Aran Insurance Services Group Appoints David Carey as Chief Financial Officer

ROCKVILLE CENTRE, N.Y., Oct. 8, 2015 (GLOBE NEWSWIRE) — via PRWEB – David Carey has been appointed Chief Financial Officer of Aran Insurance Services Group. He will provide group-level oversight of subsidiaries MiniCo Insurance Agency, LLC; HRMP, LLC; and Aran Insurance Underwriters as well as continue in his roles as Chief Financial Officer of HRMP, LLC, and Aran Insurance Underwriters.

Mr. Carey is a finance and insurance professional with over 22 years of experience including specialization in accident and health insurance business. He joined HRMP, LLC, in 1993 where he has held multiple positions including Senior Staff Accountant, Managing Director and Controller, and Chief Financial Officer. Mr. Carey is a member of the Insurance Accountants and Systems Association (IASA) and the Massachusetts Association of Accountants (MAA).

Aran Insurance Services Group Co-Founder and Chairman Tim Kenny commented, “Aran’s growth over the past five years has increased the overall complexity of our operations, necessitating the creation of the CFO role at the group level.”

John LaCava, Aran Insurance Services Group President and CEO, added, “As we continue to expand our products and services, carrier relationships, and mergers and acquisition activity in the coming years, Dave’s leadership and proven abilities will be a vital contributor toward achieving our goals.”

“Aran’s growing accident and health companies as well as the ever-expanding reach of our property and casualty business have created exciting opportunities within the subsidiary companies, and I look forward to working at the group level to foster continued success,” commented Mr. Carey.

About Aran Insurance Services Group

Aran Insurance Services Group is a multi-faceted company offering diversified insurance and financial services to the United States and Canadian markets. Aran specializes in both developing and acquiring insurance underwriting facilities offering specialty insurance products and services to the property casualty and accident health markets. For more information, visit

Posted in NEW RELEASES | Leave a comment

The NEW 2015 Development Handbook Is Now Available!

MiniCo Publishing is pleased to announce the release of

The 2015 Development Handbook: From Concept to Completion

DVHB15 CoverThe 2015 Development Handbook is a critical resource for anyone developing a self-storage facility in today’s market. Featuring in-depth analysis and editorial by respected industry professionals, the 2015 Development Handbook is an effective tool to help developers understand the complexity of the self-storage industry and guide the project from concept to completion.

Available in Print or Digital Versions – $74.95




Topics include:

  • Market Feasibility
  • Site Requirements and Selection
  • Pre-Development Challenges
  • Self-Storage Construction Financing
  • Cost and Design Considerations
  • Site Layout and Unit Mix
  • Considering Climate Control
  • Conversions and Multi-Story Facilities
  • Insurance
  • On-Site Security
  • Ancillary Income and Retail Sales
  • Manager Hiring, Training and Compensation
  • 2014 Facility of the Year Winners
Posted in MESSENGER NEWS | Leave a comment

Extra Space Storage Inc. Closes Acquisition of SmartStop Self Storage, Inc.

154912LOGOSALT LAKE CITY, Oct. 1, 2015 /PRNewswire/ — Extra Space Storage Inc. (“Extra Space”) (NYSE: EXR), a leading owner and operator of self-storage properties, announced today it has completed its acquisition of SmartStop Self Storage, Inc. (SmartStop), a public, non-traded real estate investment trust (REIT). SmartStop stockholders approved the transaction at their shareholder meeting held on September 29, 2015. Stockholders received $13.75 per share in cash which represents a total purchase price of approximately $1.4 billion. Extra Space paid approximately $1.31 billion, and the remaining $90 million came from the sale of certain assets by SmartStop immediately prior to closing.

As a result of the SmartStop acquisition, Extra Space acquired 122 stores and assumed the property management of 43 stores previously managed by SmartStop.

“We are excited about the merger of these two great companies and the expansion of our national portfolio and operating platform,” commented Spencer Kirk, Chief Executive Officer of Extra Space Storage. “The additional scale increases our presence in existing markets, and should enhance our ability to source customers online. I want to thank the employees of both companies for their hard work and strong execution on this transaction.”

Transaction Advisors
Latham & Watkins LLP; Holland & Hart LLP; Sive, Paget & Riesel P.C. and Jones Waldo Holbrook & McDonough, PC acted as Extra Space Storage’s outside legal counsel in connection with this transaction.

About Extra Space Storage Inc.
Extra Space Storage Inc., headquartered in Salt Lake City, is a fully integrated, self-administered and self-managed real estate investment trust. As of October 1, 2015, Extra Space owned and/or operated 1,335 self-storage properties in 36 states, Washington, D.C. and Puerto Rico. Extra Space’s properties comprise approximately 885,000 units and approximately 99.8 million square feet of rentable space. Extra Space Storage Inc. offers customers a wide selection of conveniently located and secure storage units across the country, including boat storage, RV storage and business storage. Extra Space is the second largest owner and/or operator of self-storage properties in the United States.

For more information, please visit

Forward Looking Statement
Certain information set forth in this release contains “forward-looking statements” within the meaning of the federal securities laws. Forward-looking statements include statements concerning the benefits of the SmartStop acquisition, and other statements concerning our plans, objectives, goals, strategies, future events, future revenues or performance, capital expenditures, financing needs, plans or intentions relating to acquisitions and other information that is not historical information. In some cases, forward-looking statements can be identified by terminology such as “believes,” “estimates,” “expects,” “may,” “will,” “should,” “anticipates,” or “intends,” or the negative of such terms or other comparable terminology, or by discussions of strategy. We may also make additional forward-looking statements from time to time. All such subsequent forward-looking statements, whether written or oral, by us or on our behalf, are also expressly qualified by these cautionary statements. There are a number of risks and uncertainties that could cause our actual results to differ materially from the forward-looking statements contained in or contemplated by this release. Any forward-looking statements should be considered in light of the risks referenced in the “Risk Factors” section included in our most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Such factors include, but are not limited to:

  • adverse changes in general economic conditions, the real estate industry and the markets in which we operate;
  • failure to close pending acquisitions on expected terms, or at all;
  • failure to successfully integrate acquired self-storage facilities, including facilities acquired through the SmartStop acquisition;
  • the effect of competition from new and existing self-storage facilities or other storage alternatives, which could cause rents and occupancy rates to decline;
  • difficulties in our ability to evaluate, finance, complete and integrate acquisitions and developments successfully and to lease up those stores, which could adversely affect our profitability;
  • potential liability for uninsured losses and environmental contamination;
  • the impact of the regulatory environment as well as national, state and local laws and regulations, including, without limitation, those governing REITs, tenant reinsurance and other aspects of our business, which could adversely affect our results;
  • disruptions in credit and financial markets and resulting difficulties in raising capital or obtaining credit at reasonable rates or at all, which could impede our ability to grow;
  • increased interest rates and operating costs;
  • reductions in asset valuations and related impairment charges;
  • the failure of our joint venture partners to fulfill their obligations to us or their pursuit of actions that are inconsistent with our objectives;
  • the failure to maintain our REIT status for federal income tax purposes;
  • economic uncertainty due to the impact of war or terrorism, which could adversely affect our business plan; and
  • difficulties in our ability to attract and retain qualified personnel and management members.

All forward-looking statements are based upon our current expectations and various assumptions. Our expectations, beliefs and projections are expressed in good faith and we believe there is a reasonable basis for them, but there can be no assurance that management’s expectations, beliefs and projections will result or be achieved. All forward-looking statements apply only as of the date made. We undertake no obligation to publicly update or revise forward-looking statements which may be made to reflect events or circumstances after the date made or to reflect the occurrence of unanticipated events.

Jeff Norman, Extra Space Storage, (801) 365-1759,

Posted in NEW RELEASES | Leave a comment

Extra Space Storage Begins Fundraising To Complete $1.4 Billion Merger

GetImageExtra Space Storage Inc. is out in the market raising $500 million to help complete a $1.4 billion acquisition of SmartStop Self Storage Inc.

Salt Lake City-based Extra Space Storage, the second largest publicly traded storage company with over 1,100 locations in 35 states, has commenced a private offering of exchangeable senior notes due 2035. It has the option to up the amount by $75 million.

The acquisition of publicly held SmartStop will add 121 owned and 43 managed stores to the Extra Space Storage platform. Extra Space will pay $1.29 billion, and the remaining $120 million will come from the sale of certain assets by SmartStop.

Those excluded properties include SmartStop’s properties in Canada, a storage facility in Ladera Ranch, California and certain other non-storage facility assets that are not complementary with Extra Space’s portfolio and business.

SmartStop, based in Ladera Ranch is currently the seventh largest owner and operator of self-storage facilities in the U.S., operating 169 self-storage properties in 21 states, and in Toronto, Canada.

Upon completion of the acquisition, Extra Space will assume the property management of 43 third-party managed stores, all located in the United States. Those properties are held by Strategic Storage Growth Trust Inc. and Strategic Storage Growth Trust II Inc., both SmartStop-sponsored public non-traded REITs that are in the market raising funds of their own for self-storage acquisitions.

Strategic Storage Trust II has raised $53 million and as of Sept. 17, owned 32 properties in 10 states. It has not yet identified any specific additional properties to purchase.

Strategic Storage Growth Trust has raised $10.2 million from its public offering as of Aug. 10.. As of June 30, it owned nine self storage facilities in five states comprising approximately 6,620 units and approximately 700,000 rentable square feet.

Posted in NEW RELEASES | Leave a comment

$58.25M Refinance of Ten Property Portfolio for Stor All

Store All MiddletonIrvine, CA – September 30, 2015 – Talonvest Capital, Inc., a boutique self storage and commercial real estate advisor, and The BSC Group, a self storage and commercial real estate financing advisor, recently structured and negotiated $58.25 million of financing secured by a ten property self storage portfolio for the Stor All Group.  The well occupied portfolio includes over 685,000 rentable square feet with assets located in Louisville, KY; Lexington, KY; and Cincinnati, OH.  The non-recourse, cash out, securitized refinance loan funded by a national bank was structured with 3 years of interest-only payments and a ten year fixed interest rate.

Stor All President, Steve Womack, hired the two firms to jointly represent the borrower in this refinance assignment.  After the loan funded, Womack shared “I couldn’t be happier with my refinance loan.  Because of the brokers’ relationship with the top decision makers at the bank, I was able to get the loan dollars, rate, and structure I wanted…even in the middle of all the market turmoil”.  Devin Huber, Principal with The BSC Group, said “in order to prioritize the client’s best interest, Talonvest and BSC Group coordinated efforts and worked collaboratively to break new ground in the CMBS market and to provide a truly market leading execution on this portfolio financing”.  Talonvest Capital Principal Jim Davies added, “We were proud of the results delivered to our joint client, especially considering the tumultuous market conditions that arose just prior to loan closing”.  The team representing Stor All consisted of Tom Sherlock, Jim Davies, Kim Leslie, and Laura Bogart from Talonvest as well as Shawn Hill and Devin Huber from The BSC Group

About Talonvest Capital, Inc.

Talonvest Capital is a boutique real estate firm providing advisory services to self storage and commercial real estate investors, owners and developers nationally.  The principals of the firm have over 80 years of combined experience structuring loans and equity investments for office, industrial, retail, and apartment properties throughout the United States.  In addition, they have established a dominant niche position in financing self-storage properties across the country.

About The BSC Group

The BSC Group, LLC was formed in 2009 and offers financial and loan advisory, mortgage brokerage and loan workout solutions to commercial real estate property owners and investors, with a special emphasis on the self-storage market. Through its capital source network, The BSC Group provides clients with access to debt and equity financing for commercial real estate investments nationwide.

Posted in NEW RELEASES | Leave a comment

New York City based Andover Properties closes on approx. 73,000 SF “Alico Self Storage” in Ft. Myers, FL

Andover Properties, LLC (dba Storage King USA) has recently acquired Alico Self Storage – a 73,000 SF Self Storage facility in Ft. Myers, FL.  Andover closed on the transaction in June 2015.

The property is located at 7600 Alico Road, Ft. Myers, FL 33912 and features 559 self-storage rooms, in addition to commercial units and parking. Property amenities include perimeter fencing, gated access, and 24 hour video surveillance. The facility also offers U-Haul truck rental and comes with a post office onsite. The property will be integrated into the Storage King USA portfolio, joining the 17 already existing properties it owns and operates.

New York City-based Andover owns and operates a total of 18 self-storage facilities in New Jersey, North Carolina, Florida, Pennsylvania, Maryland and Tennessee under its trade name Storage King USA (

About Andover Properties, LLC

Andover Properties, LLC, is an investor, owner, operator and developer of real estate throughout the United States, based in Manhattan, New York. The firm focuses on the acquisition, development and management of industrial, retail and self-storage facilities primarily in the North and South East. Andover is a leading sponsor in this area with expertise in all aspects related to these product types including acquisitions, asset management, leasing, property management, development and dispositions. Its investors and partners include global institutional real estate private equity funds and high net worth individuals.
Since inception in 2003, Andover Properties, LLC has owned self-storage assets valued over $175 million, totaling over 2.1 million rentable square feet and over 18,000 units.  Currently the firm owns and manages 17 self-storage facilities in 6 states totaling over 1.15 million rentable square feet and 9,900 units. Andover Properties, LLC manages and operates its facilities under the brand Storage King USA Self-Storage (

Posted in NEW RELEASES | Leave a comment

Talonvest Structures Low Debt Yield Loan for Stor-All


Posted in NEW RELEASES | Leave a comment

Investment Real Estate, LLC Announces Sale of Two Property Portfolio in Montgomeryville, PA

Capture3333333York, PA – October 1, 2015 Investment Real Estate, LLC announces the sale of a two property portfolio in Montgomeryville, PA for $5,200,000 to a private investment group. The portfolio includes Xtra Space Self Storage and Montgomeryville Mini Storage, both of which are located about two miles apart on the heavily traveled Bethlehem Pike (Route 309) in Montgomery Township, Montgomery County.

Xtra Space Self Storage consists of four buildings and includes both drive up and temperature controlled units totaling 44,775 SF of self storage. This facility opened in 1989 and is situated on around four acres of light industrial zoned land. Xtra Space Self Storage features improvements such as masonry and metal buildings, paved driveways, exterior lighting, fenced perimeter and an electronic security gate with keycode access.

Montgomeryville Mini Storage consists of two buildings and includes drive up, interior access and temperature controlled units totaling 22,400 SF of self storage. The property also boasts 66 outdoor parking spaces. The facility opened in 1988 and is situated on over two acres of light industrial zoned land, with the potential for expansion on a three acre adjacent site. Montgomeryville Mini Storage features improvements such as paved driveways, exterior lighting, camera system, fenced perimeter and automatic gate.

Both properties are located on heavily traveled Route 309 and enjoy excellent visibility, and offer an on-site rental office with business hours six days a week. They also feature WHAM door alarms on every storage unit for added security. “These properties have operated successfully for many years but are now ready for cosmetic and management upgrades. The buyer realized this upside and was willing to meet the seller in the middle on the pricing so that all parties feel they received a fair deal,” said John Gilliland, President, who has worked with the Sellers for many years assisting them in their self storage investments.

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

Posted in NEW RELEASES | Leave a comment

Self Storage in Spartanburg, SC, Recently Sold

pressrelease_327741_1442933669Hilton Head Island, SC, September 23, 2015 –(– Add-A-Space Self Storage, located in Spartanburg, SC, was sold in September to National Buyer, and commanded a sales price of over $60 per RSF.

Dale C. Eisenman, CCIM of Midcoast Properties, Inc. a leading self storage broker in the Southeast represented the seller and had the listing to market the facility. The entire due diligence and sales process unfolded smoothly thanks to the excellent coordination with the buyer with whom Dale has worked with previously.

This facilty was comprised of 6 buildings, with 41,990+/- RSF, and 322 units on over 3 acres. Amenities include drive-up and climate controlled units, RV, boat and car parking, security cameras, computerized gate entrance, and a rental office with moving supplies and excellent visibility.

Midcoast Properties, Inc. is a leading broker of commercial real estate in the Southeast focusing on the Self Storage industry. Brokerage services are available in North Carolina, South Carolina, Georgia and Alabama. The firm’s focus is to be a valuable resource to self storage owners, buyers, industry members and investors.

Posted in NEW RELEASES | Leave a comment


2234eeeeALBION, MI, September 23, 2015 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Albion Store and Park, a 41,000-square-foot self-storage facility, located in Albion, MI. The asset sold for $1,500,000.

Brett R. Hatcher, an investment specialist in Marcus & Millichap’s Columbus office, had the exclusive listing to market the property on behalf of the seller, a limited liability company.  The buyer, a limited liability company, was secured and also represented by Brett R. Hatcher, and Steven Chaben, Michigan Broker of Record, assisted in closing this transaction.

Albion Store and Park is located at 28996 C Drive N in Albion, MI.  Albion Store and Park consists of 302 units with 16 parking spaces. The property has unit sizes that range from 40 square feet to 400 square feet, and has a physical occupancy of 89 percent. Albion Store and Park was built in 1996 and has many desirable amenities, including, perimeter fencing, a gated, keypad entry system and video surveillance.

Posted in NEW RELEASES | Leave a comment