An entity tied to William Warren Group (WWG), a privately held real estate company that operates the StorQuest Self Storage brand, has acquired three self-storage facilities in Miami-Dade County, Fla., for a combined $100 million. The seller was CRP/Westport Self Storage Dixie, a joint venture between the Carlyle Group and Westport Properties Inc. (WPI), which operates the US Storage Centers brand, according to the source. All the properties opened within the last two years.

The facility at 13301 S.W. 87th Ave. in Miami was acquired for $39.8 million. It’s near The Falls, and open-air shopping center. CRP/Westport purchased the 40,000-square-foot lot for $4 million in 2016, the source reported.

The four-story property at 1396 N.E. 125th St. in North Miami, was $31.7 million. The building comprises 147,027 square feet in 1,200 units. The joint venture paid $3.6 million for the property in 2016.

The five-story facility at 1555 W. Dixie Highway in North Miami Beach comprises 123,000 rentable square feet. It was purchased for $28.7 million. The partnership purchased the 1.3-acre lot in 2015 for $1.4 million.

The Carlyle Group is a global alternative asset manager with more than $200 billion of assets under management worldwide, according to its website. The company specializes in aerospace, defense and government services, energy, financial services, healthcare, real estate, technology and business services, telecommunications, transportation, and other industries.

Founded in 1985 and based in Irvine, Calif., WPI is a real estate investment company that acquires, develops and operates self-storage facilities, and provides third-party management services. Its portfolio comprises 8 million rentable square feet in 15 states.

Headquartered in Santa Monica, Calif., and founded in 1994, WWG acquires, develops and operates more than 125 self-storage facilities in Arizona, California, Colorado, Florida, Hawaii, South Carolina and Texas.

Source: The Real Deal, Carlyle JV Sells Miami-Dade Self-Storage Portfolio for $100M

National Storage Affiliates Trust (NSAT), a Maryland real estate investment trust (REIT) specializing in self-storage, has purchased Steelcreek Self-Storage in Wichita, Kan. The 7.5-acre property at 1050 E. MacArthur Road has been branded under NSAT’s operating name, iStorage.

The facility is near Interstate 135, about six miles from Downtown Wichita. Constructed in 1977, it includes eight buildings comprising 93,300 net rentable square feet of storage in 409 drive-up, warehouse and parking units.

NSAT and the Dallas-based seller were represented in the transaction by Bill Bellomy and Michael Johnson, brokers for Bellomy & Co. With offices in Atlanta, Houston, and Austin, Texas, the real estate firm focuses on the sale of self-storage, industrial, office and retail properties nationwide.

Headquartered in Greenwood, Colo., NSAT is a self-administered and -managed REIT focused on the acquisition, operation and ownership of self-storage properties within the top 100 U.S. Metropolitan Statistical Areas throughout the United States. The company has ownership interest in more than 550 storage facilities in 29 states. Its portfolio comprises approximately 34 million net rentable square feet.

Source:
Commercial Property Executive, National Storage Affiliates Acquires KS Facility

StorageMart, which operates more than 200 self-storage properties across Canada, the United Kingdom and the United States, has acquired Cornerstone Storage in Omaha, Neb. It’s the company’s fourth location in the city. It also operates facilities on Redick Avenue, Sapp Brothers Drive and Scott Circle, according to a press release.

The Cornerstone purchase includes 10 buildings at 6099 Irvington Road and an annex at 6556 N. 90th Plaza, which contains three more. Together, the single-level structures total 104,000 square feet of storage space in 433 drive-up units, workshop space and paved parking spots. Security features include electronic gates and video cameras.

“We're excited to open our fourth StorageMart in Omaha,” said Cris Burnam, president. “This location is huge, and offers an easy, clean storage service to the Omaha community.”

The buyer and the local seller were represented in the transaction by Bill Bellomy and Michael Johnson, brokers with Bellomy & Co. With offices in Atlanta, Houston, and Austin, Texas, the company focuses on the sale of self-storage, industrial, office and retail properties nationwide.

Founded in 1999 and based in Columbia, Mo., StorageMart is privately owned and operated by the Burnam Family, which has been in the storage industry for three generations. Its portfolio consists of more than 12 million square feet of storage. It serves more than 75,000 self-storage customers, and operates in Chinese, English, Punjabi, Quebecois French and Spanish.

Cornerstone operates four facilities in Iowa and three in Omaha.

Source:
PR Web, StorageMart Expands Self Storage Facilities in Omaha, NE

After five years traveling the world with his wife and six children, self-storage owner Erik Hemingway sailed into Wilmington, N.C., in 2012, choosing it as the family’s new home. He had developed his first facility in Dewey, Ariz., six years earlier, and when they left, they sold everything but the business.

A few years after settling into Wilmington, Hemingway and his wife were sitting in a downtown brewery when they spotted a former printing plant with a strong foundation and blank slate. Knowing the area lacked storage, the couple began planning a conversion project. “The building was perfect for self-storage—no windows and a loading dock,” recalls Hemingway. “The U-Haul up the street had just closed, so we decided to jump at the opportunity.” City Storage opened in February 2018 with much success, drawing customers from all over the city.

Why Convert?

The Hemingways aren’t the only ones to successfully repurpose an old building. The development trend is a great alternative to ground-up construction because conversions tend to take less time to complete and cash flow more quickly.

In addition to a shorter project timeline, there are fewer hurdles to clear, says Hemingway. This includes finding a suitable property. Construction sites in desirable locations with high visibility are getting increasingly difficult to find. In many cases, ground-up projects are also too expensive to pursue. When considering a building for conversion, visibility and accessibility are crucial. Ask yourself, “Would I build a ground-up facility at this location?”

Another advantage is zoning. Municipalities tend to be more lenient toward conversions because the building already exists and less construction is required. You may also be able to avoid extra costs because existing structures are sometimes “grandfathered” under older building codes, whereas new facilities must meet current requirements, such as energy standards. In some cases, further cost savings can occur because HVAC (heating, ventilation and air-conditioning) systems or other equipment already exist onsite. Each of these factors can influence the success of your project.

Of course, there can also be drawbacks. It's critical to know what you’re getting with an existing building. Have all systems and components inspected. You don’t want to buy a property and find out down the line you need a new roof, HVAC, electrical or sprinkler system. If this occurs, the cost advantages to your conversion may evaporate.

Financing Considerations

Banks tend to like conversions because the shorter development timeline allows the borrower to open and break even quickly. There are also loan products available from the Small Business Administration (SBA). "The SBA loan program allowed me to start my project with less money down and see my projected cash flow," says Hemingway. Here are some benefits of an SBA program:

• Lower down payment: Typically, conventional bank loans require around a down payment of 25 percent to 35 percent. SBA loans are based on cash-flow analysis and require less money up front. This allows borrowers to get started with less money down and opens the door to new owners.
• Longer loan terms: SBA 7(a) loans have a 25-year fully amortizing term, whereas many conventional bank loans offer five-year terms.
• Working capital: Working capital can be rolled into an SBA 7(a) loan to help bridge the financial gap until break-even occupancy and stabilization occur.
• No financial covenants: SBA 7(a) loans don’t have restrictive financial covenants often found in conventional loans, such as loan-to-value and debt-service-coverage ratios.
• Preferred lenders: Working with an SBA-preferred lender should make the experience less time-consuming. The right lender can help smooth the overall transaction.

Whatever source of financing you choose, finding a lender with self-storage knowledge and experience can be critical to the success of your conversion project.

Strong Outlook

Though many believe the pent-up demand for self-storage has been met, population growth coupled with downsizing indicates customer needs will continue. “Re-urbanization in many cities is allowing for conversions,” says Hemingway. “With more people living in smaller homes, they still need a place to store their belongings.”

Keep in mind conversions are heavily influenced by the specifics of the existing structure and the dynamics of the surrounding market. Knowing the real estate value, population trends, foot traffic and other factors can help you determine how successful your project may be.

Self-storage conversions are a fitting option for owners and developers looking to launch or expand their businesses. Once you find the right building, financing will allow you to ramp up the project and take the steps toward ownership. After that, it should be smooth sailing.

Terry Campbell is general manager for the self-storage lending division of Live Oak Bank, which specializes in financing for facility acquisitions, construction, expansion, refinancing or renovation. He has more than 23 years of self-storage industry experience as a supplier as well as ownership in self-storage projects. For more information, call 910.202.6933; e-mail [email protected]; visit www.liveoakbank.com/self-storage. 

Since its founding just five years ago, National Storage Affiliates (NSA) has grown aggressively, quickly amassing a portfolio of more than 550 self-storage facilities. The company is now among the industry’s largest U.S. owner/operators. Although it became a publicly traded real estate investment trust (REIT) in 2015, it has remained true to its goal: providing a quality investment vehicle for investors and operating partners.

In a recent interview with Inside Self-Storage, NSA Founder and CEO Arlen D. Nordhagen discussed the company’s recent portfolio acquisition and what it looks for when buying properties. He also provided insight to NSA’s unique structure, how that structure has been integral to its growth strategy, and the company’s long-term plans.

Tell us a bit about NSA and your role in the company.

I’m chairman and CEO of NSA, which I co-founded in 2013. I’ve been in the self-storage business for 30 years, and about five years ago, I realized I wasn’t getting any younger. I wanted to figure out a good way to come together with other private operators and make an opportunity for continued growth, keep our management teams involved and challenged, use the scale of more assets, help us implement platform tools that could make us better operators, and really be able to compete with the public REITs. Ultimately, our goal was to grow large enough to do our own public offering and become a public REIT.

When we started, we originally committed 100 properties to the company, which we grew to about 250 by 2015. At that point, we were large enough to do an initial public offering on the New York Stock Exchange. Today, we’re at over 550 properties. We’ll be over 660 once we close the Brookfield Asset Management Inc. transaction on the Simply Self Storage portfolio.

We have eight private operators that are part of the NSA team. We call them our PROs, participating regional operators. They manage and contribute properties into NSA, plus we have our internal PRO, the iStorage brand and platform that’s our internally owned management company. Right now, it manages about 100 properties.

NSA is acquiring 112 Simply Self Storage facilities. How did this deal come about? What were the factors that made it attractive?

We knew several months ago that Brookfield was looking at the opportunity to recapitalize that deal. They were happy with their Simply portfolio, but they were looking at a recapitalization. We talked to them about it, and it didn’t make a lot of sense for us to participate in a recap. But we mentioned at the time that if they were interested in selling some or all of its properties, we would be very interested.

After they thought about it and considered the options, they came back to us and said they were willing to look at a sale if it made economic sense. I know they offered the deal to some other bidders as well, so we were very happy we were able to win that transaction.

The portfolio is attractive to us because it broadens our geographic scope. Through this transaction, we’ll be adding five new states and six new major markets to our geographic diversification. It also increases the scale of our iStorage management company, because almost all these properties will be managed under that brand.

Plus, the joint-venture relationship we have with Heitman Capital Management LLC allows us to manage 100 percent of the properties while we only need to invest 25 percent of the capital. This makes it very accretive to us and very financially beneficial for our shareholders. It also gives us future growth potential when Heitman or our other JV co-investor partners want to exit that investment. They usually do after a certain hold period, and we have the option to buy them out at that time. It’s a win-win scenario for everybody involved—for Brookfield, for us, for Heitman and the JV partners—so we’re very pleased.

It’s been two years since NSA acquired the iStorage portfolio. How has that purchase impacted the company?

It’s been very successful. That acquisition is also a joint venture with Heitman and the Florida Retirement System Pension Plan. Before that transaction, all our properties were managed only by the PROs. The addition of our own internal PRO through that transaction, along with the iStorage division, gives us more flexibility.

Financially, it’s done very well. It’s added to our operating scale from the standpoint of having funds to do more sophisticated things on the technology and marketing side. And, as I said, it’s been very accretive to NSA from a standpoint of helping our shareholder value and funds for operations (FFO) per share.

What are the primary factors you look for when pursuing a portfolio acquisition? Are they different based on portfolio size?

I’d say there are two major things we look at. The first is a strategic synergy, and that relates to the geographic location and benefits we would get from scale through that acquisition. That might be increasing our geographic diversification, or in a lot of cases, it’s increasing our market share in areas we’re already in.

Second, we look at the economic benefits the acquisition can deliver for us and our shareholders. We consider both the short term—how it will do in the first year or two of our ownership—but also the long term, which is ultimately most important. We look at how this acquisition will add value to our shareholders in terms of accretion, improving our long-term FFO per share and dividends per share we can pay as a result.

We also consider our ultimate stock price. We know in the long run that stock price will grow as FFO per share grows. Although there can be a lot of noise in the short run where stock price goes up and down a lot, we know over the long term that growth in FFO per share is what delivers value to our shareholders.

The size of the acquisition doesn’t really change the factors, but it’s true that larger deals often have more scale and strategic advantages. It’s also true that larger deals tend to have slightly fewer economic advantages. You generally need to pay a portfolio premium for a large deal vs. individual assets. Obviously, our focus is to try to do both. In an ideal world, we’d love to be able to buy 100 properties at one time at a lower price. The reality is it’s very difficult to do that, so we try to do a mixture of one-off deals and portfolios when they become available and can benefit us long-term.

How do the dynamics change when considering or pursuing a deal to integrate a new PRO?

When we’re thinking about adding a new PRO to our group, we look at all the factors, but also consider whether this is a good fit from a personality and teamwork standpoint, because this is really a partnership. Will the PRO be a real team player? Does it fit with the management team? It’s critical that the prospective PRO’s management team be high-quality and its reputation will enhance NSA rather than detract from it. Then we look at geography to make sure there isn’t too much overlap or competition with our existing PROs.

The one thing I would say that’s different when we’re looking at adding a PRO vs. acquiring properties from a third-party seller is the integration of the operations is usually quite a bit easier. The PRO has already been managing these properties. It knows them really well, and it just continues to manage them. Now, it does have to add in some of the public-company procedures in terms of our reporting and accounting and things. Those add some complexity. But other than that, the integration is easier than if we’re buying a bunch of properties from an unknown third party.

How has the unusual operating structure of NSA contributed to its growth and performance?

Our structure and uniqueness has been a key driver in terms of our ability to grow rapidly and succeed without major integration issues. We’ve been the fastest growing of all the self-storage REITs since we came onto the scene. That’s because we have nine acquisition teams out there, not just one. Every PRO has its own team focused on finding acquisitions within its market. Our PROs have allocated territories where they look to add properties to the NSA portfolio. Then we have the internal acquisition team that’s part of the iStorage platform as well.

It’s also true that we have nine property-integration teams and not just one, so we can do a lot of acquisitions in a year and not have the kind of stress you might expect if you had one team trying to add all these properties at once from a single headquarters. Every PRO is involved in the integration of new properties in its territories. It makes acquisitions go much smoother. Those have been key parts of our ability to grow so quickly.

It’s certainly true that having such a unique structure created challenges for us at the beginning, especially as it related to Wall Street. We had to explain a whole new approach to management, and a whole new approach to growth and delivering shareholder value. Initially, we were penalized for that in terms of our stock price. But as we continued to deliver results, not just on growth but on actual profitability, that kind of performance has come back to the market. They’ve seen it and, ultimately, we now trade pretty much at the same kind of multiples as all our peers. In fact, because of our high growth rate, we trade even in the higher part of that range, so that penalty we suffered initially as a new stock is gone. That’s been very rewarding for us.

What’s the company’s long-term strategy? What will it look like in three to five years?

Our long-term strategy is to continue to grow our platform and size in ways that are beneficial to shareholders. We’re not just interested in growth just for growth’s sake. It needs to be growth that delivers value. By that I mean, will this growth allow us to continually increase our dividends per share? Will it allow us to ultimately improve our FFO per share in such a way that the stock price will continue to appreciate? That’s really the focus of our strategy.

We’ve stated publicly that we want to increase our FFO per share by an average of 10 percent or more per year for several years. We think we can do that in two ways: by continually improving management and performance of our existing stores through continual new improvements in technology and platform tools for marketing, plus growing the portfolio through acquisitions. Our target is to grow the number of stores we have under our ownership by about 10 percent per year as well. Right now, we’re at 550 stores, soon to go to 660. Three years from now, we would anticipate being around 800 stores. Five years from now, we’ll probably be in the range of 950 to 1,000 stores.

Most important to us is that the growth is beneficial to our shareholders. We won’t just grow to grow. We’ll grow to create value for our shareholders and do a better job in managing our properties for our owners and customers.

Investment Real Estate LLC (IRE), a property-management and consulting firm serving the self-storage industry, has hired John Nicolson as senior financial analyst. Nicolson will provide the brokerage team with financial analyses and self-storage property valuations. He’ll also prepare market and feasibility analyses, support the development of proposals and offer memorandums, and create and maintain financial models. Finally, he’ll conduct detailed transaction underwriting for investors, owners and lenders, which will include development planning, growth projections, seven-year pro forma forecasting, expense modeling and return calculations, according to a press release.

Nicolson has a background in analysis and more than 10 years of experience in cash-flow forecasting, maximizing and protection. He earned a bachelor’s degree from Arizona State University, where his coursework centered on statistics and economics. He’s working toward a Master of Business Administration at Johns Hopkins University.

“I am very excited to be a part of the team! It is great to be part of a team comprised of highly skilled professionals pushing toward a common goal. I feel the future of IRE is very bright,” Nicolson said.

“The addition of John to our growing brokerage team is an exciting hire for our company. He gives our brokerage team the ability to provide our buyers and sellers with financial and investment analysis that most brokerage firms simply can’t match,” said Kevin Bledsoe, vice president of brokerage. “John is a bright and talented individual, and I know that our buyers and sellers will be happy to have his financial insight added to the properties that we represent.”

Since its inception in 1998, IRE has provided brokerage, construction, development and management services to self-storage owners and investors.

 

A self-storage zoning request made by professional wrestler and businessman Paul Lee was denied this week by Catoosa, Ga., County Commissioners. The application for the parcel at the corner of Dogwood Lane and U.S. Highway 41 was also unanimously rejected by the county’s planning and zoning (P&Z) commission last month, according to the source.

The P&Z commission first discussed the request on June 26 but tabled it because Lee lacked a detailed site plan, according to Jason Davis, county zoning director. Lee then presented two site plans on Aug. 28, but the commissioners vetoed the request because self-storage didn’t fit the area’s zoning, which is rural residential, the source reported.

During the Sept. 18 county commission meeting, Lee argued that a commercial business would be appropriate for the location. He also noted there was no opposition to the project from community members. “It’s on the corner of U.S. 41 and Dogwood Lane, which is a dead-end street,” he said. “Both times I came to the meeting, nobody from the community came or was against it. The main one I wanted was a mini-storage, which has only 30 units and would not be high-traffic. U.S. 41 highway’s long-term goal, anyway, is for everything to be commercial. I’m not trying to put it on some street. It’s on Highway 41. I mean, you take your property, you pay your taxes and you decide you want to do something with it.”

Commission chairman Steven Henry, who visited the site prior to the meeting, expressed concern about the residential properties on either side of the 0.8-acre lot. Lee told the commissioners he planned to construct a 50-foot landscape buffer around the property.

Fellow commissioner Jeff Long suggested the Georgia Department of Transportation might require upgrades for the road that leads to the property. Lee noted traffic into the site would be light, with no traffic at all on some days, he said, adding that there’s a need for more storage in the area.

A professional wrestler for 36 years, Lee has competed in events for the World Wrestling Championships, World Wrestling Entertainment Inc. and USA Wrestling. He recently opened a wrestling-themed gym, Turnbuckle Fitness, in Ringgold Ga., and plans to open Turnbuckle Bar and Grille in Pigeon Forge, Tenn.

Source:
Walker Community Register, Catoosa County Commissioners Deny Wrestler Paul Lee’s Zoning Request to Build Storage Units
Times Free Press, Former WCW, WWE Wrestler Opens Gym in Ringgold, Ga.

Update 9/20/18 – Metro has begun construction on its facility in Westhampton Beach, N.Y. Once complete, it’ll be the company’s fifth location in the state and the largest commercial structure in the village, according to a source.

“We’re excited to add another store in the New York market,” said Martin Gallagher, president. “This facility is in a great location in an exceptional community.”

The project is being developed through Metro’s partnership with Fremont Realty Capital, the real estate merchant-banking arm of Fremont Group. The companies have completed several projects this year, including the conversion of a former lawn and garden shop in North Plainfield, N.J., and storage facilities in Addison and Naperville, Ill.

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11/7/16 –The Westhampton Beach Village Board unanimously voted on Nov. 3 to change the way the municipality calculates building fees for structures larger than 20,000 square feet. Trustee Brian Tymann was absent from the meeting, and no residents addressed the board prior to the vote.

With the modification, Metro Self Storage will now pay about $45,000 for its building permits, which is less than a quarter of what would have been charged under the old system, according to the source.

“The purpose of the building permit is not to generate revenue for the village but to offset expenses,” said village attorney Anthony Pasca during the public hearing. “There was just no rationale behind charging so much.”

Under the revised law, the village will charge $75 per square foot for buildings larger than 20,000 square feet, and $6 for every $1,000 of a building’s estimated cost, the source reported. The modification won’t impact other future building applications in the village.

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10/27/16 –A proposed Metro Self Storage development in Westhampton Beach, N.Y., has village officials reconsidering its building-permit fees for large structures. Metro is seeking to build a three-story, 100,000-square foot facility on a 2.6-acre flag lot on the west side of Old Riverhead Road. Owned by Self Storage Westhampton LLC, the site is east of the Westhampton train station and near Veterans of Foreign Wars Post 5350. Metro paid $3.5 million in cash for the property.

Under the village’s current fee formula, Metro would pay $210,000 for the required permits due to the size of the building, according to the source. Members of the Westhampton Beach Village Planning Board are considering a modification to the municipality’s fee schedule to make the project more feasible. Officials said they don’t expect an application for a development project of this size to be filed again due to the lack of suitable sites in the village. The largest commercial building in the area is a 30,000-square-foot Best Yet supermarket on Sunset Avenue.

“It is not normal for a building to go over 15,000 to 20,000 square feet,” said Paul Houlihan, administrator for Westhampton Beach Building and Zoning. “So our fee schedule wasn’t geared for this large of a building.”

Under the current code, a building’s estimated value is determined by multiplying the number of proposed square feet by $250 if it measures less than 5,000 square feet or $350 if it’s larger than 5,000 square feet, the source reported. A new ordinance would create separate fee schedules based on square footage. A charge of $75 per square foot would be issued for buildings larger than 20,000 square feet. The village would then tack on $6 for every $1,000 of a building’s estimated cost.

Metro’s proposed project has a valuation of $35 million under the existing code. The restructured permitting schedule would reduce the value to $7.5 million and require the company to pay about $45,000 in processing fees, the source reported.

“With our fee schedule open-ended the way it is, with the mini-storage building going three stories high and 100,000 square feet [in size], it came up to a crazy amount of money. It does not accurately reflect what the cost of the building is,” said Houlihan, adding the change wouldn’t impact other buildings. “Everything else is remaining the same.”

The planning board will hold a public hearing on Nov. 3 to discuss the fee schedule. Board members will vote on the issue following the hearing.

Headquartered in Lake Forest, Ill., Metro Storage is a privately owned, fully integrated real estate operating company specializing in the acquisition, development and management of self-storage facilities nationwide. Its facilities comprise more than 8.1 million square feet of storage space.

Sources:

27East.com, Storage Facility on The Way in Westhampton Beach
27East.com, Westhampton Beach Village Signs Off On Building Permit Fee Schedule Modifications
27East.com, Application For New Storage Building Prompts Review Of Westhampton Beach's Permitting Fees
Long Island Business News, Storage Firm Buys Westhampton Beach Site

Phoenix-based U-Haul International Inc., which operates more than 1,500 self-storage facilities across North America and frequently recycles existing structures for its new locations, has converted a former Kmart in Superior, Wis., to self-storage. U-Haul Moving & Storage of Superior at 3015 Tower Ave. opened in a limited capacity in March, offering moving and packing supplies, and truck and trailer rentals from a temporary showroom, according to a press release. Following a six-month renovation, the 88,914-square-foot facility now contains more than 700 interior storage units. The site also includes two covered loading areas and a U-Haul Re-Use Center for the sharing of boxes and gently used household items.

U-Haul will host a ribbon-cutting ceremony on Sept. 21, 11 a.m. to 2 p.m., that will offer property tours, refreshments and giveaways. “Our neighbors have been asking for a state-of-the-art self-storage facility,” said Kellin Sybrant, president of the U-Haul Co. of Northern Minnesota. “This area is the frigid north, where indoor, climate-controlled rooms are needed. We are pleased to offer these rooms before the winter.”

U-Haul has dozens of conversion projects underway in several states. Its latest is a former Toys R Us store in Battle Creek, Mich. The proposal includes adding a showroom and interior storage units to the 46,700-square-foot building as well as developing three new structures on the property.

Established in 1945, U-Haul owns more than 32 million square feet of storage space. The company’s corporate sustainability initiatives, which support infill development to help local communities lower their carbon footprint, has led to dozens of conversion projects in recent years.

Source:
PR Newswire, Grand Opening: U-Haul of Superior Offers 734 Self-Storage Rooms