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Articles from 2006 In July


ISS Blog

Return of the Prodigal Storage Staff

Article-Return of the Prodigal Storage Staff

The week is nearly done, but it has taken me this long to catch up from the recent ISS Reno Expo, which took place July 19-22. Tradeshows wreak havoc with your schedule, not to mention your house, your bank account, as well as your mind, body and spirit (those minute things). You come home to an overflowing inbox, mailbox and e-box ... Your pets and spouse feel neglected ... The laundry has piled up ... There's food rotting in your fridge ... And you can't figure out where you left your phone charger. Such is life on the road, no matter how brief the spell might be.


But expos are fun while you're caught in their thrall. You see all your industry compadres and catch up on life off the ranch. The wine begins to flow. You're inundated with questions about your products and services and farm a bunch of sweet leads. Before you know it, you're on a plane, right hand to your aching temple, thinking about the choatic mess awaiting your eminent return.


So that was me this week. Now I'm heading for San Diego in the a.m. for a reunion with the in-laws. What is that saying? Out of the frying pan and into the fire? At any rate, exhaustion will just have to wait. At least this time there'll be fresh ocean breeze and lobster. (There'll also be LegoLand with the 7-year-old nephew, which is bound to be as relaxing as shooting up with Drano. But, hey ... whatever floats the family's boat.)


But before I say sayonara for the weekend, I'd like to share some of the general feedback we got about the Reno show. We knew going into this thing that it was likely to be a fairly intimate event. And we weren't sure how the new venue would go over with attendees and exhibitors. So here are some observations and comments that were shared with me since last week:

  • People are always happy about the availability of gambling, so that went over well. And, apparently, the tables in Reno are more affordable than the Vegas variety.
  • Travelers had a difficult time getting direct flights to Reno, and many trips were delayed due to power outages and dust storms. Of course, these things were out of our control; but they still went noted as inconveniences.
  • The hotelnow in a state of transition between the Hilton Reno and the Grand Sierra Resortwas OK but not fantastic. We're looking into alternate venues for next year, should we choose to return to this city.
  • Traffic at this show was light but steady. Attendees enjoyed having slightly smaller seminar groups and more one-on-one time with vendors. Exhibitors, surprisingly, reported high-quality leads and promising business prospects, regardless of slow floor action.
  • People enjoyed the new laptop/wide-screen setup we had in the ISS booth. It allowed them to ask questions and get detailed information regarding our services quickly. And it was nice to NOT have to say, "I don't know. I'll look into that for you," or "You'll need to find that online when you get home."
  • Lake Tahoe got two-pronged comments. On the one hand, our show participants loved the proximity and all the potential activities offered by the area. The complaint? The hotel was too far out to readily take advantage. Once again, if we return to Reno, this situation will be rectified by the choice of a more downtown location.


So, were you at last week's show? Give me your feedbackgood or bad. We'd really like to know. The ISS Expos are for YOUR benefit, so tell us what you like/need/prefer. And have a fantabulous weekend. If you need a laugh, you can envision me 'oohing' and 'aahing' over plastic Lego bits and dodging questions about children!

Metro Storage Joins Forces with ING Clarion

Article-Metro Storage Joins Forces with ING Clarion

Metro Storage LLC, which operates facilities under the name Metro Self Storage, announced a $250 million joint venture with real estate investment firm ING Clarion. The partnership will acquire and develop storage projects in select markets in the Midwest and Southeast. The new enterprise was launched with the $15 million acquisition of a 100,000-square-foot, climate-controlled facility in downtown Chicago.
 
Lake Bluff, Ill.-based Metro Storage is a fully integrated real estate company specializing in the development, acquisition and management of self-storage facilities. It has owned and operated facilities in the Midwest and Southeast since 1973. More information about the firm is available at www.metrostorage.com.

Founded in 1982, ING Clarion and its affiliates manage almost $35 billion in assets in the private equity, public equity, and public debt sectors of the real estate market. Headquartered in New York, the company has 750 employees in major markets throughout the United States. For more information, visit www.ingclarion.com.

ISS Reno Expo Rates High With Attendees, Exhibitors

Article-ISS Reno Expo Rates High With Attendees, Exhibitors

The Inside Self-Storage Reno Expo culminated on Saturday, July 22, and attendees and exhibitors report positive experiences all around. The four-day event included the ISS Golf Classic, two days of educational seminars, a packed exhibit hall, an evening cocktail reception, the Prime-Time Open Forum, the "What Every Storage Operator Needs to Know" Q&A session, roundtable discussions, the Management Workshop, the new Acquisitions Seminar, the Developers' Seminar and more.

To view some pictures from the tradeshow, read last week's entries in the Storage Speak blog, written by Teri Lanza, at www.insideselfstorage.com.

For more information about upcoming events, such as the popular ISS Vegas Expo, visit www.insideselfstorage.com/expo.

ISS Blog

Reno Day 2, Fun on the Show Floor!

Article-Reno Day 2, Fun on the Show Floor!

We're on the show floor at the ISS Reno Expo, and things are startin' to sizzle. Here are some storage peeps you might recognize. First, you gotta see the bee. One of our exhibitors is handing out these squeeze bee keychains, and they are EVERYWHERE. And they are very hard to put down. They're creating quite a buzzzzz.... Heh, heh.

I think this guy is really enjoying his bee ... maybe a little TOO much ... But I guess that makes sense, since it's HIS bee. I mean it's really his beethis is Randy Goldberg from the hosting "hive," Moving.bz.

Wayne-Dalton-Walton Gary and ISS Editor Kimberly Hundley "shop" for swag at the wide array of booths. (And, of course, they also grabbed a darn bee!)

Here's a lovely photo of ISS Managing Editor Drew Whitney with the girls from Universal Insurance, Kay Schaefer (left) and Randy Tipton (middle).

And here's that bee again, this time in the PhoneSmart booth next to ISS regular columnist Tron Jordheim.

This is just some guy who was talking on the phone at our booth. I heard him say, "I'm at the tradeshow right now. I'm working." Yeah, right!

Chillin' in the Chateau booth...

Our buddies at Buchanan Storage Capital...

ISS Blog

Reno at Last

Article-Reno at Last

Were here at last: The Inside Self-Storage Expo in Reno, Nev., which rolls until Saturday and culminates with our popular Developers Seminar. I landed near midnight last night, after sitting on the tarmac in Phoenix waiting out the aftermath of a dust stormyaaaaaaay. Nothing better than sitting in a metal tube, breathing in God knows what viruses and stale, recycled air. But now that Im here (and Ive taken a healthy dose of Echinacea), things are wonderful. The Reno Hiltonnow the Grand Sierra Resortis nice enough; and the attendees are bright-eyed and bushy-tailed!
 
This morning, we heard from our keynote speaker, Chris Sonne of Self-Storage Economics. And the educational seminars are well underway. In fact, Im presently sitting in the back of the room a-tap-tap-tapping away while Bob Hayworth of Baja Construction explains the ins, outs and benefits of boat and RV storage. (I wonder if my mad typing is distracting him? Hmmmmm Its a good test for the man!)
 
Its apparently coming on lunch time (and Ill get to peruse the SHOPPING MALL on the floor below us!). But Ill chime in again later with PICS from yesterdays golf tournament, sponsored by DBCI.

Still Time to Register for ISS Reno Expo!

Article-Still Time to Register for ISS Reno Expo!

There's still time to register for the Inside Self-Storage Expo in Reno, Nev., which takes place July 19-22 at the Reno Hilton Resort & Casino, recently renamed the Grand Sierra Resort. The show agenda includes:

  • The ISS Golf Classic at the beautiful LakeRidge Golf Course
  • A keynote presentation by Chris Sonne of Self Storage Economics
  • Two full days of educational seminars covering all facets of the self-storage industry, presented by top professionals of the business
  • The Prime-Time Open Forum with Jim Chiswell and Joe Niemczyk
  • Two days of exhibit hours and an expo hall filled with more than 100 of the industry's leading suppliers
  • An evening cocktail reception
  • Roundtable discussions
  • A Buyers & Sellers Meeting, which helps match attendees' real estate interests by region
  • A Q&A session titled "What Every Storage Operator Should Know"
  • Vendor presentations
  • The Management Workshop, presented by Joe Niemczyk of Executive Self Storage Associates
  • A full-day Developers' Seminar hosted by industry experts RK Kliebenstein, Bruce McCardle, Eric Snyder, Paul Darden and Linnea Appleby

To view the complete show schedule and to register, visit www.insideselfstorage.com/expo/reno. On-site registration also available.

ISS Blog

Props to the Association Down Unda

Article-Props to the Association Down Unda

Props to the Self-Storage Association of Australasia, which was recently highlighted in The Age, an Australian newspaper. Executive Director Rennie Schafer, who has contributed feature articles to Inside Self-Storage regarding his local industry, was the spokesperson for the piece.


According to the article, self-storage is one of the country's fastest growing industriesto date, there are more than 900 facilities in Australia. Schafer attributes the increasing in popularity to public education regarding the product and the power of online marketing. I was impressed to read his statement that 85 percent of Australian storage companies are association members. Obviously the SSAA is doing something right!


I've never had the pleasure of attending one of the group's annual tradeshows (even though they're going on No. 17); but several of our advertisers and exhibitors regularly participate. They say it's a good event, but let's face facts: The locale's the real attraction! This year, the show will take place in Surfers Paradise on the gorgeous Gold Coast, Oct. 4-6.


The SSAA is to be commended for its organization, progress and forward thinking. For an association down under, it's a step above many in this competitive business of ours.

Manny Delcarmen Pitches for Extra Space

Article-Manny Delcarmen Pitches for Extra Space

Boston Red Sox player Manny Delcarmen will be pitching for Extra Space Storage of Dedham, Mass., on Saturday, July 15, from 10:00 a.m. to noon. Everyone in Dedham is invited to be part of the action as Extra Space celebrates an official "Sports Day" with free giveaways and fun.

We think this event will be a great opportunity to bring the community together as well as showcase the Dedham storage facility. Manny Delcarmen is a Boston local and having a great season; we are excited to be able to host him at our facility and offer free autographs to his fans, said Judi McLaughlin, facility manager.

Headquartered in Salt Lake City, Extra Space is a fully integrated, self-administered and self-managed real estate investment trust that operates 634 self-storage properties in 34 states. The properties comprise more than 425,000 units and 46 million square feet. The company is the second largest storage operator in the United States. For more information, visit  www.extraspace.com.

OpenTech Partners with C&A Solutions

Article-OpenTech Partners with C&A Solutions

OpenTech Alliance Inc., maker of the INSOMNIAC self-storage kiosk, formalized a partnership with C&A Solutions LLC of Round Rock, Texas. The latest company to join OpenTechs Alliance Partner Program, C&A provides credit card and check processing for domestic INSOMNIAC customers.
 
The INSOMNIAC kiosk allows tenants rent units, make payments, update account information, purchase tenant insurance, buy locks, view video presentations about a facility and much more. For more information, visit www.opentechalliance.com.
 
C&A Solutions offers a  suite of electronic payment solutions including a virtual terminal payment gateway featuring side-by-side ACH/credit card processing for recurring or one-time payments. Other services include automatic bank drafts, credit/debit card services, online payments including checks and credit cards, point-of sale-electronic check conversion, phone checks, accounts-receivable check conversion, and electronic NSF recovery. For more information, visit www.casolutions.net.

Real Estate

Article-Real Estate

If you have a sale, grand opening, groundbreaking or other real estate transaction you would like listed here, e-mail [email protected]


Argus Self Storage Sales Network broker affiliate Larry Goldman represented the seller of AAA Moores Mini Storage of Mount Vernon, Mo., to an out-of-state investor. The facility has 66,828 rentable square feet and is located in a high-growth area of southwest Missouri.

Argus affiliates Charles W. Barnhill, broker, and Stuart LaGroue, listing agent, represented the seller of Dolphin Storage in Golf Breeze, Fla. The 25,150-square-foot facility consists of 200 climate-controlled and two non-climate units. The property was sold to a local investor for $1.8 million at an 8 percent cap rate.

Richard Minker, also an Argus affiliate, of the Richard D. Minker Co., represented the seller of Katy Road Self Storage in Keller, Texas. The 40,615-square-foot facility, on 2.1 acres, was developed in 1991 and competed with more than 500,000 square feet of new self-storage in the market; it was at 87 percent occupancy at closing.

Formed in 1994, Argus is the largest self-storage brokerage network in the United States. For more information, call 800.55.STORE; visit www.selfstorage.com


Coast-To-Coast Realty Advisors, based in Atlantis, Fla., announced the sale of membership interests in Keepers-Lantanaan 80,000-square-foot facility under construction in Palm Beach County, Fla.to Austin1, a Boca Raton, Fla.-based investment firm managed by Craig Stern. Coast-To-Coast Realty President RK Kliebenstein represented buyer and seller in the transaction, which was complicated by zoning issues and a long hurricane season that delayed construction. Scheduled for completion during the third quarter of 2006, the complex includes climate-control, direct-access spaces, cutting-edge security and monitoring equipment. For more information, call 561.963.4004; e-mail [email protected]


MVC Capital announced a $6 million loan commitment to real estate company Storage Canada (Dinos Storage) for the development of self-storage facilities. MVC Capital is a business development company that provides long-term debt and equity investment capital to fund growth, acquisitions and recapitalizations of companies in a variety of industries. For more information, call 914.510.9400; visit www.mvccapital.com

Established in 1998, Dinos Storage is an Omaha, Neb.-based real estate company that owns and develops self-storage facilities throughout North America. For more information, call 402.672.6566; e-mail [email protected].


Absolute Storage Management Inc. of Memphis has earned the Accredited Management Organization accreditation from the Institute of Real Estate Management, an affiliate of the National Association of Realtors. The accreditation is awarded to real estate firms with a track record of high performance, experience, stability and financial accountability. Firms must have a certified property manager that directs and supervises management, and abide by a rigorous code of professional ethics. The company, founded in 2002, manages 2 million square feet of self-storage in five states.


Nick Malagisi, senior advisor and national director of self storage for Sperry Van Ness, completed the sale of an institutional quality self-storage facility in North Bergen, N.J., for $13.5 million, which was $1 million above the asking price. Malagisi represented both the buyer, Irvine, Calif.-based Dahn Corp., operating under Mini U Storage, and the seller, Lackland Self Storage of Warren, N.J. The facility closed at $114 per square foot (net rentable).

The site was built in 1999 and opened for business in 2000. The property consists of three, three-story self-storage buildings with a managers office. It has 118,272 net rentable square feet; legal parking spaces as an additional revenue source; state-of-the-art security systems; and climate-controlled space.

Founded in 1987, Sperry Van Ness is a commercial real estate investment brokerage firm with more than 600 advisors in 35 states. For more information, visit www.svn.com


National Self Storage acquired and will assume management of two facilities: one in Las Vegas, the other in Salt Lake City. The first consists of 385 units with 38,675 square feet of storage space. The Salt Lake site features 273 units and 45,675 square feet of storage space, and will provide shipping services to boost office traffic.

National Self Storage is a self-storage owner and operator, managing 22 facilities in eight states. For more information, call 520.577.9777.


Sperry Van Ness completed the sale of a self-storage facility to a West Coast-based institutional investor for an undisclosed amount. The Bristol, Conn., property represents the largest single self-storage transaction in the Hartford market. Nick Malagisi of Sperry Van Ness/Storage Realty in Williamsville, N.Y., represented the buyer, and Patrick A. Lemp, of Self Storage Consultants based in Harford, represented the seller, a Connecticut-based partnership. The new three-story project began construction in 2004 and opened for business in February 2005. It has 607 rental units within 73,850 rentable square feet and contains 100 percent climate-controlled space. Based in Irvine, Calif., Sperry Van Ness provides advisory, brokerage, consultation, asset management, property management, leasing, financial, accelerated marketing and auction services. For more information, visit www.svn.com


AAAA Self Storage Management Group opened a new, fully enclosed, multistory facility in Norfolk, Va. AAAA Self Storage Management Group, an affiliate of The Nicholson Companies, is a full-service self-storage management and development company, providing management services to more than 40 facilities, representing 1.75 million of leasable square footage valued at more than 100 million.


Buchanan Storage Capital opened a new Washington, D.C., office, operating under Hugh Kreizenbeck, vice president, who will responsible for the loan origination of permanent debt and bridge loan financing for storage owners in the Northeast and mid-Atlantic regions.

Buchanan Storage Capital, now a nine-person team, continues to expand its national platform with the opening of the East Coast office to compliment its Southeast office in Atlanta. The firm arranges debt and equity for self-storage financing nationwide, closing more than $450 million last year. For more information, call 800.675.1902; visit www.buchananstoragecapital.com