All Storage has self-storage locations throughout Oklahoma and Texas.
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On Monday, the co-owners of Greeneville Self Storage LLC in Greeneville, Tenn., celebrated the 47-unit expansion of their facility in a ribbon-cutting ceremony. The owners are Linda Crawford and John and Michelle Loven. The facility now has a total of 159 units and 24-hour surveillance cameras.
Source: Greeneville Sun, Greeneville Self Storage Expands
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Marcus & Millichap Real Estate Investment Services recently closed on Star Self Storage in Bridgeton, N.J., for $1.8 million. The 56,250-square-foot facility, just outside the Philadelphia Metropolitan Statistical Area, includes 19 buildings as well as land for future expansion. It is 72 percent occupied and has 395 drive-up units. Bob Gentile of the Marcus & Millichap Philadelphia office represented the seller, a local owner/operator, and secured the buyer, a regional operator of seven facilities.
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Adobe Self Storage is approximately 75,000 net-rentable square feet and in more than 600 units. The single-story project was originally built in 2002 and expanded in 2006 to its current size. It has block perimeter walls around the exterior with metal partitions, roofs and doors, and a two-story frame-and-stucco building that serves as the rental office and manager’s residence.
The property originally went under contract in 2008 and was set to close in late fall. Though the deal nearly fell through due to changes in the economy, Keller found a way to restructure. Instead of an outright sale at this time, the new operators have obtained a leasehold interest in the property and purchased the right to complete the transaction at a future date. It is expected that over the next few years, the property’s occupancy and income will improve along with the overall economy, and the availability of financing will return to more normal market conditions.
Bancap Self Storage Group has completed more than $850 million in self-storage sales.
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Westy Self Storage, with 16 facilities throughout Connecticut, New Jersey and New York, is hosting a “Four for Four” charity-donation drive in Westchester County through July 27. The effort will support the Food Bank for Westchester, St. Paul's Child Care Center, the Port Chester-Rye Brook Public Library and Cerebral Palsy of Westchester.
Participants can drop off non-perishable food items, art and craft supplies, office supplies, and recreation/day camp accessories at Westy’s 351 N. Main St. facility in Port Chester from 8 a.m. to 6 p.m. on weekdays, 9 a.m. to 6 p.m. on Saturdays, and 11 a.m. to 4 p.m. on Sundays.
Source: The Journal News (LoHud.com), Support four local nonprofits with goods
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Accidents happen! They occur even in the safest and cleanest work environments, which is why you must have insurance.
Workers’ compensation insurance protects you, the employer, against lawsuits resulting from work-related accidents, providing medical care and compensation for lost income to your employee(s).
The coverage is designed to ensure that employees who are injured or disabled while on the job receive proper compensation, negating the need for lawsuits regardless of who is at fault. Dependent coverage for workers injured, or even killed by work-related accidents and illnesses, is one of the many benefits of workers’ compensation coverage.
Imagine this scenario: Jessica Park decided to open a small self-storage facility. In the beginning, she was the only person running it. When she purchased her business insurance, she told her agent she didn’t need workers’ compensation coverage because she managed the site, and didn’t mention she may hire employees in the near future. As business picked up, she continued as manager, but hired two full-time and two part-time employees.
Is there a problem in this scenario? Probably. Workers’ compensation laws vary by state, and most states have some form of statute or requirement regarding coverage. Businesses that meet certain criteria must provide workers’ compensation for all employees, or face fines and consequences.
In nearly all 50 states, you are required to cover your employees for workers' compensation. Remember, your general liability coverage has exclusions relating to injury to anyone who should be covered under workers’ comp. Therefore, this important coverage must be considered a mandatory part of your insurance portfolio.
Defining the Employee
The real question when considering workers’ compensation insurance is determining who qualifies as an “employee.” By definition, an employee is someone hired to perform services under the direction and control of another person or company, known as “the employer.” Since each state defines what constitutes an employer, Jessica must determine the exact relationship her business has with her hired help. A rule of thumb is an employer is any person or entity who gives direction to and exercises control over a worker.
Workers’ compensation is intended only to cover employees, so it’s important to define the difference between an employee and an independent contractor. An independent contractor makes an agreement with a person to provide a service, but remains in control of the work performed. These specific services should be bound by written and signed agreements.
Hiring an independent contractor can be beneficial because you don’t have to withhold federal, state and Social Security taxes, or pay for unemployment or workers’ compensation insurance. In fact, facility owners don’t have to offer much of anything to independent contractors, except for what’s agreed to in the contract.
Also, keep in mind that when you hire a licensed contractor or vendor, you assume the work and materials will be of high quality and the workers involved will be competent. This is true in most cases. However, misfortune can happen to even the most reputable company. Accidents that result in property damage or injury to your clients, employees or the general public are known to occur. Hiring contractors that have proper insurance coverage is imperative to protect your business. Get references from past clients, and request a certificate of general liability and workers’ compensation insurance.
Remember, when hiring any employee, follow your state’s statutes and purchase adequate workers’ compensation insurance to protect your business from staff-related injury or illness claims. When hiring licensed independent contractors or subcontractors, ensure they carry adequate insurance to reduce your liability in vendor-exposure claims.
Hiring friends and family may be less expensive in the short run. However, if they are injured or cause damage to your facility, it could become more costly and cause hard feelings. Be aware of the business aspects of running your facility in a professional manner.
Get Quoted
When getting a quote or purchasing a workers’ compensation policy, most owners exclude themselves from the coverage. This is done for various reasons, but primarily because business owners would not turn in this type of claim against themselves. Since the premium is based on annual payroll and the number of employees, by eliminating the owner, the premium is lower.
Most owners would prefer to use their own healthcare benefits for coverage in the event of an accident or injury, saving premium dollars. Be sure to include any friends and family members working part or full time, as they should and will be considered employees.
To obtain a premium quote, you’ll need some information regarding the storage facility, along with your estimated annual payroll for the current year and the number of part- and full-time employees. Workers’ compensation is a vital, reasonably priced product and should be purchased if you have one or more employees.
Note: The insurance company’s liability for coverage in the scenarios described herein is subject to the terms, definitions, conditions, exclusions and limits of liability of the policy. These examples in no way obligate either the insurance company, or any party to the program to respond to claims for coverage not granted by the policy.
Randy Tipton is the owner of Universal Insurance Facilities Ltd., which has provided specialized insurance coverage to the self-storage industry for more than 12 years. Universal has clients in 49 states, with a commitment to providing A-plus-rated service; fast, fair claims handling at an affordable premium; and agents trained specifically in self-storage. For more information, call 800.844.2101; e-mail [email protected]; visit www.universalinsuranceltd.com.
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On Aug. 6, self-storage operator U-Store-It Trust will release its financial results for the quarter ended June 30, 2009. An accompanying conference call will be held on Aug. 7 at 11 am ET.
A live webcast of the conference call will be available on the “Investor Relations” page of the website at ustoreit.com. The phone number is 800.860.2442 for domestic callers and 412.858.4600 for international callers. A recording of the webcast will remain available on the site for 30 days.
A telephonic replay of the call will also be available until Aug. 17. The dial-in number is 877.344.7529 for domestic callers and 412.317.0088 for international. The reservation number for both is 431540.
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Self-storage owners interested in creating an eco-friendly facility while saving money and generating additional revenue are invited to attend a free webinar titled, “ Solar Self-Storage Systems: Making Green While Going Green.” Scheduled for Sept. 2 at 2 p.m. ET, the one-hour online seminar will teach attendees what they need to make a solar self-storage project work, structurally and financially. It is hosted by Inside Self-Storage and presented by Bob Hayworth, owner and CEO of Baja Construction Inc., and Robin Heuer, CEO and chief learning officer for iParkSolar.
The speakers will discuss the advantages of adding solar technology to a self-storage project, including federal and state tax credits and grants, in addition to support of the environment and the creation of positive public appeal. Attendees will learn how a facility’s location, panel configuration and energy costs affect the project’s success. They’ll also see a detailed case study that addresses the issues of system costs, energy production and revenue generation.
Hayworth designed the patent-pending Solar Support System, in which photovoltaic panels are mounted to produce free, clean power. His company, Baja Construction, designs, engineers, supplies and installs self-storage and boat/RV-storage buildings and carports.
iParkSolar develops solar-integrated carports, RV/boat storage and integrated electrical-vehicle charging stations. Heuer oversees the company’s business operation including sales, marketing, business development, human resources, public policy and communications.
For more information and to register for the webinar, visit www.insideselfstorage.com/webinars.
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After downgrading and placing the company’s ratings on Rating Watch Negative in early May, Fitch Ratings has issued a credit-analysis report on Sovran Self Storage Inc. and Sovran Acquisition Limited Partnership. According to Business Wire, the downgrades are based on the fact that the leverage covenants contained in the company’s unsecured debt agreements limit its liquidity and restrict its financial flexibility.
Source: Business Wire, Sovran Self Storage Stock Expected to Decline, Says Squeezetrigger
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The owner of Red Self Storage in Miami got slapped with a $5 million foreclosure lawsuit last month, according to an article in the South Florida Business Journal. Miami-Dade County Circuit Court records show that Bank of America, acting as a trustee for a group of commercial mortgage-backed securities issued by Morgan Stanley Capital, filed the foreclosure action on June 26 against Miami Beach, Fla.-based 3300 Holdings and its managing members, Joseph Ausch and Yaakov Ilowitz.
The Journal was unable to get immediate comment from the lender’s attorney, Traci Rollins, or the facility owner.
Red Self Storage, comprising 57,382 square feet of storage was bought for $4 million in 2007.
Source: South Florida Business Journal, Red Self Storage faces $5M foreclosure suit
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