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W.P. Carey Affiliate Acquires $86M Self-Storage Portfolio

Article-W.P. Carey Affiliate Acquires $86M Self-Storage Portfolio

CPA: 17 - Global, an affiliate of investment firm W. P. Carey & Co. LLC, has acquired a 24-property portfolio from A-American Self Storage for $86 million. The self-storage facilities18 in California, one in Hawaii and five in Illinoiscomprise 1.6 million square feet.

The California and Hawaii properties are being managed by Extra Space Storage and rebranded with that name effective June 27. The Illinois properties will be managed by SecurCare Self Storage.

Reed Smith LLP represented CPA:17 - Global as general real estate and transaction counsel in connection with the acquisition and financing of the portfolio.

W.P. Carey made its first self-storage investment in 2004 with the $312 million acquisition of 78 U-Haul facilities. Since then the company has expanded its involvement in the space and developed an internal team with industry-specific knowledge, according to president and CEO Trevor Bond. We believe that the consistent long-term income that can be generated by appropriately structured self-storage investments makes this an ideal addition to CPA:17 - Global's portfolio, he said.

This transaction is particularly exciting for us because the properties are well-located in markets with good demographics and strong barriers to entry, added director Liz Raun Schlesinger.

CPA: 17 - Global is a publicly held, non-traded real estate investment trust.

W. P. Carey is an investment-management company that provides long-term sale leaseback and build-to-suit financing for companies worldwide. The company manages a global investment portfolio of approximately $11 billion. Publicly traded on the New York Stock Exchange, W. P. Carey and its CPA series of income-generating, non-traded REITs help companies and private equity firms unlock capital tied up in real estate assets.

How to Say 'No' the Right Way

Article-How to Say 'No' the Right Way

By Carl Van

We all have to say no at times. Some people find it easier than others. Whats interesting is that almost all of us struggle with the right way to say it. People who hate to say no find it hard to do, and sometimes do much worse than hurt someone's feelings. They either don't say anything, which passively sends an incorrect message of yes, or they say no in such a way that the other person doesn't really know whats being said, sending the message of "maybe."

People who don't mind saying no don't find it hard to do, but can lack the skills to do it gracefully and often instill hard feelings, even when thats not their intent. For those who have no problem saying no, but need a little guidance on how to say it more effectively, here are some tips.

  • I'm sorry doesn't have to mean youre really sorry. A little empathy can go a long way.
  • Repeat back to the other person his point of view. That will allow him to listen to yours. Once you prove to someone you understand his point of view by repeating it, he can stop explaining it over and over again.
  • You don't have to prove to someone that the situation is his fault. Most people just want empathy, not for you to take the blame. If possible, take his side as much as you can, but return to the situation at hand.
  • Show the other person you wish it could be different. Telling someone, I wish I could do this for you. However, I just cant, is much more powerful than, I won't do this for you because I don't have to.
  • Help solve the problem in another way if possible. Even if alternatives aren't the answer, the fact that you offered shows you care. When being told no, most people can take it a little better if its coming from someone who seems to genuinely care.
  • Avoid the word but when empathizing. When you say, I understand, but, what the other person hears is, I don't understand.

Using the tips above, you can say no and avoid conflict. The following examples show how a different approach can save you from an unpleasant situation.

Scenario 1

Pat is a hotel clerk. It's late at night, and Mr. Donnelly needs a hotel room.

Mr. Donnelly: Look, I really need a room tonight. You're the sixth hotel I've been to and I'm getting really tired.

Pat: I'm sorry, there are no rooms; we're completely booked.

Mr. Donnelly: Please? I'm exhausted.

Pat: I understand, but that doesn't change the fact that we have no rooms.

Mr. Donnelly: But I'm exhausted.

Pat: I understand, but how is that our fault? You should have made a reservation.

Mr. Donnelly: Can't you do something for me?

Pat: (Turning the terminal toward Mr. Donnelly) Look, we have no rooms!

Notice how Pat said she was sorry, but she didn't really convey that very well. She was also concerned with proving Mr. Donnelly was at fault. She offered no real solution, and certainly did not appear that she wished it were different. The next example shows how Pat does when she applies the tips above.

Mr. Donnelly: Look, I really need a room tonight. You're the sixth hotel I've been to and I'm getting really tired.

Pat: Oh, I'm very sorry, there are no rooms; we have a conference here and we're completely booked.

Mr. Donnelly: Please? I'm exhausted.

Pat: Mr. Donnelly, I understand that youre exhausted. I know you don't want to keep searching for a room at other hotels. I see how tired you are and understand what youre going through. Believe me, if I had a room, I would definitely give it to you. I just don't have a room available. I'd do it if I could, but just can't. Can I help you find a room somewhere else?

Mr. Donnelly: Ugh. OK, yes, please!

Pat's approach led to a much better result. Mr. Donnelly isn't thrilled, but hes ready to move on.

Scenario 2

Debbie is a salesperson at a department store. The store has a very strict policy about not accepting returns after 30 days.

Mr. Adam: I want to turn this in for a refund, please.

Debbie: This was purchased over 30 days ago, so I can't do that.

Mr. Adam: I didn't know that when I bought it.

Debbie: I understand, but you should have read the return policy then. It's right there on the sales receipt.

Mr. Adam: Who reads sales receipts?

Debbie: People who want refunds.

Mr. Adam: Come on. It's been 34 days. What's the big deal?

Debbie: I understand, but 30 days is the limit. Sorry. You're going to have to be reasonable about this.

Mr. Adam: (Now angry) I am being reasonable!

Notice how Debbie failed to empathize with the customer. She blamed the customer for not understanding the policy. She even went so far as to imply the customer is an unreasonable person. The next example shows what happens when Debbie approaches the situation with the tips in mind.

Mr. Adam: I want to turn this in for a refund, please.

Debbie: I'm very sorry Mr. Adam, but since this was purchased more than 30 days ago, no refunds are allowed.

Mr. Adam: But I didn't know that.

Debbie: I understand that. It's on the receipt, and often people don't really read their receipts, so I can understand that you didn't know about the policy.

Mr. Adam: Well, I have to return it. I can't use it now and it's expensive.

Debbie: Mr. Adam, I really do understand. This is an expensive item and you are now realizing you can't use it. I truly wish the store policy was different and there was some way to make an exception. The policy is quite firm, however, and there is just no way to provide a refund. Can I help you find something you can exchange it for that might be acceptable to you?

Mr. Adam: Oh OK. Do you have a catalog or something?

Hopefully that sounds a little better as well. Remember, saying no doesn't have to create bad feelings if you show a little empathy. Follow these simple tips and you might just get a little less resistance from people.

Carl Van is a professional public speaker and business-course designer. Hes also president and CEO of an international training company through which he trains and speaks to audiences all over the United States and Canada on customer service, branding, negotiations and time management. Hes the author of Gaining Cooperation. To reach him, call 504.393.4570; visit www.carlvan.org.

Free Webinar for Self-Storage Operators: Analyzing Phone Data to Maximize Profit

Article-Free Webinar for Self-Storage Operators: Analyzing Phone Data to Maximize Profit

Self-storage operators of all sizes rely on the telephone to make sales and serve their customers. On July 27, self-storage call-center expert Cynthia Abraham Hansell, vice president of call-center operations for OpenTech Alliance Inc., and Sue Haviland, owner of Haviland Storage Services, will present the free webinar titled Analyzing Your Phone Data for Profit. The online seminar will teach best practices for collecting and using phone data to enhance business decisions. Attendees will learn:

  • What phone data to collect
  • What reports to review on a monthly basis
  • What to look for in reports
  • Using data to improve conversion ratios and staffing
  • Identifying employee-training opportunities

Registration for the webinar should be completed in advance at MiniStorageMessenger.com.

Based in Phoenix, OpenTech provides a line of INSOMNIAC self-storage kiosks as well as the INSOMNIAC Live! call center and the INSOMNIAC Self Storage Network for online storage reservations and rentals. The company will exhibit at the upcoming Inside Self-Storage World Expo in Tacoma, Wash., Oct. 4-6.

San Diego-based Haviland Storage Services provides self-storage consulting services.

Storage Asset Management Awarded Two Self-Storage Management Contracts

Article-Storage Asset Management Awarded Two Self-Storage Management Contracts

Storage Asset Management Inc. has been awarded two new self-storage management contracts. The first is a new multi-story storage facility, currently under construction in Albany, NY.  Albany SuperStorage will have more than 600 units and 60,000 square feet of rentable space, with a mix of climate-controlled and non-climate-controlled options. The property will also offer a full line of quality boxes and packing supplies. The facility is slated to open in fall 2011. 

The second storage facility is in Harrisburg, Pa. StorHouse @ Paxton Street is a multi-level, climate-controlled self-storage business comprised of more than 57,000-square-feet of traditional drive-up units and interior climate-controlled units, and offers a full line of moving and packing supplies. Its conveniently located in a heavily traveled area of Harrisburg and is easily accessible from area residences and downtown businesses. 

 Were very excited to work in Harrisburg and Albany, two dynamic cities on the East Coast, said Alyssa Quill, vice president. Our whole team looks forward to long relationships with the owners and using our proven strategies to increase the value of their assets.

Storage Asset Management Inc. is a full-service self-storage property management and consulting company formed in May 2010.  SAM currently manages 29 self-storage properties in the Mid-Atlantic and Northeastern United States. 

Wonderland Mini Storage of Ontario Adds Photovoltaic-Solar System

Article-Wonderland Mini Storage of Ontario Adds Photovoltaic-Solar System

Wonderland Mini Storage of London, Ontario, Canada, recently commissioned the provinces first 200-kilowatt solar-power system using microinverters by Enphase Energy. According to a press release, the facility operators realized a solar project was a great opportunity to reduce the companys carbon footprint, create local jobs, and generate power and revenue.

Due to the large size of the installation, Wonderland sought out local companies to participate. The company hired Don Payne of Rays Electric Inc. in London as the project lead. Having just installed a 10kW system on his home, Payne chose Sentinel Solar to supply the project components. Other contributors included Enphase Energy, Solar Systems on Site and Solgate Solar. R. Russell Construction and Guillevin International also assisted in the project.

This system was locally manufactured, consisting of 888 Enphase M190 microinverters, 225-watt Solgate solar panels and Sentinel Solar racking. The array will generate approximately 254 megawatts per year of renewable energy that will be fed back into the grid under the FIT (Feed-In Tariff) Program.

This was the first Enphase installation of its size in Ontario, and were seeing the range of projects using Enphase expand as more integrators seek us out for commercial-scale solar installations, said Jeff Loebbaka, Enphase vice president of worldwide sales. Sentinel Solar, our largest partner in Canada, used our microinverters to deliver a reliable clean energy system to Wonderland Mini Storage that comes with lifetime, built-in monitoring to ensure system uptime.

Images of Wonderland Mini Storage and its new solar-power system can be viewed at www.solarsystemsonsite.ca/fit.html.

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The Lock Up Self-Storage Installs Solar Panels in New Jersey

Article-The Lock Up Self-Storage Installs Solar Panels in New Jersey

Chicago-based self-storage company The Lock Up has installed solar panels on its Livingston and Westwood, N.J., facilities in an effort to protect the environment and reduce operational costs. Installed in April, the panels will generate clean power that will cover 70 percent to 90 percent of the energy needs at each of the storage sites. Power generated by the panels will also be fed back into the public utility grid, providing clean energy to the community.

The decision to utilize the renewable energy of the sun was a simple one, both ethically and economically, said Andrea Carnes, vice president of operations. The installation of the solar panels will definitely enable us to reduce costs since sunlight is free. But even more importantly, both of our New Jersey self-storage facilities will markedly reduce their carbon footprint as a result of using this type of clean energy source.

Established in 1976, The Lock Up has more than 30 climate-controlled self-storage facilities nationwide.

Hawaii Self-Storage Manager Creates Website to Educate on Facility Auctions

Article-Hawaii Self-Storage Manager Creates Website to Educate on Facility Auctions

Zack Proser, a facility manager with Storage Kings self-storage in Kailua-Kona, Hawaii, has created an online resource to educate self-storage tenants, operators and others about the industrys auction process. StorageAuctionsKings.com features articles explaining auctions and ways for buyers and operators to make money off these sales.

The site also provides guidance to storage customers who are struggling with their monthly rental payments, providing recommendations to avoid having their items sold. In addition, Proser is working to expand the site to offer more utility and assistance to other property managers and their companies.

The website also offers a newsletter as well as a $1.99 e-book written by Proser titled The Storage Auction Masters Handbook: The Complete Guide to Doubling Your Cash. Intended for auction buyers, the book explains what buyers should expect during an auction, how to identify winning units, and eBay tricks used by the pros to maximize revenue.

Prosers website was inspired by the increase in auction activity incited by TV reality shows Storage Wars and Auction Hunters. I can remember one day when I got about 15 random phone calls back to back, within minutes of one another, Proser said. The funny thing was, none of these people were current tenants. Theyd never even been to our facility before. They were all auction hunters wanting to know when we were holding our next sell-off of delinquent units.

Proser eventually found the constant storage-auction inquiries from non-customers to be a drain. It got to the point where I realized I could actually save time by making a website all about storage auctions and then directing everyone that wanted to know about them to it. Within a few hours, I had a functional site up that would answer most peoples basic storage-unit buying questions.

What started as a utilitarian venture born of annoyance soon developed into a labor of love. Proser continued to add sections to the site including auction lists, forums and more.

From a management perspective, these auctions are financial tools to recoup losses a company incurs when tenants fail to make their monthly payments, Proser said. Not to mention, selling off someone elses belongings is the least pleasant part of the job. From where we stand, auctions involve a tremendous amount of work, irritation and tedious self-protection.

ISS Blog

Self-Storage Operators: Are You Listening to Your Online Reputation?

Article-Self-Storage Operators: Are You Listening to Your Online Reputation?

By Kim Evered

The new prominence of Google Place Pages (maps), Google Reviews and social media has made controlling your online reputation more importantand more complexthan ever before. The number of people posting reviews on sites like Yelp, Citysearch and Google Places/Yahoo! Local (maps), expressing their customer (dis)satisfaction on sites such as Facebook and Twitter, and blogging about products and services has soared.

This consumer-generated content generally ranks high on search engines, typically appearing on the first page of the Search Engine Results Page (SERP). A positive review or post can be a boon for business. Conversely, a negative comment can adversely impact your self-storage business. The best course of action is to proactively manage your online reputation, a two-part process is outlined below.

1. Listen

While you may not have time to search review and social sites or read the blogs every day, you can and should monitor what's being said about your business online. Monitoring tools to get you started:

Google Alerts. Ask each of your managers and district managers sign up for Google Alerts. Its free and easy to do. Simply choose keywords, such as your facility name, and youll receive an email every time your keywords appear in a Google news item, blog or article.

Expanded Google Alerts. Google also offers an expanded version, which is fee based. Basically, you receive more alerts for more names and keywords.

Software. There are several software programs you can purchase that offer a more extensive way to track what people are saying about you online. You can sign up for reputation management tools like Radian6 or Trackur. These software services are typically designed to connect you to your customers/prospects, track engagement and analyze, measure and manage the results.

2. Respond and Engage

Responding quickly and professionally to online comments regarding your self-storage business can make the difference between good PR and a PR nightmare. Reaching out to individual tenants on the websites where the conversation is taking place is the most effective response.

You should avoid being defensive, being overtly marketing or sales driven in your responses; these communication strategies tend to alienate the audience. Check out this article from Outspoken Media for more information on responding to negative reviews.

As online social interactions become more prevalent, reputation management should be an important component of your online presence. Follow the guidelines above to ensure your online reputation reflects your self-storage companys message and values.

Kim Evered is a senior marketing manager for self-storage at G5, a provider of local marketing solutions. With more than five years of digital-marketing experience, Kim has a proven track record for helping self-storage properties get found online, generate more qualified leads, convert more leads into new customers, track marketing performance (including offline) and optimize marketing sources with the best return on investment. 

ISS Blog

Sharing Good News on Self-Storage Talk

Article-Sharing Good News on Self-Storage Talk

Online forums often get a reputation as places where people rant and vent. And Self-Storage Talk, as the industry's largest online forum, often gets that reputation, too. A few times I've heard people comment, "It seems like a lot of people on the site just love to complain." While it's true many of our members reach out to the community for support during difficult times, or at least go to the board to commiserate after long and frustrating days, these same members also don't hesitate the share the good things happening with their lives and businesses.

Facility manager spaceystacie2006 shares on this thread her job outlook is pretty good, as two facilities wll be reporting to for her for the next month. She's hopeful for a jump to area manager before long. In a non-industry-related thread, member Storman shared a football recruiting video for his son, who was a wide receiver and was trying to earn a college scholarship. Storman updated the thread later to share his son had accepted a preferred walk-on offer to play at Brigham Young, where he'll suit up this fall. In both examples, other community members were quick to pile on the congratulations. After all, SST is a place to celebrate triumphs and problem-solve through tribulations.

As I look out my office window and see a beautiful, sunny summer day, I think we all have at least some good news to share. Join us on SST to share some of your own good news as it arises. To post, you must become one of SST's 4,200+ registered members, but registration is free and takes only a few minutes. You can do it at www.selfstoragetalk.com/register.

Man Who Locked Cat in Self-Storage Unit Sentenced to 30 Days in Jail

Article-Man Who Locked Cat in Self-Storage Unit Sentenced to 30 Days in Jail

A transient man who nearly starved a cat by locking it in a unit at Money Saver Mini Storage in Oregon City, Ore., was sentenced to 30 days in jail and ordered to not own another pet for the next five years. Anthony Glenn Johnson, 55, was also sentenced to five years probation in Clackamas County Court.

The self-storage facility manager found Mr. Beanfield, a four-year-old male tabby cat, starving and nearly lifeless on Feb. 9 when he heard the feline crying. The cat was tied to a shopping cart and steeped in its own urine, according to an article published on OregonLive.com. The cat had also suffered several head wounds while trying to escape.

Johnson was charged with second-degree animal neglect. His lawyer said Johnson found the cat already starving in a field and brought it to the storage locker to help him. He claimed to leave the cat with food and water but then forgot about the cat for at least two days. Johnson rented the storage unit on Jan. 31.

Johnson, who can hear but does not speak, was already in the Clackamas County Jail for missing his original April 25 court date regarding the case. His lawyer said Johnson intentionally missed the appearance because he was afraid. Once released from jail, he will live with his daughter in Oregon.

Mr. Beanfield has a new home with an owner in Portland but still suffers some blindness.

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