Strategic Storage Growth Trust Inc. (SSGT) and Strategic Storage Trust II Inc. (SST II), both public, non-traded, self-storage real estate investment trusts (REIT) sponsored by SmartStop Asset Management LLC, have released their financial statements for the first quarter of 2018, which ended March 31. In general, the companies showed year-over-year gains in total revenue, same-store revenue and net operating income (NOI).

SSGT increased total revenue 61 percent percent to $1.7 million, while same-store revenue and NOI grew 10.1 percent and 20.4 percent, respectively, compared to the same period in 2017.

Average physical occupancy was 71.8 percent at the end of the quarter, down from 80.1 percent the previous year. The REIT reported growth in same-store annualized rent per occupied square foot, showing an increase of 14.3 percent ($13.66) year over year. Modified funds from operation grew 129 percent ($600,000) compared to the same period in 2017.

SSGT acquired two Florida self-storage facilities and one in California during the quarter for a combined $40.5 million. All three newly constructed properties were Certificate of Occupancy transactions.

“We continue to experience solid growth in SSGT’s portfolio, both in our same-store results and in our more recent lease-up acquisitions,” said H. Michael Schwartz, chairman and CEO.

After factoring operating and other income expenses, SSGT reported a net loss for the quarter of about $623,000, an improvement from a loss of $1.09 million from the same period a year ago. The REIT took in more than $4.2 million in self-storage rental revenue and $114,364 in ancillary operating revenue during the quarter.

SST II increased total revenue 12 percent to $2.2 million, while same-store revenue and NOI grew 7.9 percent and 13.9 percent, respectively, compared to the same period in 2017.

Average physical occupancy was 88.5 percent at the end of the quarter, down from 90.1 percent the previous year. The REIT reported growth in same-store annualized rent per occupied square foot, showing an increase of 12.8 percent ($15.64) year over year. Modified funds from operation grew 45 percent ($1.6 million) compared to the same period in last year.

“Our first quarter same-store growth continues to be strong, following the re-branding of our properties in the United States under the SmartStop Self Storage brand,” Schwartz said. “The increase in the first quarter of 2018 was primarily driven by an increase in rental rates, which demonstrates the institutional quality of the portfolio in conjunction with a solid property-management team and platform.”

After factoring operating and other income expenses, SST II reported a net loss for the quarter of about $667,000, an improvement from a loss of $5.2 million from the same period a year ago. The REIT took in more than $19.4 million in self-storage rental revenue and $434,042 in ancillary operating revenue during the quarter.

The SSGT portfolio includes 26 self-storage facilities in 10 states comprising approximately 1.9 million net rentable square feet in 17,300 units. The SST II portfolio includes 83 self-storage facilities in Canada and the United States. It comprises approximately 51,300 self-storage units and about 6 million rentable square feet of storage space. Both companies are sponsored by SmartStop Asset Management, a diversified real estate company with a managed portfolio of 115 self-storage facilities in Canada and the United States. Its managed properties comprise approximately 8.4 million rentable square feet.

Two former employees of Derrel’s Mini Storage Inc., a Fresno, Calif.-based self-storage operator, have brought a class-action lawsuit against the company for allegedly failing to provide uninterrupted meal times and breaks as well as not properly compensating for business expenses or overtime. The suit, filed on May 7 in Kern County, Calif., Superior Court, also alleges that Derrel’s violated the Fair Credit Reporting Act by “unlawfully, unfairly and/or deceptively” obtaining credit reports on prospective employees without valid consent forms.

Plaintiffs Rick Kutzman and Jamie Leonardo were classified as non-exempt workers during their employment with Derrel’s from October 2017 to February 2018 and paid an hourly wage, according to the complaint. The suit brings nine causes of action against the storage operator, each carrying a demand for compensation. The still-pending class-action case would open potential punitive damages for former California employees who worked for the company up to four years prior to the filing.

Kutzman and Leonardo allege Derrel’s knew work demands sometimes prevented them from having 30 minutes of uninterrupted lunch time or a full 10-minute break every four hours, and failed to compensate them properly. The suit also accuses the company of not correctly calculating payments related to incentive-based achievements. In addition, the plaintiffs accuse Derrel’s of requiring them to use their personal cellphones for job duties but didn’t reimburse them for incurred business expenses.

The complaint was filed by Blumenthal Nordrehaug Bhowmik De Blouw LLP, a Northern California employment law firm specializing in helping employees fight unfair business practices.

Last year, Derrel’s settled an employment and housing discrimination case with the California Department of Fair Employment and Housing (DFEH). The case involved former employee Charlyn Foote, who was pregnant when she and her husband, Kyle Foote, agreed to be resident managers at a Bakersfield, Calif., location. Under the settlement, Derrel’s agreed to revise its policies regarding the onsite housing it provides to facility managers.

Derrel's Mini Storage has more than 50 facilities in Coastal and Central California. The operator’s portfolio comprises more than 11 million square feet of net rentable square feet. In 2016, company owner Derrel Ridenour donated $3 million in cash in addition to a previous gift of 4 acres of land to help Fresno County, Calif., build a new animal shelter.

Sources:
PRWeb, Labor Lawyers at Blumenthal Nordrehaug Bhowmik De Blouw LLP Hit Derrel's Mini Storage, Inc. with Class Action Lawsuit for Alleged Meal Break and FCRA Violations
Blumenthal Nordrehaug Bhowmik De Blouw, Case No. BCV-18-101098

New York self-storage operator Storage Fox Inc. has refinanced two of its facilities to fuel portfolio expansion, manage existing debt and recapture equity. The company received two $18M loans for its properties in Queens and Yonkers, N.Y., which comprise 260,000 square feet of space, according to a press release.

The 12-story property at 30-46 Northern Blvd. in Queens was built in 2013. The 123,000-square-foot structure includes the Davita Dialysis Center. The facility at 280 Fullerton Ave. in Yonkers was built in 2012. The five-story structure comprises 190,000 square feet.

The $36 million in loans represents a 66 percent loan-to-value on both properties. Commercial mortgage brokerage Progress Capital worked on behalf of Storage Fox to secure the funds through Signature Bank. The seven-year notes have a fixed interest rate of 4 percent with a 25-year amortization, the release stated.

Storage Fox operates four self-storage facilities in Brooklyn, Long Island City, White Plains and Yonkers, N.Y. The properties comprise more than 5,000 units. The company intends to expand its footprint to the Bronx and Rockaway Park, N.Y., according to the release.

Sources:
PR Newswire, $36,000,000 Secured for Two 'Storage Fox' Self-Storage Locations in LIC and Yonkers
REBusiness Online, Progress Capital Arranges $36M in Loans for Two Self-Storage Facilities in New York City Area

Developer David Gandolfo plans to open condominium self-storage in Palm Springs, Calif., this summer. Built on 4.5 acres at 3690 Airport Center Drive, MonStore Garages will comprise 45 units ranging from 650 to 5,400 square feet, according to its website. They’ll be designed for the storage of boats, collectible cars and RVs.

Sold individually, each unit will include an aircraft-hangar door, electricity, fire sprinklers and Internet connectivity. Property features include 24-hour access, access-controlled entry and video cameras. Tenants will be able to view security footage of their unit via a smartphone app. The condos will be priced from $97,250 to $750,000.

“The concept of individual garage ownership hits home with many people such as myself who have large RVs or car collections. Finding large, enclosed storage, short of buying or renting a warehouse, has been a challenge,” Gandolfo said, “Traditional self-storage typically does not make available large, enclosed spaces, since the return on investment is not as great as with the smaller 8-by-10 common storage unit. Garage condominiums fills the gap between self-storage and full warehouses.”

A similar project, Eucalyptus at Beaumont Storage Condominiums, which opened in 2009 in Beaumont, Calif., is sold out and has a waiting list, according to owner Ted Deits, who’s working with Gandolfo on the Palm Springs project. “The pace of sales, and the value appreciation of these garage condominiums have been spectacular,” he said. “It made sense that Dave and I joined forces to bring another project to the desert as demand continues to grow, and clients are left wanting more.”

The first phase of the project, which included 15 units, sold out in just hours, Deits said. “Seven of the 15 pre-sales came from existing owners at Eucalyptus at Beaumont. The next sales phase will be released on June first, and we are expecting similar results.”

Sources:
PR Newswire, Monstore Garages Brings New Solution in RV Storage to Palm Springs This Summer
RV Business, MonStore Garages Offering Oversized RV Storage

In the early years of the self-storage industry, most facilities consisted of easy-to-build, single-story, garage-style structures. Put down a flat slab, build concrete block walls, add simple wood-truss roofs and voilà! You’re in business. Today, everything has changed.

A scarcity of available land now forces many owners and developers to build multi-story. This requires new construction systems and upgraded code requirements, particularly those mandated by new standards of energy efficiency. Minimally insulated buildings using prescriptive methods (i.e., R13 insulation in the walls) are obsolete. An architect or engineer must now provide a certified energy analysis to acquire a building permit.

Developing a profitable self-storage facility takes more than a good location and unit mix. The type of construction you choose can make or break a project. Following is an analysis of conditions on the ground and within the industry that can impact decision-making and affect the bottom line—from an architect’s point of view. Let’s look at the materials and requirements for constructing single- and multi-story buildings.

One- to Three-Story Structures

These projects are popular and cost-effective. I typically design this genre on a “mat slab” of 5 to 8 inches, depending on the number of floors. The first-floor walls are generally constructed of load-bearing, “split-faced,” colored concrete masonry unit (CMU) because the ground floor needs to be secure from intrusion. I routinely use a lightweight, bearing wall, cold-rolled, C-channel structural system. The bearing walls are set 10 feet on center and spanned by a metal floor deck and 4 inches of lightweight concrete. This system achieves the 125 pounds per square foot required to meet codes for self-storage loads.

Upper-floor exterior walls can be a mix of corrugated metal, insulated metal panels or an exterior insulated finish system (EIFS), which lends itself to the inexpensive creation of decorative façades. For this system, I generally specify 2 or 3 inches of extruded polystyrene foam covered with a thin, latex-modified, concrete scratch coat and colored latex finish. For a simple shed roof, I use a standing-seam metal roof system.

I try to use a shed roof because it’s easy to construct and maintain; however, one of its drawbacks is the need to drain it to one of the façades. I’ve encountered many instances in which an owner wants a decorative façade that isn’t compatible. Tall parapets around the top of the building are a prime example. The inherent drainage problems can be overcome to some degree by using a hidden gutter, but these are leak-prone and tricky to construct.

One solution to a parapet façade that encloses the roof is a rubber or polyvinyl chloride (PVC) adhered roof with internal drains. For this type of construction, I specify polyisocyanurate sheet insulation on top of a roof deck and then adhere the rubber or PVC roof to it. These roofs are twice as costly as metal roofs and don’t last as long; but if a client demands a façade that needs a rubber roof and is willing to pay the price, I’ll accede.

What benefits accrue by limiting construction to three stories or three stories and basement? Cost-savings, efficiency and flexibility. If you want a building that’ll allow you to change the unit mix—which you can’t easily do with a lightweight bearing-wall system—investigate widespan concrete plank as an alternative. I’ve built three- and four-story self-storage facilities with CMU bearing walls 30 feet on center and concrete plank floors that clear-span the distance between them.

Buildings with fewer than four stories don’t require fireproofing, which is a plus. They also allow access to the roof by a simple hatch, and can be built on lightweight mat concrete slabs. Once the shell is built, the partitions, corridor walls, and roll-up and swing doors can be purchased from many manufacturers. Typically, these suppliers will deliver and install the components as a total package. The cost per square foot (exclusive of land and land improvements) to build a heated and cooled three-story structure using this type of system is typically in the range of $50 to $55. (Keep in mind, all new buildings must comply with Americans With Disabilities Act (ADA) regulations, including all doors, door handles, restrooms, counters and access ramps.)

Four-Story and Taller Projects

Structures exceeding three stories are subject to a new level of building codes. First, they must meet fireproofing standards. Steel columns and joists must be sprayed with cementitious fireproofing and surrounded by 8-foot, 6-inch metal covers to prevent from being damaged during use. Patented steel structural systems that only require one hour of fireproofing are available for buildings up to five stories; however taller structures require a more sophisticated construction system and two- to three-hour fireproofing.

In a typical self-storage building, the columns will be 10 feet on center in all directions. Floor-to-floor height will be 10 feet to 10 feet, 8 inches depending on beam height, which is often 8 feet with a composite steel deck and a concrete floor 4.5 to 5.5 inches thick.

In an all-steel-frame building, the walls are typically non-load-bearing, although I’ve designed an eight-story building that used a combination of CMU bearing outer walls with the remainder of the structure being steel columns and composite concrete deck. It’s imperative that the structural engineer have expertise in the design requirements of self-storage because these projects differ structurally from other building types.

Façades on tall buildings can be made of any type of non-load-bearing wall such as steel stud and EIFS, insulated panel, or masonry such as brick or cast concrete tile. Roofs follow the same parameters as low-rise buildings. They can be standing-seam, composite deck, insulation, adhered PVC or rubber roof, or a simple metal deck. Because of the height, internal roof drains are commonplace. Above four stories, a building requires a stairway to the roof, not a roof hatch.

The architect and the mechanical, electrical and plumbing engineers must satisfy the requirements of the International Energy Conservation Code and submit a COMcheck (federal energy analysis) certificate to the permitting department. Again, all buildings must comply with the ADA.

A caveat: Tall buildings are designated “high-rise” if the total footage of the occupied floors (not including the roof) is higher than 75 feet. Building beyond these limits should be avoided if possible, as high-rise structures require more expensive elevators, emergency generators and additional fire-alarm equipment. I recently designed an eight-story self-storage building in Washington, D.C. To avoid the classification, I was forced to limit the floor-to-floor height to 10 feet. I ended up under the cutoff by half an inch! Well, you know the old saying, “A miss is as good as a mile.”

As with all self-storage projects, once the shell is built, there are several manufacturers that will deliver and install the building components as a total package. You can expect to spend approximately $90 to $100 per square foot to construct a four-story or higher structure with these systems (exclusive of land cost and site improvements).

In some locales, all-concrete construction may be cheaper than steel. In any concrete building, fireproofing isn’t necessary, but the structure requires larger columns that reduce rentable space. All stairways and elevator shafts will still have to be enclosed in two-hour fire-rated construction. I’ve only designed one all-concrete storage structure, and that was 20 years ago, so I don’t have any data on current costs.

Other Factors

Here are some additional recommendations for building multi-story self-storage structures:

Heating systems. Check for adequate gas or electric capacity nearby. I used to design all electric buildings, but now gas is my preference if I can get it to the site inexpensively.

If possible, HVAC units should hang from the ceiling deck. If located on the floor, they reduce your rental space. If I have a floor-to-floor height of 10 feet, 8 inches, I extend my corridors to 8 feet, 6 inches and place channels at 8 feet on center to the ceiling. I then take all the internal unit partitions to within 8 feet of the deck above. I run ducts only down corridors, and push air throughout the floor above all the units.

Lighting. I place 4-foot-long, single-tube fluorescent or LED lights down the center of the corridors at 10 feet on center. I hang them at 8 feet above the finished floor. Some clients like to put lay-in tile ceilings or metal-soffit ceilings (from the corridor and partition manufacturers) in the corridors, but lately many of them have just hung lights in the corridors. Any unit with a capacity of less than 150 square feet doesn’t require a light!

The office. Lately, offices have been getting smaller, with 90 square feet seeming to be the optimum choice. The area should include a handicap-accessible restroom, breakroom, display area, one to two desks with chairs, and a couple of lounge chairs with a coffee table. Expect to have two large-screen monitors, one to display units for sales purposes and a second for security. Don’t forget the office must also meet ADA code requirements for customers and employees.

Self-storage projects are a specialty item. Given increased competition, a changing regulatory climate, new systems of construction, rising costs, and the ever-present challenges of location, adaptation or remediation of buildable sites, it’s more important than ever to hire experienced design professionals with expertise in the field. I’ve seen projects flounder because the architect, unfamiliar with self-storage, underestimated the difficulty of turning out workable, cost-effective plans. As an owner/developer, you can’t afford to pay dues for someone else’s learning curve. It can be a steep one! Take it from someone who’s been there—experience is the best teacher.

H. Edward Goldberg is a registered architect and president of HEGRA Architects Inc. in Baltimore. He’s designed self-storage projects in Connecticut, Delaware, Maryland, New Jersey, the Virginias, and Washington, D.C. For more information, call 443.690.0403; e-mail [email protected]; visit www.hegra.org. 

On Feb. 14, 2018, 19-year-old Nikolas Cruz walked into Marjory Stoneman Douglas High School in Parkland, Fla., pulled the fire alarm, and gunned down 17 people as they evacuated the building. Tragic events of this nature repeat themselves far too often in America, but there’s one thing about this event that stands out: Many people saw it coming.

Before his expulsion from school, his classmates avoided him. His writings were ominous and threatening. He declared on social media that he wanted to be a “professional school shooter,” which was even reported to the FBI. Police had been called to the Cruz home 39 times since 2010. The fact that so few were surprised to hear Cruz identified as the shooter makes this event exceptionally tragic.

One of the myths about mass violence is the perpetrators impulsively start killing people. After the Virginia Polytechnic Institute and State University massacre in 2007 in which Seung-Hui Cho killed 32, one tearful young lady told a reporter, “He just snapped! There wasn’t anything we could have done.”

No, he didn’t “just snap.” But that’s the sound bite that makes its way into most eyewitness accounts in media coverage of heinous acts. In fact, at least two professors found Cho’s behavior leading up to the massacre to be increasingly disturbing. He’d intimidated several female students, and his writings began to take on more violent and obscene themes. On at least two occasions, Cho received a verbal warning from campus police regarding stalking complaints.

It’s not possible to pre-identify those who commit violent acts based on a personality profile or employment screening. However, there are easily recognizable patterns of behavioral change that warrant greater attention. Certain changes should command a supervisor’s attention. Here are some red flags to watch for in your self-storage staff and what to do if you sense coming danger.

What Should Get Your Attention?

Keep in mind the following are indicators of stress, not predictors of violence. They should always be taken in context and together. This means observing the pattern, number, frequency and intensity of any new behaviors. It’s especially important to observe and note variations in an employee’s conduct.

• Job performance: Pay attention to increases in absenteeism or lateness, or a growing disregard for the safety of others. Watch to see if work quality suffers, along with refusal to acknowledge the problem; or if the worker seems confused, distracted or unable to focus.
• Illness: Is the employee taking more sick days, staying off longer than expected, or complaining of illness at work? Has he had a sudden weight loss or gain, or been neglectful of personal hygiene?
• Inappropriate emotion: This might include crying or sulking, or other passive-aggressive behaviors. Has he overreacted to criticism or thrown temper-tantrums?
• Negativity: Does he blame others for his own mistakes? Does he persistently complain about being treated unfairly or endlessly talk about the same problems without solving them?
• Changes in social behavior: Take note of increased conflict with other workers, or withdrawal from co-workers with whom he previously associated.
• Expressions of desperation: Statements like these are signs: “I don’t know what I’m going to do,” “I don’t think I can stand this much more” and “Somebody has to do something!” Any talk of suicide can’t be ignored. There’s often a very short distance between the decision to do violence to oneself and to others.
• Substance abuse: Of particular concern is an escalating pattern in which the employee is visibly hung over on the job, or arrives at work under the influence of intoxicating substances. At-risk employees and substance abuse are a very dangerous combination.
• Romantic obsession: While romantic involvements in the workplace can be common, unreciprocated obsessions are another matter. A rebuff from the object of the employee’s fascination can be a powerful trigger event for violence.
• Identification with perpetrators of violence: When workplace violence makes the news, he may make comments to the effect of “Sometimes I think I know how they feel,” “I guess there’s a limit to how much you can take,” “We’re probably not getting the whole story” or “I guess they figured they had nothing to lose. I know what that’s like.”

What Can You Do?

If these behaviors are observed, but thus far no threats have been expressed and no threatening behavior has been reported, this simple approach is often effective:

• Establish concern for the employee.
• Observe behaviors without judgment.
• Express empathy.
• Invite dialogue.
• Collaborate on a solution.

Connecting with an at-risk employee who’s demonstrating any combination of the above behaviors opens the door to at least two positive outcomes. First, as a supervisor, you earn the influence to prompt the employee to seek help and support. If your organization has an employee-assistance program (EAP), you can encourage him to seek assistance there. Second, sometimes an empathetic inquiry is all that’s needed to open the kind of ongoing dialogue that can address grievances and correct problems. This will also make the employee more open to suggestion that, in the absence of an EAP, he’ll seek help from an outside source.

Preventing workplace violence is about breaking the chain of events that lead up to it. Early and effective engagement, even if it seems uncomfortable, can preserve the safety of your entire workplace.

Gary Sheely is a tactical-confrontation specialist focusing on workplace violence. He conducts training workshops for corporations and offers keynotes for organizations across the United States. He’s published three books, including his latest, “Safe at Work: How Smart Supervisors Reduce the Risk of Workplace Violence.” He can be reached at [email protected]. 

The rooftop of Village Self Storage will soon host a GPS antenna used to guide driverless cars on the streets of The Villages, Fla., a master-planned retirement community. The antenna was developed by San Francisco-based Swift Navigation, which uses GPS technology to help navigate vehicles within a half-inch of accuracy, according to the source. It’ll be used by vehicle-technology company Voyage, which intends to deploy a fleet of driverless taxis to serve the community.

"The self-driving car is the wave of the future, so I think The Villages will be a perfect location," Village Self Storage representative Lynn Mattix told the source.

"At a cloud level, we are down to about an eighth of an inch [accuracy],” noted Lance Andre, director of geomatics at Swift. “As we relay that out to the autonomous cars and autonomous vehicles in the market, they will realize about a half-inch accuracy out in the field."

The Villages spans 40 square miles in Central Florida. “We’re bringing a door-to-door self-driving taxi service to the 750 miles of road at The Villages. When fully operational, all 125,000 residents will have the ability to summon a self-driving car to their doorstep using the Voyage mobile app, then travel anywhere within the bounds of the community fully autonomously,” according to the Voyage Auto website.

Through resident Gian Cardillo believes driverless vehicles will help the aging community stay mobile, he told the source he’s worried how the autonomous cars will contend with golf carts on the road in addition to passenger vehicles.

Built in 2016 at 444 County Road 466A, Village Self Storage comprises 90,000 square feet of storage space.

Sources:
Click Orlando, The Villages Moves Toward Driverless Vehicles
Voyage, Website

Retired self-storage owner Pauline Lockwood, who also served as mayor and a city council member for Kennewick, Wash., passed away on May 15 at 80 years old. She owned Lockwood Mini Storage of Kennewick with husband, Richard, who died on Feb. 26 at age 84.

Born in Grangeville, Idaho, as Pauline Drew, she spent most of her life in Kennewick. She married Richard in 1956. The couple remained together until Richard died after a long battle with chronic obstructive pulmonary disease. No cause of death for Pauline has been reported.

Pauline was elected to the city council in 1988 and was elected mayor two years later. She lost re-election in 1997 and later sued councilmember Tom Walker for defamation, though she eventually dropped the suit, a source reported.

Richard was born in Ilion, N.Y. He joined the Army after high school and served two years in the Korean War. He was honorably discharged in 1954. After working for National Cash Register for 23 years, Richard retired to pursue business ventures with Pauline, according to an obituary posted by the family with Mueller’s Funeral Homes, which handled services for both.

In addition to the self-storage business, the Lockwoods acquired and managed several properties, including a 40-acre cherry orchard and various rental assets. Lockwood Mini Storage has two locations in Kennewick.

Funeral services for Richard were held on March 10. Rosary and mass for Pauline are scheduled for June 2 at St. Joseph's Catholic Church.

The couple is survived by daughters Monique Bettinson and Richelle Lockwood, son Drew Lockwood, three grandchildren and two great granddaughters.

Sources:
Tri-City Herald, Former Kennewick Mayor Dies at Age 80
Tri-City Herald, Pauline Lockwood
Mueller’s Funeral Homes, Richard John Lockwood
Mueller’s Funeral Homes, Pauline W Lockwood

Broome Storage LLC, a division of private-investment group Broome Capital LLC, received unanimous rezoning approval from the city to build a five-story self-storage facility in Tampa, Fla. The property on West Gandy Boulevard will be across from the Westshore Marina District (WMD), a $600 million master-planned community, according to a press release.

The facility will comprise 87,750 square feet of storage space in 750 units, and feature design elements related to the area. It’ll be managed by self-storage real estate investment trust Extra Space Storage and branded under its name.

Broome Storage has been actively building its portfolio in recent months. Its property in downtown St. Petersburg, Fla., is expected to receive Certificate of Occupancy in June, and another development in the Seminole Heights neighborhood of Tampa broke ground last month. The company also has several others in the planning and permitting stages, the release stated.

“By being the local sharpshooters in our market, we’ve been able to successfully navigate around any potential issue of oversupply by identifying these untapped up and coming submarkets,” said Jordan Farrales, acquisitions and development manager for Broom Capital.

Based in Tampa, Broome Capital pursues urban-infill development of luxury townhomes, single-family rentals and self-storage. Its family of companies includes Icon Residential, Proluxe Properties and Storage City.  

Sources:
PR Newswire, Broome Capital Receives Approval for Tampa Self-Storage Facility
Commercial Property Executive, Broome Storage to Develop Tampa Facility

Unless your self-storage facility is the only one in town, you need marketing to help bring in new customers. From search engine optimization to online reviews to community events, there are a number of strategies to get the word out about your location and amenities. However, marketing isn’t one-size-fits-all. What works for a small site in a city might not be effective for a larger property in a rural setting. Your budget will also play a role.

In a recent thread on Self-Storage Talk, the industry’s largest online community, a new owner has asked about the most effective ways to market a storage facility, having only ever owned other types of businesses. The community is responding with the avenues that have proved fruitful for them. Whether you want to refresh your skills, get inspiration of offer advice, you’ll get great ideas in this lively thread.