Empire Commercial Real Estate represented Wentworth Property Company, LLC in the acquisition of a former Levitz Furniture store

On January 27, 2016, Empire Commercial Real Estate represented Wentworth Property Company, LLC in the acquisition of a former Levitz Furniture store located in Tempe, Arizona. The property will be converted to a fully air conditioned self storage facility, to be operated by US Storage Centers. The conversion will include the construction of a mezzanine level, which will double the size of the existing 45,000 square foot structure.

The vacant property was acquired for $3,150,000, or approximately $70.00 per gross square foot.


Posted in NEW RELEASES | Leave a comment

NGKF Capital Markets Represents Harrison Street Storage in 13-Property Portfolio Sale

New York (January 29, 2016) – NGKF Capital Markets has completed the sale of 13 self-storage properties for $186.4 million on behalf of its client, Harrison Street Real Estate Capital, LLC, based in Chicago. The portfolio amounts to more than 1.1 million square feet, including over 55,000 square feet of surface parking, and encompasses 13 assets total – six in New England, three in Texas and four in California.

The properties were purchased by Sovran Self Storage, Inc. (NYSE: SSS), a self-storage real estate investment trust (REIT), which operates under the name Uncle Bob’s Self Storage. NGKF Capital Markets professionals Aaron Swerdlin and Kenneth Cox led the national Capital Markets team representing Harrison Street. “This transaction is notable for a number of factors,” said Swerdlin, executive managing director of NGKF Capital Markets. “The sale of the Harrison Street portfolio marks the biggest transaction to close so early in a year, and its high-quality assets provided Sovran Self Storage with an entry into the competitive Los Angeles market. It is a big step forward for the company, which has been looking to make the right entry into the LA market for some time.”

“This transaction further underscores HSRE’s ability to acquire a number of disparate self storage properties, develop a comprehensive asset management strategy and then amalgamate the properties into a large, diversified institutional-quality portfolio. In doing so, we created a tremendous amount of incremental value for our investors and partners,” said Elliot Pessis, Vice President of Harrison Street Real Estate Capital, LLC. “The high-quality assets in this national portfolio attracted an unusually large amount of very diverse interest, and the large deal size supports the continued trend of portfolio investment sales in the selfstorage sector,” added Cox, senior managing director of NGKF Capital Markets. “The capital is out there and the deep demand continues to support the aggressive portfolio environment. There is no question the storage industry is generating great interest in the institutional community as investor confidence in the product type has solidified over the last several years.” January 29, 2016 NGKF Capital Markets Represents Harrison Street Storage in 13-Property Portfolio Sale Swerdlin, together with Cox, heads

NGKF Capital Markets’ Self Storage Group. “We look at our team’s closings as a market barometer,” stated Cox. Swerdlin added, “In the past 30 months, Kenneth and I have completed nearly $1.5 billion in transaction volume. Using that as a gauge against overall industry transaction volume, the capital bench appears to be as deep as I’ve ever seen.” About Newmark Grubb Knight Frank Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 12,800 professionals operate from more than 370 offices in established and emerging property markets on six continents. With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.

NGKF is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit http://www.bgcpartners.com/. About Harrison Street Real Estate Capital LLC Harrison Street Real Estate Capital LLC (“Harrison Street”) is one of the leading real estate investment management firms that offers innovative investment products across both private and public real estate segments. The firm has created a series of differentiated investment products across multiple risk/return platforms. Our 70+ person team is headquartered in Chicago, Illinois. Currently the firm and its affiliates manage approximately $8.4 billion in assets on behalf of some of the world’s largest institutional investors.

Posted in NEW RELEASES | Leave a comment

Investment Real Estate Management, LLC Exceeds 44% Rental Conversion Rate with Call Center

York, PA – January 28, 2016 Investment Real Estate Management, LLC (IREM) reports that call center rental conversions exceeded 44% in 2015 based on statistics across their portfolio of 15 properties in Pennsylvania and Maryland.

“By using the OpenTech Call Center (INSOMNIAC Live!), our store managers were able to achieve an extraordinary 44% rental conversion rate,” said Jason Carl, District Manager at IREM.

Carl offered further analysis. Over the course of 2015, storage counselors at the call center answered a total of 15,556 IREM facility calls with 15% of the calls answered being validated sales inquiries. A classification breakdown of the sales calls processed at OpenTech included: 871 completed unit reservations, 122 scheduled sales appointments, 653 qualified sales leads and 790 limited leads, totaling 2,436 sales inquiries. These calls were first answered at the call center, and then the data was forwarded to store managers at IREM for closing. IREM managers take over from there.

Store managers at IREM are well trained, highly skilled and incentivized to follow up immediately. “In the end, we were able to convert 44% of the sales calls that were processed at OpenTech, totaling 1,069 rentals through the call center alone. The storage counselors at OpenTech set the stage for our callers, they acquire quality customer data, and it’s sent to our property managers in real-time. This strategy puts our managers in a better position to close sales more effectively, and OpenTech has greatly contributed to our success,” said Carl.

What’s even more impressive is the fact that the call center represents the portfolio’s second line of defense. All facility calls are routed to reach the store managers first. However, when managers are with customers, away from the desk or when the office is closed, calls rollover to the call center. “It’s about control versus trust, and based on our history of success with OpenTech, we trust calls to roll over without the worry of a negative impact on sales or service. Our managers also realize that by sharing control, the call center saves the sales we could have otherwise missed,” added Carl.

Over 35% of all facility calls rolled to the call center. At an average cost of $1,600 per rental, the call center at OpenTech was estimated to drive $1.6 million in incremental revenue for IREM in 2015.

Carl also noted that the call center offered some very impressive levels of customer satisfaction unrelated to sales. The report indicated that 85% of the calls answered were designated as tenant care calls. Those calls were completed at the call center without the need for store manager involvement. Service calls processed at OpenTech included: 3,641 collected payment calls and 9,479 miscellaneous service inquiries, totaling 13,210 tenant care calls.

“It has been a pleasure to work with Jason, and his site managers at IREM. It is a great feeling to be supporting their site managers in a positive way, and we are happy to have contributed to their success,” said Robert Chiti, President and CEO at OpenTech.

Since our inception in 1998, Investment Real Estate, LLC has specialized solely in the self storage industry, including Brokerage, Construction, Management and Development. We travel thousands of miles each year, meeting and getting to know clients in the markets we serve, networking at various industry associations and functions, while developing our reputation as the go-to source for information in the self storage industry. We are the #1 Broker of Self Storage in the Mid-Atlantic and Northeast States. For more information, please visit http://www.irellc.com/.

To learn more, please contact:
Jess Dubbs
Director of Marketing
10 Bentzel Mill Road
York, PA 17404
P: 717-779-0804
F: 717-779-0815
E: jdubbs@irellc.com

Posted in NEW RELEASES | Leave a comment

Grandbridge Facilitates $10.82 Million Self-Storage Refinance

@@@useCOLUMBUS, OHIO – Grandbridge Real Estate Capital recently closed a $10,825,000 first mortgage loan secured by two self-storage properties located in Asbury, N.J. (400 units) and Florida City, Fla., (591 units).

The refinance transaction, originated by Grandbridge Columbus, Ohio-based Vice President Doug Brooks, was funded through one of Grandbridge’s CMBS relationships and featured 36 months of interest-only, a 10-year term and 30-year amortization.

About Grandbridge Real Estate Capital LLC

Headquartered in Charlotte, N.C., Grandbridge Real Estate Capital, a subsidiary of Branch Banking and Trust Company (BB&T), arranges permanent commercial and multifamily real estate loans; services loan portfolios; and provides asset and portfolio management through its broad investor base that includes insurance companies, CMBS investors, pension fund advisors, commercial banks and capital markets investors, as well as its proprietary lending platform, BB&T Real Estate Funding. The company is a Fannie Mae DUS® lender, a Freddie Mac Program Plus® Seller/Servicer, and an approved FHA MAP and LEAN healthcare lender.

With a current servicing portfolio of more than $29 billion, Grandbridge, an S&P “Strong” rated servicer, services loan portfolios and provides asset and portfolio management nationwide for all capital providers including Fannie Mae, Freddie Mac, Ginnie Mae, insurance companies, banks and more than 250 securitizations. For more information about Grandbridge, visit Grandbridge.com

Posted in NEW RELEASES | Leave a comment

Sovran Self Storage, Inc. Announces Closing of Public Offering of 2.645 Million Shares

BUFFALO, N.Y, January 25, 2016 – Sovran Self Storage, Inc. (NYSE:SSS) announced today that it closed the sale of its previously announced underwritten public offering of shares of its common stock. The Company sold a total of 2,645,000 shares of common stock at a public offering price of $105.75 per share, including 345,000 shares of common stock issued pursuant to the exercise in full of the underwriters’ over-allotment option.

The Company received approximately $269.7 million from the offering after deducting the underwriting discounts and commissions and expenses related to the offering. The Company will use the net proceeds from the offering to fund a portion of its pending property acquisitions and to repay indebtedness outstanding on the Company’s unsecured line of credit that it incurred primarily in connection with property acquisitions.

Wells Fargo Securities, Jefferies LLC and SunTrust Robinson Humphrey acted as joint book-running managers for the offering. BB&T Capital Markets, HSBC and Piper acted as co-managers.

This offering was made pursuant to a prospectus supplement to the Company’s prospectus dated April 30, 2014, filed as part of the Company’s effective shelf registration statement relating to these securities. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor will there be any sale of securities in any jurisdiction in which such offer, solicitation, or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. Offers to sell any security are being made only by means of a prospectus and the related prospectus supplement.

Click here to view the release in its entirety.

Posted in NEW RELEASES | Leave a comment

San Antonio Self-Storage Developers Increase Houston Presence

Robert Loeb, Jeff Bailey, and Brian Cisarik of SurePoint Self Storage are pleased to announce that they have their fourth property under contract in the Houston market. The property is located In Pearland near the intersection of Broadway and Kirby Drive.

Additionally, the three San Antonio-based developers are poised to begin construction in the next 60 days on their third Class A multi-story facility in the Houston market, a three-story 119,000 square foot facility on Barker Cypress Road at Cypress North Houston. Currently the SurePoint team is concluding construction on a similar project on Spring Cypress Road just east of Grant Road in Cypress, Texas, as well as a 4-story building in Richmond near Highway 59 and the Grand Parkway.

In addition to their Houston projects, the SurePoint team is also completing construction next month on their fifth San Antonio location, located on Bulverde Road at Roseheart.

For more information call Brian Cisarik (210) 771-0103

Posted in NEW RELEASES | Leave a comment

Associated Bank approves $6M for new self-storage facility in Mundelein

123123123Chicago – January 19, 2016 – Associated Bank recently provided a $6,721,368 construction loan for Metro Self Storage / Metro Storage Mundelein LLC. The 78,662 rsf facility, located at 1340 Butterfield Road in Mundelein, Ill, will have 828 units of climate-controlled self-storage units.

Metro Self Storage® has been in the business of self-storage since 1973, and built and operated the first self-storage location in Illinois. Today the company operates storage facilities in 12 states. Senior Vice President Edward (Ted) Notz of the Commercial Real Estate division of Associated Bank managed the loan.

Headquartered in Chicago, Associated Bank’s Commercial Real Estate division is committed to providing commercial real estate developers/owners/operators with an array of financing solutions, in addition to products and services that meet their unique needs.

Associated’s Commercial Real Estate division has offices in Illinois, Indiana, Michigan, Minnesota, Missouri, Ohio and Wisconsin.

Associated Banc-Corp (NYSE: ASB) has total assets of $27 billion and is one of the top 50 publicly traded U.S. bank holding companies. Headquartered in Green Bay, Wisconsin, Associated is a leading Midwest banking franchise, offering a full range of financial products and services from over 200 banking locations serving more than 100 communities throughout Wisconsin, Illinois and Minnesota, and commercial financial services in Indiana, Michigan, Missouri, Ohio and Texas. Associated Bank, N.A. is an Equal Housing Lender, Equal Opportunity Lender and Member FDIC. More information about Associated Banc-Corp is available at www.associatedbank.com.

Posted in NEW RELEASES | Leave a comment

OpenTech Acquires Majority Stake in Leading Self Storage Auction Platform

Phoenix, Ariz.-based OpenTech Alliance Inc., a leading technology provider in the self storage industry, announced they have acquired a majority stake in Storage Treasures LLC, the largest onsite and online self-storage auction platform in North America. As a part of the investment, OpenTech has signed a long-term management agreement to operate the related websites, hire all employees and expand the brand into new markets. Financial terms of the transaction were not disclosed.

The Storage Treasures website currently supports over 900,000 registered bidders and services more than 6,000 self-storage facilities managed by industry leading operators such as Extra Space StorageA-1 Self StorageCentral Self Storage, Great Value StorageCompass Self Storage, and US Storage Centers. Storage Treasures also owns several associated websites including; StorageBattles.com, StorageTreasures.com, LegalNoticeLocator.com, SpacePicker.com and is a founding technology partner of Charity Storage, Inc., the Official Charity of the Self Storage Association (SSA). Storage Treasures, LLC is the result of a consolidation of Storage Battles LLC and Storage Treasures Inc. in late 2013.

“We have observed the rapid adoption of online auctions in our space and felt we could leverage our technology expertise, customer service capabilities and IT infrastructure to help scale the Storage Treasures platform,” said Robert A. Chiti, OpenTech President and CEO. “Over the past two years the team at Storage Treasures, led by Jim Grant, has knocked the cover off the ball. They have significantly ramped up every metric of the business including self-storage facilities using the service, active bidders, number of auctions and most importantly, the debt recovery percentage for their storage owners.”

“Our plan is to build upon the vision of the founders of the respective sites Jim Grant (Storage Battles) and Lance Watkins (Storage Treasures), so we are very happy Jim has decided to stay on with OpenTech and continue what he started,” Chiti said.

“Everybody within the Storage Treasures organization is very excited about joining OpenTech,” said Grant. “Robert has been a member of our Board of Advisors and investor for over a year, so he is up to speed on our short- and long-term road map. We already are the largest onsite and online self-storage auction platform and with OpenTech we plan to gain additional momentum while taking our customer service and technology innovation to a whole new level.”

OpenTech already offers self-storage managers services that fit into the late to lien process. Their XpressCollect service automatically notifies tenants in a convenient channel (text, email or manual call) that their rent is due. The service also gives the tenants an effortless and secure way to make their payments, saving managers lots of time and reducing the costs for self-storage owners.

Storage Treasures already is using OpenTech’s Open API service to automate the auction posting process by keeping the Storage Treasures site updated with information from an operator’s property management software. This integration significantly reduces the chance of human error in the process and reduces an owner’s risk.

Following OpenTech’s philosophy of developing open solutions, the company plans to invest heavily in launching new related sites, while adding new features to the Storage Treasures site to promote the use of the service by partners such as traditional auctioneers, affiliated auction sites in other markets and resale outlets.

“The resale trend is exploding and we want to put Storage Treasures in the center of it,” said Chiti.

About StorageTreasures.com: Storage Treasures is a free, social site to find live onsite storage auctions or post online auctions at any self-storage facility across the United States and Canada. Members also can bid on storage units online from participating facilities. Storage Treasures has revolutionized the way in which the contents of self-storage units are marketed and publicly auctioned after the lessee has failed to pay rent. The site fills the gap between the operational systems that the industry currently utilizes and the public buyer who may be interested in the contents of a unit that is going to auction. The tools Storage Treasures provides allow the storage industry not only to comply with, but also to exceed the intent of state laws governing the self-storage industry, protecting tenants and bidders alike. For more information please visitwww.storagetreasures.com.

About OpenTech: Every day, OpenTech Alliance connects thousands of tenants with storage companies around the world. With over 4,000 daily transactions, the company’s automated products and services helped Storage Managers move-in over 100,000 tenants in 2015, generating over 100 million dollars in new sales revenue alone. OpenTech, Making Self-Storage Easier, So More People will Use It. For additional information, please click: OpenTechAlliance.com or call an OpenTech Business Development Manager at (602) 749-9370.

Los Angeles, Orange County, San Diego, Southern California, Arizona, Colorado, and Nevada

Posted in NEW RELEASES | Comments Off on OpenTech Acquires Majority Stake in Leading Self Storage Auction Platform

Inland Private Capital Corporation Launches Self-Storage Platform with Metro Storage LLC

metrorkOakbrook, Ill.-based Inland Private Capital Corporation (“IPCC”) is pleased to announce a new strategic relationship with Metro Storage LLC (“Metro”), a privately owned, fully integrated self-storage operating company. This partnership marks the launch of IPCC’s newest investment platform focused on strategically acquiring, owning and managing self-storage properties across the nation.

Metro has an established national management footprint, as well as a 40-year track record with in-place acquisitions and property management expertise that will allow IPCC to deliver best-in-class service through the ownership and management of self-storage properties.

“Strong operating fundamentals and low capital expenditures make the self-storage sector a desirable asset class for IPCC,” said Keith Lampi, president and chief operating officer of IPCC. “Given where we are in the current economic cycle, we believe the sector strikes a healthy balance of achieving stable long-term income and capital preservation. We are thrilled to enter the marketplace with an operating partner that shares a common corporate directive focused on creating and delivering value to investors.”

“Metro has a longstanding track record of providing self-storage investment opportunities to large institutional partners,” said Blair Nagel, CEO of Metro. “Through our newly established relationship with IPCC, we are excited about the prospect of assisting IPCC in providing similar opportunities in the self-storage space through its investment platform.”

About Inland Private Capital Corporation

Inland Private Capital Corporation, based in Oak Brook, Ill., offers replacement property investments for persons participating in a 1031 tax deferred exchange, as well as opportunities for accredited investors who are seeking a real estate investment. Inland Private Capital Corporation is a part of the Inland Real Estate Group of Companies, Inc., which is comprised of independent legal entities, some of which may be affiliates, share some common ownership or have been sponsored or managed by Inland Real Estate Investment Corporation or its subsidiaries. As of December 31, 2015, IPCC has sponsored 182 private placement programs. The 182 private placement programs include 451 properties, comprised of over 26.02 million square feet of gross leasable area, and more than 6,800 residential units for an aggregate offering price of more than $5.319 billion.

About Metro Storage LLC

Metro Storage LLC is a privately owned, fully integrated, international self-storage operating company specializing in the development, construction, acquisition, and management of self-storage facilities in the USA and Brazil. Metro built its first self-storage facility in 1973 and currently has over $1 billion of assets under management. Today, Metro has positioned itself as one of the nation’s premier self-storage operators under the trademark Metro Self Storage® and is now the 4thlargest private self-storage company in the country and the 10th largest among private and public self-storage companies.



Inland Marketing & Communications, Inc.
Alyssa Campbell, 630-218-2887

Posted in NEW RELEASES | Comments Off on Inland Private Capital Corporation Launches Self-Storage Platform with Metro Storage LLC

Storage Solution’s Team Goes Pink to Fight For A Cure

komen1Newport, Calif.-based Team Storage Solution once again participated in the 24th Annual Susan G. Komen Race for a Cure in Orange County, winning the Team a 3rd place Fundraising award for its category and raising over $12,000.

For the 7th Year in a Row, Team Storage Solution has participated with a fundraising team for this event.  Owner, Pam Domingue, was among the top 5 individual fundraisers for the event. This annual event draws 25,000 participants hitting the pavement to celebrate life and raise money for breast cancer research. This even alone raises millions for research, a portion of which stays in Orange County, CA.  “Just about everybody knows somebody that is struggling with this disease” says Team Captain Pam Domingue, “We hope that by creating awareness for the disease, and helping raise money to fund research, we can one day see Breast Cancer as a thing of the past”.

komen2Storage Solution’s Storage Facilities are also active in raising money for Kure-it Cancer research through Charity Storage (www.charitystorage.org) and Store for a Kure (www.kureit.org). “These two charities are the perfect example of how small donations can have a huge impact.  To date, Kure-it has raised over $4 Million dollars for Cancer Research.  Our company is proud to support this amazing charity, and hopes that other facilities will join in the Fight for a Kure”.

Posted in MESSENGER NEWS | Comments Off on Storage Solution’s Team Goes Pink to Fight For A Cure