A-1 Self Storage Announces Support for FAIR Foundation

Jun 21, 2010

A-1 Self Storage, an operator of self-storage facilities throughout California, announced its support for the FAIR (Fair Allocations in Research) Foundation, an organization dedicated to raising awareness and financial support for disease research that is currently underfunded. The group advocates for the fair and equitable distribution of research funds by the government for all diseases, particularly those with high mortality rates or those that cause great suffering. The group also supports new organ-donor policies to help save lives of patients in need of organ transplants.

The Fair Foundation was founded by Dr. Richard Darling, a California dentist who survived hepatitis C, diabetes, cirrhosis and cancer of the liver, coma, heart attack, hepatorenal syndrome, Muscular Dystrophy (myasthenia gravis) and three liver-transplant operations. The foundation’s website and Darling’s book, Coma Life, explain how the unfairness in the distribution of funds directly affects all diseases, including the 16 that kill more people in the United States than AIDS. The book also educates on the need for new organ-donor policies to reverse America's organ-donor crisis.

FAIR Foundation is a federal 501(c)(3) tax-exempt organization.

A-1 Self Storage has 17 locations in the greater San Diego County area and more than 40 locations across California. It is the self-storage division of the Caster Cos., a third-generation, family-owned company headquartered in Southern California since 1959.

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A-1 Shelters Self Storage Donates Space for Haiti-Bound Supplies

Jun 21, 2010

A-1 Shelters Self Storage in Cape Coral, Fla., donated space to a local philanthropic couple collecting building supplies and sporting equipment for a children’s home in Haiti. The country was devastated by an earthquake in January, leaving hundreds of children without families to care for them.

Mary and Bob Plageman, who oversee a non-profit called The Sports Build Coalition Inc., are raising funds to pay for a 12-foot-by-20-foot shipping container to send to The New Life Children's Home in Port-au-Prince. They plan to fill the container with sporting equipment, building materials, tools and other survival items for the orphanage. The supplies will be used to build a playground for the orphanage.

Source: Cape Coral Daily Breeze, Local Organization Raising Funds for Playground in Haiti

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Longview, Texas, Walmart Gets Converted to Self-Storage

Jun 21, 2010

A former Walmart store that has been vacant for six years in Longview, Texas, is getting new life as a Just Store It self-storage facility, expected to open at the end of July. The 86,000-square-foot, climate-controlled facility is owned by Brad Tidwell, Terry Cook, Ray McKown and Ronnie Walker, all Texas residents.

The interior demolition work is complete, and interior renovations are expected to start Monday. The 7-acre property and building renewal represent an investment of approximately $2 million. The purchase was handled locally through Walter Northcutt and Beer Wells Real Estate Services.

The building was home to a Walmart from 1981 until 2004, when the store relocated to Gilmer Road as a Walmart Supercenter. It has five spaces on the side that allow for loading and unloading out of the weather, Tidwell said. He and his partners will add a covered drop-off at the front of the building and loading docks at the rear.

Dana Deason, owner of the Deason Financial Group in Longview, acted as consultant on the self-storage project, which will be completed in two phases. Phase 1 will consist of 308 climate-controlled units and 50 indoor parking spots for boats, automobiles and recreational vehicles. Phase 2 will eventually add 300 more climate-controlled spaces, Deason said.

The Just Store It facility will be managed by Tidwell’s mother, Judy.

Tidwell is involved in additional East Texas projects with other business partners, including the recently completed Pine Place Apartments in Hallsville, and apartment and retail projects in Diana. Born and raised in Diana, he has worked as a banker for many years. In the past six years in Dallas, he has financed more than $100 million in real estate deals, and the Longview market is very strong, he said.

Source: Longview News-Journal, Ex-Walmart to get second life as storage facility

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Evergreen Realty REIT Re-Elects Board, Changes Name to American Spectrum REIT I

Jun 21, 2010

In an overwhelming majority, the shareholders of Evergreen Realty REIT Inc. voted to re-elect its existing board of directors rather than elect new directors proposed by Everest Properties Inc., and to change the company’s name to American Spectrum REIT I Inc.

Earlier this year, Evergreen sold all 74 of its property-management contracts to real estate investment company American Spectrum Realty Inc., including those for self-storage, office, industrial, multi-family, assisted-living and retail properties. The company’s re-elected officers are William J. Carden, chairman and CEO of American Spectrum Realty, Jonathan T. Brohard, president of subsidiary American Spectrum Realty Management LLC (ASRM), and Morris S. Cohen.

ASRM and its affiliates provide management and leasing services for 120 properties consisting of 12,098 self-storage units (1.8 million square feet), 2,934 multi-family units, 3,206 student housing units (9,107 beds), nine assisted-living facilities (776 beds), and nearly 9 million square feet of industrial, office and retail space. The company’s management portfolio spans 22 states.

American Spectrum Realty Advisors LLC, another subsidiary, provides real estate advisory services to the REIT and ASRM.

American Spectrum Realty has been publicly traded since 2001. Its properties are in Arizona, California, Texas and the Midwest, and are managed by American Spectrum Management Group Inc., yet another subsidiary of the company's operating partnership.

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ISS Blog

Voicing Your HR Concerns on Self-Storage Talk

Jun 21, 2010

Discussing staffing and personnel issues publicly can be a volatile minefield and, in some cases, illegal. The management vs. labor tension always resurfaces, whether the dispute is about compensation, time off, employee dishonesty or a rash of other conflicts.

Regardless of which side of the industry you're on—management or labor—sometimes you have pressing conflicts you simply need to discuss with someone else or won't be able to sleep at night. Naturally, your industry peers are most likely to empathize and provide useful advice, but sometimes these issues are so sensitive that you want (or need) to discuss them anonymously.

Thankfully, there's a place to turn: Self-Storage Talk. By creating an account on SST, the official online forum for Inside Self-Storage, you can use forums such as "Staffing, Education and Training" to send out a human-resources S.O.S.

Recently, one facility manager began a discussion about how she is paid her bonuses out of the facilities net rather than gross profit, and she wanted to know if her situation is atypical. Frankly, she thinks her setup is a bit unfair. Six pages of responses later, a spirited discussion has ensued about which method is the best to compensate managers, most of whom depend on bonuses to supplement a relatively small base wage. The beauty of the situation, though, is that the thread-starter can get the feedback she needs without revealing her identity or where she works. She can draw on the support of the community without having to put her job at risk.

On the other side, regional and district managers, along with owners and other decision-makers, face many challenges in motivating and managing their employees. Is "mystery shopping" effective in creating better customer service? What qualities to look for in a manager? Where can you find good part-time help? All of these discussions are helpful for management in making important personnel decisions.

To start asking for help on Self-Storage Talk, you'll need to register an account. But don't worry, it's free. Remember, you don't have to tell anyone who you really are. Some members fully disclose their identities. Others choose to be anonymous. The decision is completely up to you.

Self-Storage Policies and Procedures: Why They Create a Better Business and Make You a Superior Manager

Jun 20, 2010

Policy schmolicy. Ever wonder why self-storage companies put so much focus on policies and procedures? It seems there’s a rule for everything, and a specific way to complete each task to ensure it’s done correctly and consistently.

Sometimes a company wants something done one way and that’s that. End of story. Managers are asked to complete duties or operate the business in a very precise manner. The boss wants it his way, and it’s that or the highway. But there may be value to this regimentation. Let’s take a look at why companies are so adamant about their policies and procedures, and why it may help you be a better manager.

Companies implement standards and rules for many purposes. The main reason is to ensure things are run in accordance with the wishes of the people who have put their money, reputation, livelihood and more on the line for the success of that operation. Some policy items are dictated by the requirements of the investorswho own a stake in the business. Some are dictated by law.

What does having good policies and procedures mean to you, the facility manager? First and foremost, following them protects the company, its customers and its employees. Standards allow you to set customer expectations, defining what the company is and how it operates. They offer specific guidelines of what you’ll do for the customer and what’s expected in return.

If policies and procedures are applied consistently, you can be confident you’re not unknowingly being discriminatory or breaking the law. If there are policies you don’t understand, ask why they’re in place. There’s usually a really good reason that leads back to the protection of company, its customers and the success of the business.

Here’s an example: A self-storage tenant is in lien status and wants to make a partial payment. What’s your company policy? If you make an exception for this tenant and not the rest, you leave yourself open to legal liability. The policy outlines how this situation should be handled in every case. Your company will stand by and protect you if legal processes occur when you follow the rules. If you don’t follow the prescribed procedure, however, you may put the company, and yourself, at risk.

If a legal or unusual situation occurs, everything will lead back to how the company conducts business through its policies. Check your manual, employee handbook or employment agreement. These documents are good reference materials for the requirements of your position. You might be surprised to find that each time you review them you find something you previously skimmed over but now catches your attention.

Be a Better Manager

Policies and procedures enable you to feel good about your job performance. Isn’t it nice to go home at the end of the day and know you handled everything professionally and competently? Good procedures let you feel confident that you’re doing a good job. Bad or no procedures can cause stress, anxiety, job insecurity and more.

When a staff member doesn’t understand what the company expects or how to do the job, it can be de-motivating and often leads to staff turnover. How can you do a good job when you don’t know the rules?

Good policies and procedures maximize efficiency and productivity at each store and within the company itself. They help you be consistent in the way you handle all parts of the operation. Someone has taken the time to organize each process for you, so it’s easy for you to do your job without excess steps.

For example, checklists are designed so you don’t overlook items. Telephone scripts exist so you can gather all the information about a caller the company requires. Specific reporting lets the boss help you set prices to be competitive, track traffic, allocate advertising dollars, and evaluate financial trends. Forms and letters are provided so you don’t waste time creating them or worrying if they’re legally correct.

Uniforms, signage, marketing materials, brochures and business cards are developed to display the image the company wants to promote to the public. All these things are in place so you can focus on renting units and operating your facility at the highest possible level of productivity.

Be Aware of Gray Areas

A good procedure goes full circle. That means it’s clear, covers all the points, and has a chronological order. There are no loose ends. Well-written policies with procedures to back them up help you clearly understand the task and how to complete it successfully.

Some policies are set in stone. Most have to do with a company’s standards of conduct or business practices. For example, if it’s policy that you wear a uniform, then that’s the case 100 percent of the time―no questions, no excuses. The same goes for things such as auction procedures, cash-handling, legal items, delinquent tenants, and issues of safety or security. There’s just no gray area on those points.

Other types of policies are simply guidelines for good business. You’re expected to understand and comply with the spirit of the policy. This is where gray areas come into play, and your supervisor can give you direction or coaching for these types of situations.

Gray areas often emerge in the name of good customer service. The company policy may state that you close at 6 p.m., but let’s say a customer calls and can’t get there until 6:15. In this case, your company may want you to stay late to provide good customer service and get the business, even if you may incur a little overtime.

It’s the same with access hours, unless it compromises the security of the facility or puts tenants’ goods at risk. When it’s reasonable, by all means accommodate the customer.

We’ve all encountered that rude person who represents his company by saying, “That’s our policy,” and will not bend even if it causes the company to lose your business. There’s really no room for that in self-storage (no pun intended). Our business caters to people who are usually in a life transition of some sort when they need our services. We have to recognize that and be a little flexible.

Understand the difference between what your company sees as black and white, and what falls in the gray area. If you’re not sure, be on the safe side and call your supervisor for clarification before proceeding. Realize that you’ve been hired to operate the business in accordance with policies and procedures to the best of your ability, and it’s expected you’ll use good judgment in your decisions.

The next time you think “policy schmolicy,” remember there’s probably a pretty good reason for it!

Linnea Appleby is president of Sarasota, Fla.-based PDQ Management Solutions Inc., which specializes in the management of self-storage properties and offers complimentary services such as operational consulting, new-facility startup, property audits and the “Income Finder Service.” Appleby is a regular contributor to industry trade publications and a frequent speaker at tradeshows and events. For more information, call 941.377.3451; e-mail [email protected]; visit www.pdqmanagementsolutions.com.

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Tourist Tips for the Big Easy Expo: ISS in New Orleans

Jun 18, 2010

In just over three month’s time, self-storage professionals will gather in “The Big Easy” for the Inside Self-Storage World Expo. There’s a lot of buzz about this show, in no small part due to the enticing locale. New Orleans is one of those cities people seem to love or hate―unless they’ve never been. Regardless of which camp you fall into, some pointers on things to do and see in the city will be helpful:

Love: You want to try new things.
Hate: You haven’t seen or done the right things yet.
Never been: Narrowing the activity list can be harrowing; you’ll want direction!

The August issue if ISS magazine will include a detailed feature story on the city’s best of the best; but in the meantime, the Travel Channel is featuring N’awlins during one of its “Samantha Brown’s Great Weekends” episodes. You can check the channel’s schedule to see when it next airs in your time zone.

During the show, Samantha explores sumptuous local cuisine at well-known restaurants such as the Court of Two Sisters. She also takes viewers on a stroll down Magazine Street, a six-mile stretch of antique stores, art galleries and boutiques; enjoys a walking tour with Irvin Mayfield, and later takes in music at his Jazz Playhouse; plays football with members of the Tulane University team at the Superdome; attends a voodoo service; and rides the St. Charles Streetcar. You can even view a slideshow from the episode or read the “Back in the Big Easy” entry from Samantha’s blog.

If you want to dive in and get first-hand recommendations from industry colleagues, check out these expo-related threads on Self-Storage Talk, where members discuss the sights and sounds of the city as well as upcoming seminars and workshops:

Want more information about the ISS Expo agenda, including details about the exhibit hall, networking opportunities and our nearly 30 superlative seminars? Again, watch the August issue for our Pre-Show Planner, and be sure to visit the show website at www.insideselfstorageworldexpo.com.

Finally, if you have visitor information or funny New Orleans stories to share, post them here on the blog. See y’all in the Crescent City.

Third Fund of Harrison Real Estate Capital to Buy $1.8 Billion in Assets

Jun 18, 2010

Private equity firm Harrison Street Real Estate Capital LLC, which invests in assets including self-storage, off-campus student housing, senior housing and medical office buildings, completed the first closing on its third fund, which it will use to buy about $1.8 billion in real estate. The Chicago-based firm has raised $165 million to date and plans to raise $500 million by the end of the year. That $500 million equates to more than $1.75 billion in purchasing power, according to Christopher Merrill, co-founder and chief executive.

Harrison focuses on properties it considers recession-resistant. Through May of this year, the firm had invested more than $250 million in the self-storage, student-housing and senior segments. Investments in 2010 include a joint-venture with Extra Space Storage for the acquisition of a self-storage portfolio, the development of off-campus student housing at Texas Tech, and the acquisition of off-campus student housing at Indiana University.

With the investments from its first two funds, Harrison Street now owns and manages 178 real estate assets in 32 states valued at more than $2 billion. Specifically, it consists of 60,990 self-storage units, 13,780 student-housing beds, 3,615 senior-housing living units, 2,859 dry and wet boat storage, and 857,936 square feet of medical-office space.

The Harrison Street board of directors is comprised of Merrill, co-founder and vice chairman Michael Galvin, and chairman and CEO Christopher Galvin, former CEO of Motorola Inc.

Source:Galvin's third realty investment fund raises $165M

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