages of planning and construction, with three underway in the Pittsburgh metro area and one nearing construction in Greater Detroit. The developer has plans for five facilities in each market, according to company press releases.
The Detroit project on Crooks Road in Rochester Hills, Mich., is expected to begin construction this spring. "There has been tremendous growth in suburban Detroit, and we feel there is a real need for the modern, climate-controlled, drive-through facilities we’re planning to build,” Hagedorn said. “We’re very excited to open our first Detroit location in Rochester Hills, which is a great community. The Crooks Road location is ideal because it’s right off Highway 59.”
The company’s Pittsburgh projects are in Mt. Lebanon, Robinson Township and Ross Township, Pa. The Mt. Lebanon plan is still waiting on approvals but would be the first self-storage facility in the community, a release stated. “There are no self-storage facilities in Mt. Lebanon, and the Castle Shannon Boulevard location is superb; so we’re very excited about the potential opportunity to offer a class-A storage option to the local community,” Hagedorn said. “This might be one of our more challenging sites to work with given the severe topographic challenges.”
Construction is underway at the Robinson Township location on Cedar Ridge Drive near Interstate 79 and Route 60. The project includes remediation work to fill a former mine beneath the property, according to a release.
NorthPoint is nearing construction for its Ross Township location on Old McKnight Road near the Ross Park Mall. In addition to its proximity to retail, the site is close to Route 19.
All the facilities have amenities and features similar to the previously announced projects in Minneapolis and St. Louis.
3/6/17 – NorthPoint Development, which launched the Beyond Self Storage brand and a multi-facility development initiative last year, is building several new properties in St. Louis and Minneapolis. Construction is underway on two properties in the St. Louis area, including one in Chesterfield, Mo., a suburb. They’re the first of three drive-through, climate-controlled self-storage sites planned for the region, according to a press release. The property at McCausland Ave., near Washington University, will serve the communities of Brentwood, Maplewood, Richmond Heights and West St. Louis. The Chesterfield facility is near the Taubman Prestige Outlets shopping center. Both facilities are slated to open this summer and will comprise more than 100,000 square feet of storage space.
NorthPoint will also begin construction this spring on a climate-controlled facility in Maplewood, Minn., the first of four drive-through facilities planned for the Minneapolis-St. Paul metro area. Expected to open late in the year, the facility will be similar in size to the Missouri sites.
“We believe there’s a real need for state-of-the-art self-storage in the St. Louis and Minneapolis metro areas,” said Ben Hagedorn, director of self-storage operations. “The McCausland Ave. site was a former quarry and long-time vacant property at the busy Manchester [Road] intersection. We were literally digging up trash during site preparation, and we are pleased to see it transformed into a $10 million facility.”
Amenities at each of the new facilities will include a drive-through loading area, motion-detected lighting, a self-service kiosk, and a retail office that sells moving and packing supplies. The properties will also include a business center with a conference table, workstations, printer and copier services, and free Wi-Fi. Security measures will include computerized access control and video cameras.
Based in Kansas City and founded in 2012, NorthPoint is a development, management and leasing firm that’s principally focused on the industrial, multi-family, senior living and self-storage markets in the Central United States. The company has $2.1 billion in raised capital and operates 28 million square feet of industrial properties, thousands of multi-family apartment units and numerous developed or managed senior-living communities. It currently owns and operates a self-storage facility in Lenexa, Kan.ources:
Update 2/6/19 – U-Haul has closed on its acquisitions of former Kmart properties in Springfield and Queensbury. Both self-storage conversion projects are expected to begin shortly.
The Clear Lake Road site was the last remaining Kmart operating in Springfield, according to a source. U-Haul acquired the 12-acre property for $5.5 million. The location will be U-Haul’s third in the city.
Prior to completion, U-Haul Moving & Storage of Springfield will offer moving supplies out of a temporary showroom. Once finished, the facility will offer climate-controlled units, truck and trailer sharing, hitch installation, U-Box portable-storage containers, and propane sales. The site will also have a re-use center for gently used household furnishings for the community to share, according to a press release.
"Springfield is a developing community, and U-Haul is excited to continue to be part of the city's growth," said Aaron Freeman, president of U-Haul Co. of Illinois. "We want to continue to improve quality of life in Springfield through residential mobility and by meeting the growing need for a high-quality storage product."
U-Haul acquired the Dix Avenue site in Queensbury for $7.1 million through affiliate AREC 34 LLC, a source reported. The former Kmart, built in 1993, comprises 176,238 square feet. The property was assessed at $4.9 million.
12/4/18 – Phoenix-based U-Haul International Inc., which operates more than 1,500 self-storage facilities across North America, is in the process of acquiring 13 former Kmart and Sears retail locations it intends to convert to self-storage and truck-rental facilities. Through affiliate AMERCO Real Estate Co., the company will spend $62 million on 12 Kmart properties in 10 states and a single Sears store in Fairbanks, Alaska, according to the source.
The Kmart properties are:
The move is in line with U-Haul’s corporate “adaptive reuse” policy to repurpose vacant commercial buildings. The company has converted or is in the process of transforming several properties in multiple states, including several Kmarts and a former JCPenney store. It has nine other former Kmart projects in the works, the source reported.
It’s not clear if U-Haul will go after Sears properties with the same aggression. The retailer filed for bankruptcy protection in October and plans to sell 505 stores, according to “Fortune” magazine.
U-Haul parent company AMERCO continues to have a healthy outlook on self-storage, with CEO Joe Schoen characterizing the industry’s long-term prospects as “good,” during its third-quarter earnings call with financial analysts. “In self-storage, I continue to believe that a still-increasing number of new entrants into this market will result in some unpleasantness in some specific markets in the not-too-distant future,” Schoen said. “I’m not clairvoyant. I can’t tell you for a fact where, but all the signs are there.”
Established in 1945, U-Haul owns more than 32 million square feet of storage space. The company’s corporate sustainability initiatives, which support infill development to help local communities lower their carbon footprint, has led to dozens of conversion projects in recent years.
Sources:
PR Newswire, Growing Springfield: Self-Storage, Jobs Arrive with U-Haul Store
The State Journal-Register, Springfield’s Last Kmart Closes, to Be Replaced by U-Haul
The Post-Star, U-Haul Buys Queensbury Kmart Site for $7.1 million
SpareFoot Storage Beat, U-Haul Scoops Up 13 Kmart and Sears Stores for $62 Million
Fortune, Sears Survived Black Friday But Plans to Sell 505 Stores, Report Says
Self-storage units are generally meant for … well, storing things. However, some imaginative folks see possibilities for the space beyond packing it with boxes and furniture. One such customer type is musicians, who see an empty unit as a great place for a jam session. While some facility operators are open to this use, capitalizing on a unique tenant base, others see potential problems.
In a recent thread on Self-Storage Talk, the industry’s largest online community, members are weighing the pros and cons of renting units for music practice. They discuss the noise factor, revenue potential, the effect on other tenants, and whether it’s OK to allow one type of customer to “hang around” while others are encouraged to get in and out quickly. Would you rent to a musician or band? Join this conversation and share your opinion.
Lok’nStore Group PLC, which operates 26 self-storage facilities in the United Kingdom, has sold its document-storage business, Saracen Datastore Ltd., to competitor Iron Mountain UK PLC for £7.6 million. Lok’nStore intends to use the funds from the sale to pay down debt and help fund its acquisition and development plans, according to a press release.
The company estimated its loan-to-value ratio would decrease from 19.7 percent to 15.1 percent as a result of the sale. In addition, its net asset value per share was expected to increase from £4.80 to £4.89. The Saracen business contributed £2.38 million to Lok’nStore’s revenue and £660,000 to its EBITDA (earnings before interest, taxes, depreciation and amortization) during its last fiscal year to July 31, 2018.
“Executing this strategic disposal and making these further acquisitions continues our strategy of increasing the number of fast-growing landmark self-storage centers,” said Andrew Jacobs, CEO. “We are reallocating capital to enhance the efficiency and quality of our portfolio and expand our asset value whilst further strengthening our balance sheet. We take a tactical approach to the management of both property and financial assets, creating value without significantly increasing risk, whilst maintaining the predictable growth in dividends for investors.”
The company has two storage projects under development that will add about 100,000 square feet of storage to its portfolio next year. It also recently acquired an existing, 42,000-square-foot facility. Additional acquisitions and development projects are expected to grow the company’s operating portfolio to 41 locations, including 21 freehold and eight leasehold facilities. The company will also have 12 properties under management, the release stated.
Founded in 1995, Lok’nStore builds, buys or leases large warehouses or industrial buildings and rents storage units to customers on a weekly basis.
Sources:
Lok’nStore, Strategic Disposal
Morningstar, Lok'nStore Sells Document Storage Business for Nearly GBP8 Million
Valet self-storage operator Clutter is poised to receive up to $250 million in an upcoming round of investment led by SoftBank Corp., a Japan-based holding company that has infused capital into other U.S. technology companies including DoorDash and Uber. If the funding goes through, it would be the largest round completed by Clutter, raising its investment total to more than $346 million. Investors are completing due diligence, according to a source.
The infusion would make Clutter’s total amount raised more than all its valet-storage competitors combined. New York-based MakeSpace Labs Inc. is closest, with $57.6 million raised to date, a source reported.
The capitalization would be the first for Clutter since June 2017 when it raised $64 million in a round led by U.K.-based venture-capital firm Atomico. Additional investment came from Fifth Wall Ventures, Google Ventures and Sequoia Capital.
Clutter has typically used investment to enhance its services, hire more people and fund expansion. At the time of the Atomico investment, the valet-style self-storage operator reportedly intended to expand to 50 markets by 2023, including markets outside the United States. It currently serves several domestic markets including Chicago, Los Angeles, New Jersey, New York, San Diego, San Francisco and Seattle.
Similar to other valet-style storage operators, Clutter offers by-the-bin storage targeted at urban residents who don’t have adequate home storage. Founded in 2013, the Los Angeles-based company uses an online platform that allows customers to schedule free item pickup, maintain an image catalog of stored bins and bulky items, and schedule delivery of items to their home.
Sources:
CrunchBase News, On-Demand Self-Storage Startup Clutter Said To Target $200M-$250M Raise
SpareFoot Storage Beat, Did Clutter Just Win the On-Demand Storage Wars?
An alleged thief led police on a multi-county chase on Saturday evening after an officer caught him loading merchandise into a truck from a unit at 10 Federal Self Storage in Belmont, N.C. Gaston County Police Officer Jon Leatherwood was conducting a routine check following several break-ins at 1308 S. Point Road when he spotted the suspect, 40-year-old Mitchell Morrison, near the unit. When Leatherwood approached, Morrison fled in a U-Haul truck that was later determined stolen. A chase ensued, with speeds reaching nearly 70 miles per hour, according to the source.
The pursuit ended when Morrison lost control of the vehicle while going over railroad tracks along Old Dowd Road in West Charlotte, N.C. He jumped out while the truck was still rolling and before it went over an embankment, police said. Morrison ran but soon captured near a wooded area by a police dog.
Police are still investigating the break-in and truck theft, which originated at a storage facility in Charlotte. They have yet to determine how long Morrison was at 10 Federal before being spotted. The items found in the truck included a dirt bike and mountain bike.
“It looked like he was in the process of trying to load a John Deere mower,” Leatherwood told the source. “We’ll make sure that we have located all the victims and recovered all the property and get the property back to [the] rightful owners.”
Morrison has been charged with breaking and entering, fleeing to elude arrest, and possession of methamphetamine. He’s being held at Gaston County Jail on a $50,000 bond. He was previously arrested in Mecklenburg County for vehicle larceny, possession of stolen goods and resisting an officer. His most recent arrest was less than two weeks ago, the source reported.
10 Federal operates 17 unmanned self-storage facilities in the Carolinas and Virginia.
Source:
WSOC TV, Man Crashes Stolen U-Haul After Leading Police on Multi-County Chase
