Update 8/23/19 – Olson agreed this week to plead guilty to murder and rape charges in the Wohlfarth death case to avoid a potential death sentence, according to prosecutors. He was indicted on Tuesday on felony charges of aggravated murder, grand theft of a motor vehicle, gross abuse of a corpse, rape and trespass in a habitation, according to Summit County Prosecutor Sherri Bevan Walsh.

As part of the plea, Olson will be sentenced to life in prison without the possibility of parole, said James Pollack, a spokesperson for the prosecutor. The case is part of a program for possible death penalty cases that Walsh’s office launched two years ago. Attorneys for the defendants in these types of cases meet with prosecutors to discuss mitigating information to avoid a prolonged capital case.

“For us, this is all part of an effort to ease the pain, suffering and hardship placed on the victim’s family,” Pollack said. “Death penalty cases can be a very long and drawn-out process. Plus, there is also the appeals, which can drag the case on for years.”

The victim’s family and investigators approved Olson’s agreement, Pollack said. He’ll be sentenced on Aug. 27 by Amy Corrigall Jones, a judge for the Summit County Court of Common Pleas General Division, according to a source.

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Update 6/25/19 – The body of a 68-year-old woman was found in an Akron, Ohio, self-storage unit last week, and an acquaintance has been arrested on charges of murder and auto theft in relation to the incident. Antiques dealer Mary Kay Wohlfarth, who rented a unit at the storage facility in the 500 block of Tallmadge Avenue, was found in another renter’s space after being reported missing on Wednesday. She died of blunt force trauma to the head and neck, and her death has been ruled a homicide, according to several sources.

An employee from the storage facility called police on Wednesday after seeing suspicious activity at Wohlfarth’s unit on surveillance video. In a 911 call, the employee said the unit had been accessed by another individual on Monday. “And to my knowledge, that individual has no permission, reason, authority to go in there,” the caller said.

Wohlfarth’s body was found in a unit rented by the Olson Family, which was near her own. Both parties had rented at the facility for years, a source reported. Like the victim, the Olsons had once operated a business from the property.

Members of the Wohlfarth Family told police they hadn’t spoken to her since Monday. The facility’s surveillance video showed Michael J. Olson, 35, driving her 2012 Kia Sedona from the facility the same day. Police discovered the vehicle Thursday morning on Whittier Avenue, according to Akron Police Lt. Rick Edwards.

Michael Olson confessed to the crime but hasn’t offered police a motive. He’s being held at Summit County Jail on a $1 million bond.

“We don't really have a motive. We know the victim and suspect are acquaintances. They would frequently see each other. There was some communication—he's a handyman, would do some work, trying to get work,” said Edwards, adding that nothing from Wohlfarth’s unit appeared to be missing.

Michael Olson was arrested at his home on Phyllis Avenue on June 19 and pleaded not guilty during his arraignment. His next court hearing is July 10.

Sources:
Fox 8, Akron Police: Man Confesses to Killing 68-Year-Old Woman, Hiding Body in Storage Unit
Cleveland.com, Death of Akron Woman Found in Storage Unit Ruled a Homicide, Medical Examiner Says
Cleveland.com, Man Avoids Potential Death Penalty by Pleading to Murder, Rape of Akron Woman Found in Storage Unit, Prosecutors Say

 

The self-storage industry could be facing a “rocky road for the foreseeable future,” thanks to continually high levels of facility development nationwide, according to a recent report by Yardi Systems Inc., which provides management software for self-storage and other types of real estate. The company issued the caution through its Yardi Matrix self-storage data-services platform as part of its July “National Self Storage Report,” which examines the impact of self-storage supply across the United States.

Nationally, self-storage rental rates remain strong in most metropolitan areas, though street rates dropped 1.7 percent year over year in June for 10-by-10 traditional units. In all, about 60 percent of the “top metros” tracked by Yardi experienced rate declines. New development has hit Houston and Pittsburgh, Pa., particularly hard and is beginning to affect rate growth in Boston and New York City, according to a press release.

“Rents are likely to face increased pressure over the summer, especially in pockets of elevated [new-development] deliveries,” analysts said.

Listed rates were highest in West Coast markets with low development activity, including Los Angeles, San Francisco and San Jose, Calif. Favorable business and cost-of-living conditions continue to drive self-storage demand and rent growth in Las Vegas, while an expanding economy, coupled with population growth, in Colorado have made it an attractive market for development, the release stated.

The July report is available in PDF format as a free download from the Yardi Matrix website. The six-page publication compiles data from more than 2,000 properties in the supply pipeline, the release stated. It includes information on development projects and rental rates for 31 markets.

Yardi Matrix tracks self-storage development activity and rental-rate data in more than 130 markets nationwide.

Yardi Systems develops and supports software for the management of property and real estate investments. Its suite of programs includes accounting, ancillary processes, operations and services with portfolio-wide business intelligence and platform-wide mobility. Based in Santa Barbara, Calif., and founded in 1984, the company serves clients worldwide from offices in Asia, Australia, Europe, the Middle East and North America.

Source:
PR Newswire, Yardi Matrix: New Projects Braking U.S. Self Storage Rent Growth

The Camp Fire. Flooding in the Midwest. Texas hail storms. Superstorm Sandy. Hurricanes Harvey, Irma, Katrina and Maria.

Many disasters threaten lives and property and are impossible to prevent. But while self-storage operators may be helpless to stop severe weather or hold back a flood, they have the power to prepare and take steps to minimize the potential impact of these events. In many cases, emergency planning could be the deciding factor in whether your business survives a catastrophe.

The most commonly seen natural perils are earthquake, fire, flood, hail, hurricane, sinkholes, tornado and windstorm. Man-made disasters include crime and bodily injury. Cybercrime, once uncommon, is growing in frequency and severity at an alarming rate. With so many dangers, how do you prepare?

Creating Your Plan

The smartest course is to write a disaster plan, review it annually, provide ongoing and documented employee training to reinforce the plan, and share the plan with first-responders. Your state's self-storage association may offer a template to help you get started. Additional resources are available from the Federal Emergency Management Agency, the Occupational Safety and Health Administration and the National Weather Service. It's also wise to work with your insurance agent and attorney to fully develop and customize your plan.

Give some thought to the information and materials you might need in the event of a disaster. You must consider the physical safety of employees and customers, focusing on emergency supplies, contacts and communication, technology and data protection, insurance, and post-event protocol.

Emergency Supplies

Assemble a kit containing items you might need in an emergency such as first-aid essentials, tarps, flashlights, batteries, whistles, a battery-operated radio or television, back-up generators, cases of water, non-perishable food items, a cell phone and spare keys for vehicles. More personal items include identification, sturdy shoes, spare glasses, prescription medication and other necessities.

Contacts and Communication

First, create a handy document containing the information you might need in the event of a catastrophe. This might include:

• Contacts for local authorities and medical facilities
• Contacts for facility ownership, staff and tenants
• Contacts for your insurance agent (plus your policy numbers)
• Contacts for vendors to assist with restoration, debris disposal and repairs
• An evacuation route and destination
• A shelter plan (in case you’re stuck on site)

This file should be kept in a safe, easily accessible place. Print a hard copy to keep on site and consider posting a digital copy online. Once a weather event is announced, you can even carry a copy on your person. Also, keep your active insurance policies in a protected place where they can’t be destroyed, such as a safe-deposit box.

If your facility sustains significant damage, you’ll need to keep employees and tenants informed about closures, safety considerations and recovery of stored belongings. Give some thought to how your response to a disaster could affect your reputation within the community. Plan for potential communication on social media and to local media outlets.

Technology and Data Protection

Your disaster plan should include a routine data back-up to an external hard drive, flash drive or the cloud. To minimize the risk of cyberattack, use high-strength passwords, encrypt website pages and restrict user access to data. Human error remains one of the primary reasons for cybercrime. Training is a critical factor in mitigating it.

Insurance and Claims

Does your insurance policy cover business interruption? Are you covered in the event of a catastrophic loss? What are your potential out-of-pocket expenses? Schedule a coverage review with your agent to discuss disaster- and storm-related exposures and confirm your policy reflects appropriate property values and coverage limits. If it specifies replacement with materials of like kind and quality, ask your agent to explain how that may affect potential repairs in the event of property damage.

Here are the coverages that provide critical protection in the event of a disaster:

• Property and liability: Includes business property, building ordinance, business income, general liability and umbrella
• Building ordinance: Covers loss to the undamaged portion of a building and its demolition, and the increased costs of construction to rebuild in compliance with current codes
• Business income: Covers the actual loss of business income sustained due to direct physical loss and provides cash flow while rebuilding
• Wind and hail deductible buy-back: Decreases the owner's out-of-pocket financial exposure by lowering the wind and hail deductible to as little as 1 percent
• Specialty: Includes sale and disposal liability, customer goods legal liability and limited pollutant removal

Once the immediate threat has passed and you’ve surveyed the damage, it’s time start the claims process. You can report a claim to your agent or directly to the carrier, but only report each claim once. If you work with an agent, it’s good to report to him directly.

When you make your report, you’ll need to provide your business name, address and phone number; contact information for the policyholder and/or representative; the insurance policy number; the date, time and location of the loss; and a brief description of the damage including specific building addresses. For liability claims, provide a brief description of the incident as well as names, addresses and phone numbers of witnesses. A claims representative will contact you to inspect the property.

It’s vital that claims be reported as quickly as possible to ensure the best resolution. The potential consequences of failing to report a claim quickly include the disappearance of evidence and witnesses, delay in resolution, and potential lawsuits against the self-storage business. If your policy stipulates a timeline for reporting claims, failure to comply may void the contract.

Post-Event Protocol

In the event of a storm or other disaster that causes property damage, many business owners in the area are going to seek the services of vendors (restoration companies, disposal services, tree trimmers, etc.) to perform repairs and clean-up. Materials and labor may become scarce, and you could wait a relatively long time for service. Identify the suppliers you may need in advance and discuss their ability to access materials and provide service in demanding circumstances. You may be able to secure a priority position for response. Whoever you hire, make sure they’re licensed and insured!

If your property suffers damage, there are a few actions you may wish to take to secure the property and prevent further injury. Most important, ensure your own safety as well as that of employees, customers and the public at large. If your building isn’t stable, don’t enter it or allow anyone else to. Notify staff and tenants of closures or restricted access via e-mail, text or phone. Identify any downed electrical power lines or damaged gas lines and notify the appropriate authorities as soon as possible.

You don’t need to wait for the insurance claims adjuster to start documenting the scene, so take photos and videos that show the damage. Make an inventory of lost and spoiled items. Most insurance companies will cover reasonable and necessary emergency repairs that safeguard your property from further loss. Keep detailed records of your expenses and retain receipts for supplies you purchase and any work accomplished by a vendor. Finally, don’t discard any item before checking with your claims representative.

Natural and manmade disasters can be destructive and deadly, and they usually require a lengthy and costly recovery. While you can't prevent most of these events, you can avoid being caught off guard. Protect your employees, customers and business by taking steps now to be prepared for a future emergency.

Mike Schofield is president and CEO of Phoenix-based MiniCo Insurance Agency LLC, a provider of specialty insurance products and publications for the self-storage industry since 1974. MiniCo has recently upgraded its self-storage business owner policy and supporting solutions to provide expedited service and enhanced protection for policyholders. For more information, visit www.minico.com.

Update 8/21/19 – Self-storage properties are constantly changing hands, and Inside Self-Storage is regularly notified of these market transactions. Here’s an overview of additional activity happening in August 2019.

Pinnacle Storage Properties, a Houston-based firm that operates 20 self-storage facilities in Texas, purchased AAA Storage in Bellville, Texas, and A-Max Storage in Spicewood, Texas. Storage Plus of Bellville at 12085 Highway 36 S. and Storage Plus of Spicewood at 21012 State Highway 71 W. offer climate-controlled units and vehicle-storage spaces. Pinnacle is a privately held real estate owner and operator focused on the acquisition, development and management of self-storage assets.

ACL Self Storage in Elgin, Ill., was sold. The facility at 1741 Weld Road sits on 2.84 acres and comprises 37,180 rentable square feet. The seller was represented in the transaction by Bruce Bahrmasel, an Argus broker affiliate.

A-Mini Storage in Pasadena, Texas, sold to an unidentified LLC. The facility at 3202 Preston Ave. comprises 252 units. The seller, a private investor, was represented in the transaction by Dave Knobler, first vice president of investments for M&M, who also secured the buyer.

Belle Hill Self Storage in Elkton, Md., was sold to an LLC. Built in 2003, the facility at 6 Warner Road sits on 5.83 acres, comprising 43,475 square feet in 327 units and 41 vehicle-storage spaces. It also has 2.5 acres for expansion. The buyer and the seller, a private investor, were represented in the transaction by Gabriel Coe, Nathan Coe and Hatcher. M&M Regional Manager Bryn Merrey assisted.

Capitol Drive Self Storage sold in a Certificate-of-Occupancy deal to Strategic Storage Growth Trust II Inc., a private real estate investment trust sponsored by SmartStop Asset Management LLC. The property at 3420 W. Capitol Drive comprises 83,310 net rentable square feet in 770 units. Converted from a manufacturing building, it sits on 3.95 acres. SmartStop operates a portfolio of 134 owned and managed self-storage facilities in Canada and the United States comprising approximately 10 million rentable square feet. The seller was represented in the transaction by Jesse Luke and Scott Rihm of EquiCap Commercial, a Saint Charles, Ill.-based brokerage specializing in self-storage.

The two-property Eagle Self Storage portfolio in West Columbia, S.C., was sold to an out-of-state investment firm. The buyer formed an LLC to acquire the sites, which are less than half a mile from each other. Combined, they sit on 5.31 acres and comprise 35,625 rentable square feet in 337 units. The properties also have room for expansion. The seller was represented in the transaction by Michael Morrison, associate broker with Midcoast Properties Inc., a commercial real estate brokerage focused on self-storage in Alabama, the Carolinas and Georgia.

The three-property Guardian Storage portfolio in Odessa, Texas, sold to a private investment group. Developed in 2000, the facilities comprise a combined 143,000 rentable square feet in 823 units. One of the properties includes a two-bay car wash. The buyer intends to expand the portfolio by adding climate-controlled units. The seller was represented in the transaction by Brandon Karr, senior vice president of investments, for M&M, who also secured the buyer.

Mines Road Self Storage in Laredo, Texas, sold to Store It All Storage, which operates 18 facilities in New Jersey, Texas and Vermont. The facility at 9807 Mines Road comprises 47,830 square feet. It’ll be Store It’s seventh location in the city. The seller, a partnership, was represented in the transaction by Jon Danklefs, an investment specialist with M&M.

Safe Keeping Self Storage in Houston sold to Merit Hill Capital, a Brooklyn, N.Y.-based real estate firm. The facility at 6610 Highway 6 N. comprises 88,150 square feet in 709 units. The three-building asset was built on 5.7 acres in 1981 and expanded in 2002. The seller was represented in the transaction by Steve Mellon and Brian Somoza of JLL Capital Markets, a full-service global provider of capital solutions for real estate investors and occupiers.

Shallotte Secure Storage in Shallotte, N.C. sold to an unidentified LLC. The facility at 230 Mulberry St. comprises 58,250 net rentable square feet in 444 units. Built in 2003 and expanded in 2005, the property includes a manager’s residence. The buyer and seller, also an LLC, were represented in the transaction by Gabriel Coe, Nathan Coe and Hatcher of M&M.

Fernley Self Storage LLC acquired a self-storage facility in Fernley, Nev., for $989,400. The site at 810 Old Highway 40 comprises 9,735 square feet in 44 traditional units and 25 vehicle-storage spaces. The acquisition also included the Quintero's Tires & Wheels and Fernley Hay & Grain buildings. Heritage Bank of Nevada and Nevada State Development Corp. assisted with the acquisition financing. Fernley Self Storage is owned by Dan Douglass.

Abreu Movers Westchester Moving & Storage Co., a division of Abreu Movers Cos., acquired a self-storage facility in Larchmont, N.Y. The site at 2005 Palmer Ave., No. 1048, comprises 165,000 net rentable square feet. The acquisition was made by separate affiliates of Abreu Movers Group LLC and Abreu Movers Self Storage LLC. Headquartered in New York, Abreu Movers Cos. has owned and operated more than 500 storage facilities under various trade names in 27 states.

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8/8/19 – Self-storage properties are constantly changing hands, and Inside Self-Storage is regularly notified of these market transactions. Here’s an overview of activity happening in August 2019.

AAA Metra Mini Storage in Lockwood, Mont., sold to U-Locked Mini Storage for $1.15 million. The facility at 803 Cerise Road comprises 133 units and 35 outdoor parking spaces, and has room for expansion. The property includes a mobile home used as the facility manager’s residence. The deal was brokered by Larry Hayes and Kimberly VanDelinder of Hayes and Associates Realty, an affiliate of the Argus Self Storage Network, a Denver-based network of real estate brokers who specialize in storage properties.

AAA Self Storage in Bellville, Texas, was sold. The facility at 12085 TX-36 contains six single-story buildings comprising 65,950 net rentable square feet in 395 units. The 5.42-acre property opened in 2005 and was expanded in 2013 and 2016. It includes 1.6 acres of land for expansion. The seller, an Austin-based partnership, was represented in the transaction by Dave Knobler, first vice president of investments, and Charles “Chico” LeClaire, executive managing director of investments, for Marcus & Millichap (M&M), a commercial real estate investment services firm with offices throughout Canada and the United States.

Public Storage Inc., a publicly traded self-storage real estate investment trust (REIT) and third-party management firm, acquired Bald Eagle Mini Storage in Hugo, Minn., for $6 million. The facility at 13465 Fenway Boulevard Circle sits on 3.9 acres and comprises 62,745 rentable square feet. The buyer and the seller were represented in the transaction by Tom Flannigan and Alex Ihrke of KW Commercial Minneapolis, an Argus affiliate.

Metro Storage LLC, which operates more than 135 self-storage properties in 14 states, acquired an Extra Space Storage facility in Orlando, Fla. Opened in 2018, the two-story structure at 7500 W. Colonial Drive comprises 62,607 rentable square feet in 641 units. The $5.6 million acquisition-bridge loan was funded by a Midwestern bank and featured a 48-month, fixed-rate loan term with interest-only payments for the full term, one 12-month extension option and an open prepayment structure, according to a press release from Talonvest Capital Inc., the brokerage firm that negotiated the loan. Headquartered in Lake Forest, Ill., the Metro Self Storage brand operates a portfolio comprising about 9.1 million square feet of storage space.

Flowing Wells Self Storage in Tucson, Ariz., sold to Wentworth Property Co. LLC for more than $1.7 million. The facility was built on 2.92 acres along Flowing Wells Road. It comprises 38,715 net rentable square feet in 362 units. The property encompasses six single-story buildings, along with a manager’s office and residence. Wentworth intends to add capital improvements. Based in Phoenix, the company owns 19 facilities in four states comprising more than 1.3 million net rentable square feet. It was represented in the transaction by Bobby Loeffler, president, and Tyler Skelly, national director, of the Loeffler Self-Storage Group Inc., which specializes in self-storage real estate in California and Nevada.

Glasgow Self Storage in Glasgow, Ky., sold to an undisclosed limited liability company. Built in 2010 on 6.6 acres at 908 Happy Valley Road, the facility comprises 66,075 net rentable square feet in 452 units. The buyer and seller were represented by Gabriel Coe and Brett R. Hatcher, investment specialists with M&M.

Strategic Storage Trust IV Inc., a public non-traded REIT sponsored by SmartStop Asset Management LLC, acquired Guardwell Self Storage in Redmond, Wash., for $11.5 million from real estate firm Calder Investments Advisors. The facility at 23316 Redmond-Fall City Road N.E. was constructed in 1997 and sits on 4.5 acres. Its six buildings comprise 48,000 net rentable square feet in 350 units. The buyer and the seller, a private investor, were represented in the transaction by Jacob Becher, Gabriel Coe, Anastasios Douglas and Brett R. Hatcher, investment specialists with M&M. They were assisted by Joel Deis, regional manager for M&M.

The three-property Iron Self-Storage portfolio in Bolton, Cannock and Northwich, England sold to an affiliate of Legal & General Investment Management Ltd., a Europe-based asset manager. Together, the newly constructed facilities comprise about 140,000 square feet. They’ll be operated by third-party management firm SureStore Management Services. LGIM Real Assets acquired the portfolio on behalf of its $3 billion UK Property Fund. The transaction marks LGIM’s entry into the self-storage sector. The company has been actively diversifying its holdings, with other recent investments including healthcare properties, hotels and student housing.

Merit Hill Capital, a Brooklyn, N.Y.-based real estate firm, acquired Monroe Stor & Lock Self Storage in Monroe, Ohio. The property at 889 Lebanon St. contains 50,050 square feet in 445 units. The seller was represented in the transaction by Ryan Clark and Zack Urow of SkyView Advisors, a Tampa, Fla.-based commercial real estate brokerage firm that specializes in self-storage.

North Fork Self Storage in Cutchogue, N.Y. sold to GoodFriend Self Storage/Post Management Self-Storage. Built in 2006 on about 3 acres at 50 Commerce Drive, the four-building facility comprises 79,000 net rentable square feet, 7,000 of which were recently added. New York-based GoodFriend acquires, develops and manages self-storage in the metro New York market. A $14.6 million bridge loan for the acquisition and expansion was arranged by Talonvest. The non-recourse loan included $13.8 million of initial funding, along with an additional $800,000 for the future.

Rent A Space Ltd. sold its facility in the Aintree area of North Liverpool, England, to Armadillo Self Storage Ltd. The property on Dunnings Bridge Road comprises more than 50,000 square feet. Constructed in 2015, it’s physical occupancy was more than 85 percent at the time of sale. Rent A Space still operates a facility in Shrewsbury, England. Armadillo is owned by Big Yellow Group PLC, which operates 99 locations in the United Kingdom under the Big Yellow Self Storage and Armadillo Self Storage brand names.

Star Self-Storage in Grandview, Mo., sold to an undisclosed buyer. The facility was built on 3 acres at 12120 Grandview Road. It comprises 48,073 net rentable square feet in 365 units and 12 vehicle parking spaces. The buyer and the seller were represented by Sean M. Delaney, senior vice president investments, and Britney Hendricks, associate, of M&M.

Phoenix-based U-Haul International Inc., which operates more than 1,600 self-storage facilities across North America, has acquired three facilities in three states. The company purchased Intelliguard Self Storage in Mesa, Ariz. Rebranded as U-Haul Moving & Storage at Falcon Field, the facility at 1614 N. Higley Road features a two-story building containing 613 indoor, climate-controlled units. The company also purchased Kelly Road Self Storage at 130 Kelley Road in Orono, Maine. Renamed U-Haul Storage of Orono, it offers 126 drive-up units. Finally, U-Haul acquired Moultonborough Self Storage in Moultonborough, N.H., and branded it as U-Haul of Moultonborough Self-Storage. The facility at 1060 Whittier Highway contains 200 drive-up storage units. Established in 1945, U-Haul owns and manages more than 62.5 million square feet of storage space nationwide.

New Sources:
Benzinga, Self Storage in West Columbia, SC, Sold
Commercial Property Executive, Merit Hill Acquires Houston Self Storage Asset
Digital Journal, Abreu Movers Moving Company Grows Their Self Storage Operations In Westchester
Northern Nevada Business View, In Nearly $1 Million Deal, Storage Company Buys Buildings in Fernley
REBusiness Online, JLL Negotiates Sale of 709-Unit Self-Storage Facility in Houston

Previous Sources:
Benzinga, Metro Storage LLC Acquires Storage Facility in Orlando, Florida
Commercial Property Executive, Strategic Storage Trust IV Buys Seattle-Area Facility
Commercial Property Executive, Talonvest Arranges $15M Acquisition Loan
IP&E Real Assets, Legal & General Diversifies Holdings With Debut Self-Storage Deal
RE Journals, Marcus & Millichap Sells 377-Unit Self-Storage Facility in Missouri
REBusiness Online, SkyView Advisors Brokers Sale of 280-Unit Self-Storage Facility in Monroe, Ohio
The Business Desk, Self-Storage Site Sells in Multimillion-Pound Deal
Yahoo Finance, U-Haul Now Operating at Higley Road Location in Mesa
Yahoo Finance, U-Haul Acquires Self-Storage Facility on Route 25 in Moultonborough
Yahoo Finance, New U-Haul Store in Orono to Serve University of Maine Students
Yahoo Finance, Strategic Storage Trust IV Acquires 350-Unit Self Storage Facility Near Seattle

The world can be frightening. From mass shootings and the divisive political climate, to the increase in drug use and the mental-health crisis, it can be difficult to feel safe anywhere, even at work. It’s no wonder if you or your self-storage customers are on edge.

Facility operators often find themselves on the receiving end of customers’ emotions as they endure a stressful life event, such as a move, death or divorce. Sometimes, these interactions can spiral out of control. In this recent thread on Self-Storage Talk, the industry’s largest online community, members are sharing scary moments when they felt threatened by a tenant and how they handled it, discussing steps they take to keep themselves safe on site. Have you ever felt intimidated by a customer? Share your story in this candid thread.

U.K.-based self-storage operator Safestore Holdings PLC, with facilities in France and the United Kingdom, has launched a joint venture with global private-equity firm The Carlyle Group to acquire the M3 Self Storage portfolio in The Netherlands and enter the Dutch market. The company will invest about €5 million for a 20 percent state in the Dutch operation, which has six properties in Amsterdam and Haarlem. It’ll also manage the facilities and brand them under the Safestore name. The transaction is expected to close this month, according to a press release.

The M3 portfolio comprises 277,000 net rentable square feet. Its three Haarlem locations are freehold sites, while two Amsterdam facilities are “subject to perpetual ground leases,” the release stated. A third Amsterdam location is a leasehold property with nine years remaining. One of the properties is still under development, with construction expected to be complete this month. The operating portfolio has a physical occupancy of 68 percent. The acquisition will be made by the Carlyle European Real Estate Fund.

“The acquisition of M3 represents an excellent platform for entry into the attractive Dutch self-storage market, and we expect that our [joint venture] with Carlyle will enable us to target additional selected development and acquisition opportunities,” said Frederic Vecchioli, Safestore CEO.

“This joint venture combines the extensive global and regional insights, and investing experience of the Carlyle Europe Realty team, along with the specialist industry knowledge of the Safestore team, to create a flexible and scalable platform to explore opportunities in the self-storage market,” added Marc-Antoine Bouyer, managing director of Carlyle Europe Realty. “We are pleased to have a recognized industry leader as our partner.”

In a separate deal, Safestore also acquired Ready Steady Store/Salus Services Ltd., a London self-storage facility near Heathrow Airport for £6.5 million in cash. It was acquired from Rockpool Investments. Opened in 2015, the business will be rebranded as Safestore. It had an occupancy of 86 percent at the time of the deal.

Safestore operates 146 self-storage facilities, including 119 facilities it owns in the U.K. and 27 in France. Its storage properties comprise 6.37 million square feet of storage space and serve approximately 64,000 customers.

Carlyle deploys private capital across four business segments: corporate private equity, global credit, investment solutions and real assets. With $223 billion of assets under management, it employs more than 1,775 people in 33 offices across six continents.

Sources:
Safestore, Safestore and Carlyle form Joint Venture to enter Dutch Self Storage Market/ Separate acquisition of London Store
Carlyle, The Carlyle Group and Safestore Form Joint Venture to Enter Dutch Self-Storage Market

Doorage, which provides valet-style self-storage services in Chicago, Milwaukee and Madison, Wis., has created a network of warehouses that’ll allow it to offer pick-up and delivery services nationwide, even for customers who don’t wish to store goods in its care. The company focused its warehouse acquisitions in five strategic markets and leased a fleet of trucks, rolling out the service after four months of beta testing, according to the source.

The new pick-up and delivery service is available in all 50 states, though California, New Jersey and New York are currently limited to deliveries only. Pickups should be available in those areas soon, according to the company website. Customers pay a set price based on the distance items must travel. If they also choose to store, cost is based on duration.

“This is for people with a fair amount of things to move,” founder Sean Sandona told the source. “Economically, it doesn’t make much sense to ship only a few boxes.”

Though Sandona called the network setup a “logistical nightmare,” he believes Doorage will be able to meet untapped demand. “We found it logistically works and there’s a demand for it,” he said. “None of this is through a third party. It’s all Doorage. It’s all managed and owned by us.”

In addition, Doorage expects to expand its local valet-storage services to four new cities this fall and 10 more next year, Sandona said, adding that the company expects its new service to eventually account for about 40 percent of revenue.

Founded in 2018, Doorage uses an online platform for its valet service that allows customers to schedule item pickup, maintain a visual catalog of stored belongings, and schedule delivery of items to their home. The company determines each customer’s rental rate based on the exact amount of cubic footage used.

Sources:
SpareFoot Storage Beat, Regional Valet Storage Company Expands Service Nationwide
Doorage, Website

Update 8/19/19 – Investment Real Estate recently promoted Tyler Jermyn to the position of staff accountant for its parent company, Investment Real Estate Group of Cos. (IREGC). She joined the company in October as an accounting assistant for IREM. During her first few months, she spearheaded the implementation of a paperless accounts-payable process and established better systems and processes to help spot potential problems, according to a press release. Now, she’ll be responsible for managing the daily accounting functions for IREGC, providing support and administration in banking and treasury, accounts payable and receivable, payroll, and financial reporting. She’ll also support the chief financial officer on special projects.

“I am so happy that Tyler can continue on the great path she has set for herself! She is learning and growing every day, and has earned this promotion with her dedication and interest in overcoming challenges. She is a pleasure to work with and we are all excited to watch her succeed,” said Mary Cornelius, accounting manager.

Jermyn earned a bachelor’s degree from York College of Pennsylvania. She formerly worked as an associate microbiologist for Eurofins Lancaster Labs Environmental LLC. Her love for the outdoors eventually took her to Oregon, where she switched career paths and became an accounting and human-resources assistant at a real estate management company specializing in residential housing and self-storage. After three years on the West Coast, she returned to Pennsylvania to be closer to family, the release said.

“I am grateful for the opportunity to take on more responsibility and grow with IRE,” Jermyn said.

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7/30/19 –Investment Real Estate LLC (IRE), a property-management and consulting firm serving the self-storage industry, has hired Susan Webster as accounting assistant. She’ll be responsible for managing the daily accounting functions for Investment Real Estate Management (IREM), an affiliated company specializing in third-party management. Her duties include support and administration in banking and treasury, accounts payable and receivable, and financial reporting. She’ll also assist on special projects, according to a press release.

“We’re so excited to have Susan join our accounting team,” said Mary Cornelius, accounting manager. “She brings with her years of beneficial experience and has a great personality to add to our department and company as a whole. We welcome Susan with open arms and look forward to her contributions.”

Webster most recently worked as an accounting assistant for Southern Management Rentals LLC in York, Pa., where she processed payments, prepared statements and commissions, completed bank deposits, and performed other office duties. Her career includes roles as an administrative assistant, receptionist and merchandiser.

“I am honored to be part of the wonderful team at IRE and to learn all aspects of the company,” Webster said. “I am excited to grow with such wonderful people in a positive atmosphere and support the future success of Investment Real Estate.”

Webster was born in Shrewsbury, Pa., and resides in New Freedom, Pa. In her spare time, she enjoys traveling, reading, walking and cycling.

Since its inception in 1998, IRE has provided brokerage, construction, development and management services to self-storage owners and investors. It’s a division under the Investment Real Estate Group Cos., along with IREM and Investment Real Estate Construction LLC.