FINANCING UNDERPERFORMERS … Getting Money For Soft Properties By Eric Snyder

Do you remember a time when you could obtain a 10-year fixed rate loan, which would be completely interest only for less than six percent? Do you also recall a time when a lender would provide a loan based on a projected net operating income (NOI) that may never be achieved? Can you believe there was a time when it was not necessary to provide personal recourse to get an 80 percent leveraged construction loan from a bank? Unfortunately, the days of a “borrower’s market” are gone—the lenders, those that are still active, are now calling the shots.

Today, the market has corrected itself to the detriment of those trying to refinance and to the benefit of those with cash in the bank to buy underperforming self-storage properties. Many people took advantage of the loose lending requirements over the past years and consequently there has been a significant amount of new properties added to the storage sector, slowing leasing velocity and in some cases stalling leasing altogether. As you can imagine, with current concerns over inflation, oil prices, looming recession, subprime defaults, and trying to find debt for a performing storage property, it is difficult enough without having a property that has been slow to lease up. This is the predicament many borrowers encounter when they have construction loans or bridge loans that were highly leveraged now coming due and they have not leased up according to their budgets.

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Stop & Stor’s Packing Tips for College Students

In a few short months, they have to pack (again) because they are coming back.

Moms and dads who feel like they just sent their kids to college know full well, that in a few short months, they will be back where they started last fall – packing.

“Organizing your belongings and being smart in how you pack them is easy if you have a plan. The main goal is to pack them in a way that they are easy to store, easy to access if necessary, and safely protected from damages,” said Jeff Henick, Chief Operating Officer of Stop & Stor. “There is a way to pack to maximize the way you store your belongings whether you store them in units we provide or even your own attic, garage, or spare room,” continued Henick.

Some helpful packing tips from Stop & Stor:

•Mirrors, pictures, and other delicate items should be wrapped, packed in cardboard and marked fragile.
•Night tables, and other unwieldy pieces should be disassembled, and stood on their ends when possible to save space. Secure all doors and draws to keep from opening.
•If you brought a small refrigerator to college, keep the doors of it slightly ajar, with an open box of baking soda inside to keep it smelling fresh.
•Use furniture or items you bought specifically for your college room such as a hamper or under the bed storage boxes to store items such as pictures, and other small items you won’t need while you are home.
•Take an inventory of what you are storing and keep it in a safe place. Label each storage box on all sides.
•Place items that you will need access to in the front of the storage unit or wherever you are storing your items. Place heavier items on the bottom. Leave a center aisle for access.

About Stop & Stor

More than two decades ago, two families (the Henick and Simon families) in the real estate business sensed a need in our community. Twenty-five years later their business acumen and commitment to providing a necessary and affordable self-storage service has enabled them to grow a business with over 70 employees, 15 locations, and all anchored on Staten Island through its corporate offices located in Willowbrook. Although Stop & Stor’s roots are in Staten Island, it has branched out and now has facilities in all of New York City’s boroughs with the exception of Manhattan.

(via PRWeb)

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Storage.com Announces College Scholarship Contest

Storage.com — one of the leading websites in the self storage industry dedicated to helping storage seekers find, compare, and rent storage units throughout the United States and Puerto Rico — is proud to announce the launch of the inaugural Storage.com College Scholarships.

The scholarship contest is designed to give students around the nation an opportunity to acquire a scholarship that relieves some of the financial pressures of college. College students are frequent users of self storage, and Storage.com wanted to find a way to give back.

“Paying and packing for college can be a challenge,” said Nick Bilava, Director of Sales and Marketing for Storage.com. “We’ve seen college students around the country use Storage.com to find additional space for their things because of this.”

“Giving back to our many, many self storage renters that have a need for self storage in college was a key reason for building the annual Storage.com scholarship program,” said Bill Hipsher, CEO of Storage.com. “Going to college can be stressful on so many fronts, logistics and financial aid being two major stresses. The Storage.com scholarship can alleviate some of the stress on both of those fronts.”

On April 17, 2014, Storage.com launched its inaugural college scholarship contest in which three scholarships, each worth $2,500, will be awarded. The three contest winners will come from different applicant categories:

  •     a current high school senior enrolled or enrolling in a college or university in the fall of 2014
  •     a current college student who was enrolled at a college or university in the spring of 2014 and will be enrolled in the fall of 2014
  •     a parent/guardian of a student enrolled or enrolling at a college or university in the fall of 2014

Applicants must submit a 250 to 400-word essay in order to be considered for the scholarship. Applicants also have the opportunity to create a one to two-minute video to supplement their essays. “The video supplement to the scholarship application is strongly encouraged,” said Hipsher. ” Technology makes adding a video to the submission so easy today. The video portion allows our judging panel with an opportunity to get to know a bit more about the applicants via video and not just written word.”

For current high school and current college students, the essay question is as follows: “Given that you already have the necessities for college, if you could only take what fits into a backpack with you to college, what would you bring?”

For the parents/guardians, the essay question is as follows: “In a perfect world, when your child moves out for college, what are you going to do with their bedroom?”

In addition to answering the primary question above, all Storage.com Scholarship contest entries, whether from high school students entering college, current college students, or parents of students, should include no fewer than 50 words and no more than 150 words about why the student deserves the scholarship (e.g., academic achievement, civic contributions, etc.), and/or how the scholarship will benefit the student (e.g., how the Storage.com scholarship will contribute to their future).

The winning essays will be selected after two rounds of judging. In the first round, the top 20 essays from each of the three applicant categories will be chosen by the Storage.com Scholarship Committee. During the application process, all essays and video submissions will be available for review on Storage.com and will have the opportunity for social sharing, promotion, and voting. Should there be any ties in first round voting, social votes may be used as a tiebreaker, giving the public a chance to weigh in on who they think may be most deserving.

In the second round, the Storage.com Scholarship Committee, which consists of storage industry professionals, both past and present, will evaluate the essays chosen and select the three winners.

The application period for the Storage.com Scholarship ends at 12:00 AM CST on July 31, 2014. Applicants who have made it to the second round will be announced on Storage.com’s website and via e-mail by August 7, 2014. Winners will be notified on August 15, 2014.

For more information about Storage.com’s college scholarship contest, including contest rules and how to enter, visit Storage.com/scholarships.

About Storage.com

Storage.com helps storage facilities, large or small, compete more effectively in the online marketplace. Storage.com lists facilities on the largest network of storage directories on the web, allowing potential customers to search for storage in their area. Storage.com features software integrations with major property management systems and provides easy-to-use online inventory management tools for facilities not using property management systems, allowing consumers to find and rent storage units from real-time availability. Storage.com is the only online marketing tool that delivers exclusive reservations, provides a complete search engine optimization (SEO) package, and is fueled by self-storage experts.

(via PRWeb)

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Rein & Grossoehme Broker Sale of Lock Mini Storage in Peoria, AZ

Bill Alter and Denise Nunez of Rein & Grossoehme Commercial Real Estate completed their 129th self storage sale on April 16, 2014. They represented both parties in the sale of Sure Lock Mini Storage in Peoria, Arizona. The property was built in 1985 and consisted of 645 units in approximately 76,200 square feet. The location of the property is 8780 W. Bell Rd., in Peoria, Arizona. The property sold to a limited liability company controlled by Business Property Trust of Portland, Oregon. The seller was New River Development Company LLP from Wichita, Kansas. The sales price was $4,300,000, which equates to $56.50 per square foot. The building was 70% occupied at closing.

Bill Alter and Denise Nunez handled the transaction on behalf of both parties. The Alter Nunez Team specializes in storage facility sales and this represents their 129th successful closing.

About Rein & Grossoehme

Rein & Grossoehme specializes in the sale of investment properties and retail, office and industrial leasing. For more information, please visit: http://www.rgcre.com/

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MARCUS & MILLICHAP ARRANGES THE SALE OF CHICAGO MSA SELF-STORAGE FACILITY

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 Kendall Point Self Storage, a 61,700-square foot self-storage located in Oswego, IL, according to Steven D. Weinstock, Vice President / Regional Manager of the firm’s Chicago Oak Brook office. The asset sold for $2,875,000.

Sean M. Delaney, Vice President Investments in Marcus & Millichap’s Chicago Oak Brook office and a director in the firm’s National Self Storage Group, had the exclusive listing to market the property on behalf of the seller, Limited Liability Company. The buyer, Sparkplug Capital, was also secured Sean Delaney.

Kendall Point Self Storage, located at 1960 Wiesbrook Road, is situated on approximately 3.94 acres of land and consists of 13 single-story buildings with 425 non-climate controlled units. Built in 2001, the property has numerous amenities including, but not limited to, an on-site manager’s office with retail center, security lighting throughout, video surveillance, electronic key card access gate, chain link perimeter fencing and drive-up units with roll-up doors.

About Marcus & Millichap

With over 1,300 investment professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 6,600 transactions in 2013 with a value of approximately $24 billion. The company has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com

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SiteLink User Conference Sets Milestone

SiteLink, the worldwide innovator of self-storage smart management software recently made an impact at the 2014 ISS World Expo in Las Vegas, with a record-breaking User Conference attendance of more than 500 self-storage owners, managers and partners. SiteLink also unveiled the new look of their logo designed to convey how SiteLink software seamlessly automates the daily operations of a self-storage facility to reduce costs, improve operational efficiency and increase revenue.

A panel of industry experts and SiteLink storage operators took the stage with the SiteLink team to educate the audience about the customer experience, software enhancements and demonstrations, and industry updates. Users demonstrated how easy it is to implement SiteLink’s profit tools at stores in every market. Additionally, technology partners demonstrated the value of integrating their feature-rich profit tools with SiteLink software, and SiteLink technicians held one-on-one Q&A sessions and demonstrations with attendees.

“Our User Conference grows quickly because we listen to our customers,” said Markus Hecker, SiteLink’s Chief Operating Officer. “We invited SiteLink users to share real-world scenarios; the attendees responded well to many tips they are ready to implement.”

Dawn Tangvald, President of Northwest Self Storage weighed in, “The new format of the User Conference was so valuable. Having the storage operators demonstrate SiteLink’s software added great value, and it showed me how to easily implement new features into my operation. I recommend this conference to everyone in the business.”

Self-storage owners, operators and managers from Australia, Asia, Latin America and Europe also attended the User Conference. “This year’s conference outweighed all other conferences,” said Dallas Dogger who represents SiteLink International. “New valuable sessions were added to the program, and during new, user-focused sessions we introduced SiteLink’s new logo and tag line, Smart Management Software.”

Details about the 2015 User Conference will be announced in August. To learn more about SiteLink, visit http://www.sitelink.com

About SiteLink

With more than 11,000 software installations worldwide, SiteLink is the industry’s most prominent smart management software. Quality service, updates and user-friendly design make Web Edition a highly scalable and easy to deploy favorite of single and multi-store operators. Enterprise-level features are an integral part of more than 70 of the top 100 operators on Web Edition. Regular, automatic updates deliver integration with technology partners like RPOST, INSOMNIAC and DocuSign. SiteLink does not bundle services and provides a choice in partners such as web designers and credit card processors. At no additional charge, Web Edition integrates with platforms such as smart phones, websites, call centers and marketing services and central mail providers. Powerful features like revenue management, built-in CRM, email and text messaging enhance the customer experience and improve overall operations.

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From The MSM Archive: Update For Profits … Facility Upgrades Can Help Fill Your Pockets By Jennifer LeClaire

When you think of updating your facility, you probably think about how much money it’s going to cost you. But why not think outside of the box and consider how much money it can save you—or even how much money it can make you? When you take the latter approach to renovating your facility, you can turn an eye toward getting the biggest bang for your upgrade bucks instead of looking for ways to avoid spending them.

From a money-saving perspective, there are at least three good reasons why you might consider facility upgrades. If you have a leaky roof or other obvious maintenance challenges, you may not have much of a choice. Ignoring the issue could cost you a bundle. If you have extra space or extra time, you have plenty of choices. You can reconfigure underutilized space and create new revenue streams. And if you’re preparing to sell your facility to an investor, then making some strategic upgrades could significantly raise the value of your property.

Upgrading a self-storage facility doesn’t always require grandiose plans such as adding a new building, but it may mean more than slapping a fresh coat of paint on the exterior. Either may be a viable option for your property, but sometimes the larger, more immediate payoff is in the middle of the road. Indeed, moderate investments can save you money, generate new revenue streams, or make your facility more attractive to potential investors. Focusing on small issues such as installing new door locks and reconfiguring underutilized space, or on larger projects like security and roof upgrades, can yield substantial rewards in the short and long term.

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Seven Ways to Strengthen Your Business During Economic Tough Times By David Giannetto

If you’re a business owner, it’s likely that some of your recent work days have gone something like this: You bolt awake (probably after a sleepless night!), grab the financial section of the paper, and turn on your TV to get the latest worrisome financial news. Then, once you make it to work, you lock yourself in your office to carefully examine your company’s financial projections for the next few months, wringing your hands as you fret over every possible worst-case scenario. Sound familiar? If so, it’s time for the hand wringing to stop and the smart thinking to begin.

The word “recession” by itself has been known to send business owners into a panic. Add in all of the economic postulating by the media, and you might find it easy to convince yourself it’s time to start counting down the days until your business’ demise. But all of that worrying is counterproductive. You can’t get anything done when you’re in panic mode.

The business owners who use their time to improve their business and seize every possible opportunity—rather than wasting it on constant worrying—are the ones who make it through the economic downturn. Play your cards right and you may even come out of these financial hard times with a more prosperous business than you had before.

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The William Warren Group Adds Six New Storquest Facilities In Colorado

The William Warren Group (WWG), a privately held, Santa Monica, Calif.-based self storage development and operating company, is announcing the purchase of six Colorado self storage facilities for approximately $33.24 million. The six locations consist of 353,902 NRSF across 2,692 units.

“We believe there is a significant opportunity within the Denver market as demand remains high and supply remains tight,” said Bill Hobin, president & CEO of the WWG. “Although the properties have been performing well since we started managing them in September 2011, we feel that the assets have room to grow and with full control over all aspects of the properties after rebranding them as StorQuest facilities, they will see strong growth,” Hobin added.

WWG, which owns and operates StorQuest Self Storage, will rebrand these properties as StorQuest, bringing their presence to a total of 14 sites in the greater Denver area. With the additional assets added to the StorQuest family, WWG now has 102 locations within the company’s operating portfolio.

“These assets provide an ability to capitalize on the continued economic growth as well as the growth of the StorQuest Self Storage brand in Colorado,” added Hobin. 

Properties

StorQuest Clock Tower: 16400 E. Colfax, Aurora, Colorado
StorQuest Clock Tower is 70,537 RSF, 533-unit facility, located 15 miles east of downtown Denver.
Year Opened: 2003

StorQuest Highlands Ranch: 745 Monument Drive in Highlands Ranch, Colorado

StorQuest Highlands Ranch is a single-story, 62,120 RSF, 467-unit facility, located 18 miles south of downtown Denver.
Year Opened: 1998

StorQuest Louisville: 1200 Lock Street, Louisville, Colorado
StorQuest Louisville is a single-story, 56,535 RSF, 522-unit facility, located 6 miles east of Boulder and 25 miles northwest of downtown Denver.
Year Opened: 1996

StorQuest Manitou Springs: 125 Higginbotham Rd., Manitou Springs, Colorado
StorQuest Manitou Springs is a 39,950 RSF, 313-unit facility overlooking Midland Expressway in west Colorado Springs.
Year Opened: 2000

StorQuest Pony Express: 18455 Pony Express Dr., Parker, Colorado
StorQuest Pony Express is a single-story 53,550 RSF, 402-unit facility, located 20 miles southeast of downtown Denver.
Year Opened: 1999

StorQuest Twenty Mile: 18601 Longs Way in Parker, Colorado

StorQuest Twenty Mile is a single-story, 71,210 RSF, 455-unit facility, located 20 miles southeast of downtown Denver in Parker. Year Opened: 1997

About The William Warren Group & StorQuest Self Storage

The William Warren Group, Inc. (WWG) is a privately held, fully integrated, entrepreneurial real estate company that develops, acquires and operates self storage assets in major metro markets in the US. For the past 20 years, the Santa Monica, Calif., company has taken a long term perspective by focusing on assets that offer growing cash flow and capital appreciation opportunities. To learn more about The William Warren Group and its proprietary brand of StorQuest Self Storage visit:  www.williamwarren.com and www.storquest.com.

 

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Find Local Storage Announces Self Storage Services Inc Joins Ownership Group

Find Local Storage (http://www.findlocalstorage.com) (“FLS”), a self-storage search engine, and Self Storage Services, Inc, operator of 20 self-storage facilities, today announced they have signed an agreement to add Self Storage Services to the FLS founding ownership group.

FLS’s vision is to empower self-storage owners and operators to generate their own leads collaboratively through a single consumer destination and shopping experience, thereby reducing the reliance on third-party aggregators.

Go Local Interactive’s CEO John Jordan, a founding partner of FLS, stated, “It is amazing how a shared set of goals has brought so many great companies together in collaboration with FLS. We are excited to add more facilities in the eastern United States with the addition of Self Storage Services, and look forward to having them in our ownership group.”

Dan Stanton, COO, with Self Storage Services, Inc said, “We are very excited to be a member of the ownership group of FLS. So far, we’ve been very impressed with the progress of the site and we believe FLS will be an important source of leads for our facilities going forward.”

In order to learn more about FLS, please visit http://www.findlocalstorage.com or email at press(at)findlocalstorage(dot)com.

About Find Local Storage (FLS)

Consumers and storage operators have spoken, and FLS listened. Founded in 2013, FLS is owned and operated by a consortium of some of the industry’s most respected and longest standing storage facility owners. FLS is a lead generation platform, built for the purpose of creating rental opportunities for participating self-storage operators, decreasing the reliance of the industry on third party lead sources, and creating a unique and innovative direct to consumer shopping experience. FLS offers storage operators an opportunity to control their own marketing destiny, and consumers the opportunity to Find Local Storage.

About Self Storage Services

Self Storage Services, Inc. specializes in the design, construction, acquisition and management of self-storage facilities. The principals opened their first facility in Frederick, Maryland in 1983 and the portfolio has since grown to twenty locations across Maryland, Virginia and Florida. All Self Storage Services facilities are owner-operated and the company strives to provide secure, affordable, high quality storage options to its customers.

(via PRWeb)

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