Jack Sites, a shift supervisor at Wildeck Inc., a national manufacturer of mezzanines, vertical lifts and safety-guarding products, has been chosen as the 2010 Employee Owner of the Year by the Wisconsin Chapter of the ESOP (Employee Stock Ownership Plan) Association. The highly competitive award is presented annually to an employee who exemplifies the highest standards of employee ownership through a dedication and commitment to company success.
 
Sites, who has been with Wildeck for nearly 28 years, is active in many of the company’s ESOP activities, according Keith Pignolet, president of Wildeck. Sites has made significant contributions to improve the company’s product quality, manufacturing methods and production processes, Pignolet said.
 
“As an ESOP owner, I try to apply my product and manufacturing knowledge to influence change and make things happen in the easiest, most cost-effective way,” said Sites. “At the end of the day, I want to make sure we remain profitable, especially during these tough economic times.”
 
Sites will now compete against employee owners from other state and regional chapters for the title “National Employee of the Year.” The winner of this award will be announced at the ESOP Association’s 32nd annual conference in Washington, D.C., in May. 

Founded in 1978, the ESOP Association is a national trade organization representing more than 1,400 companies with employee stock ownership plans and is the leading voice for employee ownership in the United States. The Wisconsin Chapter represents 41 members.
 
Based in Waukesha, Wis., Wildeck is a subsidiary of Holden Industries, an ESOP company. The company’s products are used for the safe and efficient handling, storage, and protection of materials and personnel.

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High-Lites of Wallingford, Conn., has introduced the HL-95/105 Series of economical halogen emergency lighting units. The new models come with 5-watt, high-output MR16 halogen lamps that provide enhanced path of egress illumination during emergency conditions. The attractive, low-profile units are available in standard and self-diagnostic versions.
 
The HL-105 model offers 12 watts of additional capacity for operating remote lighting fixtures or for extended emergency operation time. Other features of the 95 and 105 models include:
 
• May be mounted on the wall or ceiling
• UV-stable thermoplastic housing in neutral cream finish
• Universal mounting plate with plug-in connector for ease of installation
• Fully adjustable lighting heads
• Maintenance-free lead calcium battery
• Universal 120/277VAC input
• Fully automatic, temperature compensating, variable rate float charger standard
• Automatic low voltage battery disconnect protects battery from deep discharge
• Momentary test switch and AC ready indicator
• UL Damp Location listed
• UL924 listed 
 
Other available options include black finish and matching remote lighting fixtures.
 
High-Lites is a Philips group brand and a manufacturer of emergency-lighting luminaires, exit signs and backup power systems.

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Self-storage developer Steve Wilson is building an automated facility on Fruitville Road in Sarasota, Fla., where all business will be handled using a self-storage kiosk and call center. Customers will be able to rent any of the facility’s 370 units or make rent payments 24/7/365 using the site’s technology. 
 
Northern Trust Co.’s Chris Romine arranged the financing for the project, and Mike Carter Construction of Bradenton is doing the building. The new facility should be ready for renters by late July.
 
Customers of the Fruitville facility will each have an individual gate code and can enter the facility at any time. About half of the single-story project’s units will be air-conditioned; the others will be traditional garage-style storage.
 
Wilson is the founder and managing partner of the 12-site Hide-Away Storage chain with locations in Bradenton, Ft. Myers, Naples, Sarasota and St. Petersburg, Fla. Ten of the company’s sites are self-storage, while the other two are mobile-storage warehouses. The new facility has separate ownership from Hide-Away Storage, Wilson said.

Started in 1977, Hide-Away has approximately 1 million square feet of storage space.

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Noel Cain has joined Chicago-based The BSC Group, a commercial real estate financing advisory firm, as a vice president to help support the company’s recently formed alliance with 1st Service Solutions, a Dallas-based loan restructuring organization. Building on his previous experience in underwriting, cash-flow modeling, due diligence and site analysis, Cain advises BSC clients on debt and equity financing as well as loan-workout services for all commercial property types.
 
Cain’s professional experience includes loan and credit underwriting positions at LaSalle Bank and Dominion Bond Rating Service. Most recently, he worked in the Chicago loan production office of Dexia Real Estate Capital Markets. He earned a bachelor's degree in real estate and urban land economics from the University of Wisconsin-Madison and is a member of the Wisconsin Real Estate Alumni Association.
 
Last month BSC announced a marketing alliance with 1st Service Solutions to exclusively promote its loan-restructuring services to self-storage owners and investors nationwide. 1st Service Solutions was the country’s first firm to serve as a borrower advocate in loan restructuring and assumptions for commercial mortgage-backed securities borrowers. Since its formation in 2005, the firm has resolved more than $2 billion in loan restructures and more than $1.7 billion in assumptions for clients.
 
The BSC Group offers financial and loan advisory, mortgage brokerage and workout solutions to commercial real estate property owners and investors, with a special emphasis on the self-storage market.

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The single-family housing market in Broward County, Fla., continues to stabilize, but the improvement has not yet been sufficient to reverse weakening in retail-property fundamentals, according to the 2010 National Retail Report by Marcus & Millichap, a nationwide real estate investment services firm. The countywide vacancy rate increased 190 basis points in 2009 on negative net absorption of 1.7 million square feet, while asking and effective rents dipped for the second consecutive year.
 
“Both multi- and single-tenant property sales slumped in 2009, though a recovery could occur in 2010 as financing conditions continue to improve,” said Gregory Matus, regional manager of Marcus & Millichap’s Fort Lauderdale office.
 
Following are some of the most significant aspects of the Fort Lauderdale Retail Research Report: 

• Local employers will cut 2,200 positions in 2010, a 0.3 percent decline, following the loss of 19,000 jobs last year. 
• Approximately 800,000 square feet will be delivered this year, including the 600,000-square foot Village at Gulfstream Park. In 2009, roughly 500,000 square feet was completed in the county. 
• In 2010, vacancy will climb 170 basis points to 13.2 percent on negative net absorption of approximately 575,000 square feet. 
• Asking rents will fall 2.8 percent this year to $17.91 per square foot, while effective rents will drop 5 percent to $14.70 per square foot. 

Also included in the report is the firm’s annual National Retail Index (NRI), a snapshot analysis that ranks 44 retail markets based on a series of 12-month forward-looking supply-and-demand indicators. Fort Lauderdale moved down three places this year to No. 39. Washington, D.C., claimed the top spot for the second year in a row due to a low vacancy rate and healthy job growth. Projected job gains boosted San Diego one place to No. 2, and a lack of significant construction in recent years moved San Francisco up one notch to No. 3. Forecasted job growth elevated New York City four places to No. 4, and continued layoffs dropped New Jersey three places to No. 5, despite low vacancy and the state’s relatively steady economy.
 
With more than 1,200 investment professionals in offices nationwide, Marcus & Millichap Real Estate Investment Services specializes in commercial real estate nationwide. Founded in 1971, the company closed 3,441 transactions in 2009.

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The StorageMart facility at 85 Westney Road in Ajax, Ontario, Canada, has donated self-storage space to the Durham Children’s Aid Foundation, which raises funds and collects donations to help children and youth who have suffered abuse and neglect. A registered charity since June 2004, the Foundation raises funds and accepts donations throughout the year. StorageMart now provides free space for the temporary storage of donated items.
 
The Foundation provides: 

• Post-secondary education bursaries
• Recreation, enrichment and skill-development programs such as organized sports, music lessons, after-school activities and school trips
• Summer-camp subsidies
• Therapy and counseling groups for children and families, to reduce the risk of abuse and neglect
• Assistance for youth living on their own
• Prevention and early-intervention programs to help prevent abuse 

StorageMart also donates space to other charities in the communities it serves. A privately owned real estate operation, the company owns and operates more than 125 self-storage properties in Canada and the United States, including more than 30 in Ontario.

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When purchasing management software to assist with the day-to-day operation of your self-storage property, not only will you have high expectations of the software, you should have certain expectations of your provider’s technical support. Without tech support, you would eventually encounter numerous hurdles while using the program—hurdles that could easily prevent you from accomplishing the objectives behind your purchase.

While discussing the features and costs for the software you’re considering, remember to ask the provider how much technical support comes with the original purchase. You can expect anything from three months to as much as a year. Within this “warranty period,” you’ll be entitled to tech support and, with most providers, any software updates released within that time frame. But, as with any costly purchase, your warranty is only as good as the company that stands behind it.
 
Extended Warranties

The need for tech support rarely ends once the “free” period is over. To ensure your staff has ongoing support, consider purchasing an extended tech-support agreement. This is a great way to provide employees the assistance they might need down the road.

The issue of long-term support also will help you determine which software is right for your company today—and tomorrow. Before talking to vendors about tech support, consider these questions: 

• How computer-savvy are your managers?
• Do you have a lot of turnover in personnel?
• Are you seldom available to help your managers when a problem arises?
• How complex is your operation?

With an unlimited-support agreement, there’s no per-call or per-minute charge for phone support. If you choose the alternative and pay for the assistance as needed, you can expect to pay with a credit card at the time of the call, or will be billed once the call is completed.

Whether you purchase a support agreement or pay for each individual call to the tech-support team, it’s important that your employees never be reluctant to seek help from professionals. There’s no better way to avoid costly, unnecessary mistakes and inaccuracies in your financials than to let the people operating the software get the help they need from the people who wrote the program.

As an added bonus, some software providers show extra appreciation to their customers by providing a toll-free number for technical calls. Considering the length of a productive, in-depth, problem-solving call, the money saved will go straight to your bottom line.
 
What to Ask Tech Support

Comprehensive training over the phone is possible but not very efficient, as well as being stressful for all parties involved. Reputable software providers offer training for their products, usually at their headquarters. This is always a worthwhile expense. If possible, send a member of your staff to the class. If sending someone away for a few days isn’t possible, most programs are easy to learn with the help of a good manual and a few quick calls to the provider’s tech-support team.  

Another question to ask: Will the provider assist with configuring the software to fit your unique business practices? Usually it will, and for the following reasons: When first setting up your software, there are many settings to configure within it, such as late fees and notices, taxes, unit numbers, unit sizes, etc. This configuration is important, and there are settings you don’t want to overlook or improperly configure.

Your property’s rental agreement is a good example. Your lease outlines specific dates, rental rates and late fees as well as timetables during which tenants may be denied access to their units. Your new software should be configured to coincide with your lease and any other legally binding documents. If you’re to trust the program with carrying out important automated tasks, it must be configured properly.
 
Beware of Wait Times

Do you know the hours of operation for tech support and the time zone in which the support staff resides? Software vendors are located all over the country. If there’s a software problem plaguing your office, will you have to wait another 12 to 14 hours until help is available?

Though the location of the vendor shouldn’t be the sole reason for selecting one software over another, it’s good information to have in advance. You’ll be able to schedule certain office activities accordingly (i.e., upgrades, new computer installations, monthly closes, etc.), when tech support is readily available.

You should also ask potential vendors how long the wait for assistance will be when you call. Depending on the time of day, number of users and other factors, you may not reach a technician immediately.

Of course, we would all like to be helped the moment we call and not have to wait in line or leave a message. However, considering the level of expertise required to answer your questions and effectively solve your troubles, your provider will staff only professionals who, in most cases, are seasoned in these matters.

Your provider’s tech-support department will usually have a goal. If they cannot answer a customer’s call immediately, they will try their best to return the call in a specific time frame. A good number of providers log each incoming tech-support call. This gives the service manager the ability to track the progress of the call, making adjustments if needed by redistributing calls, to stay within the company’s objective. 

There are days and times where call volumes will be higher. Monday morning, for example, might be busier than Friday afternoon. The next business day after a three-day weekend or the first and last days of the month might see a rise in activity compared to other days of the month.

Another factor that can play into the time it takes to return calls is the complexity of the problems being handled. Problems as a result of end-of-the-month billing will likely require more time for a technician to resolve than a simple question about program operation.
 
Other Resources

What other sources of assistance may be available to you? Ask if your software provider can point you in the direction of a user’s group consisting of other customers using the same product. Such a group can be a great value to your manager. Simply enroll in the group online and get involved with questions, answers and comments.

Your provider should be knowledgeable, experienced and have the latest problem-solving tools to assist you with any troubling matter. The company might even be able to remotely log into your PC (with your consent, of course), and assist with troubleshooting, corrections and reconfiguring as needed.

When making an investment in your facility’s management software, you naturally expect and need quality assistance. Before choosing a vendor, ask questions about the company’s technical support. You’re entitled to a high level of professionalism and expertise when you need help.
 
David Essman is the director of marketing for Lakewood, Colo.-based Sentinel Systems Corp., a manufacturer of self-storage management software and security systems since 1975. He can be reached at 800.456.9955; e-mail [email protected]; visit www.sentinelsystems.com. 

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Self-storage businesses in Singapore are experiencing robust growth since the introduction of the product to the market in 2003, with residents and commercial customers taking quickly to the concept. Approximately 20 facilities have been developed throughout the country.
 
Local industry pioneer Storhub Self Storage, owned by the Hersing Corp., reported a revenue jump from $900,000 in 2003 to $13.4 million in 2009. Its net profit has been steadily increasing, from a loss of $1.4 million in 2003 to a yield of $2.4 million in 2009. ]
 
Storhub has opened facilities in Changi, Kallang, Tampines and Toa Payoh. Director Jack Chua said another facility will open this year in Tampines with about 1,500 units. He sees customers turning units into space for collections such as Hello Kitty memorabilia, shoes and sports cars.
 
Extra Space Self Storage has seen its revenue and net profit quadruple since it opened in Singapore in 2007, according to Chief Executive Michael Hagbeck. Eighty percent of the company’s business comes from residents, the other 20 percent from commercial tenants. Hagbeck said commonly stored items include guitars, manga (comics), wine collections and paper prayer money.
 
Big Orange Self Storage Singapore entered the market three years ago. Angus Miller, chief executive, attributes the success of the business to flexibility in both the size of the space and the length of the rental contract, which gives self-storage an edge over warehouse operators.
 
Another company, Lock+Store Self Storage, is a subsidiary of real estate firm Mapletree Investments. SingPost has also moved into the business with Self Storage Solutions, launched in February 2009.
 
Source: Business Times, Renting self-storage space a brisk business

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In light of a weak economy and the pressure of loans coming due, hundreds of commercial properties in the metro Atlanta area―including some self-storage facilities―face potential foreclosure, according to an article in the Atlanta Journal Constitution. Many businesses have already given up the ghost, as evidenced by empty storefronts and buildings across the region.
 
Among the properties in danger is Extra Space Storage on Lower Roswell Road in Marietta, which faced possible foreclosure this month. The developer, Kennesaw, Ga.-based East Cobb Self Storage LLC, borrowed $6.1 million from Security Exchange Bank in Marietta to build the facility in 2007. Attorney Thomas E. Austin Jr., who is handling the case for the bank, said he has been handling rising numbers of commercial mortgage foreclosures in the last six months.
 
There is also concern that some of Georgia’s 300-plus banks might go under, as more than 30 have already failed in the last two years. Those failures were mostly because of losses on loans to residential subdivision developers, home builders and homeowners; now losses on commercial real estate loans could exacerbate the problem.
 
Strain on Georgia banks could prolong the drought of new loans to small businesses and other borrowers. In addition, rising commercial foreclosures could continue to depress rents and property values for shopping centers, offices and other properties.
 
After conducting a hearing on the issue in Atlanta, a congressional oversight panel said a wave of commercial real estate loan failures over the next few years could threaten America’s already weakened financial system, causing hundreds of small and mid-sized banks nationwide to become insolvent.
 
On approximately half of the nearly $1.4 trillion of commercial real estate loans coming due nationwide in the next five years, the borrowers owe more than the properties are worth. Georgia banks have more than $5 billion worth of unsteady construction and development loans and more than $6 billion in troubled home mortgages on the books, according to the AJC article.

Source: Atlanta Journal Constitution, Commercial loan losses a rising storm

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