Prospect Capital Invests $55.4 Million in 16 Apartment and Self-Storage Real Estate Properties, Bringing Its Total Real Estate Portfolio to 48 Properties

Prospect Capital Invests $55.4 Million in 16 Apartment and Self-Storage Real Estate Properties, Bringing Its Total Real Estate Portfolio to 48 Properties.

430382_ProspectCapitalLogo

Prospect Capital Corporation (NASDAQ: PSEC) (“Prospect”) announced today that Prospect recently invested in three separate real estate transactions an aggregate of $55.4 million in 16 properties through its private real estate investment trusts (“REITs”) with three different co-investment property managers. Two of these transactions included nine multifamily garden-style apartment real estate properties with a combined investment by Prospect of $44.8 million. In the other transaction, Prospect acquired seven self-storage properties for a $10.6 million investment.

The multifamily transactions involved the purchase of an eight-property portfolio in the Columbus, Ohio area managed by a 25% equity co-investor property manager and one property in Fort Wayne, Indiana managed by a co-investment property manager with whom Prospect has previously co-invested. The self-storage transaction involved the acquisition of a seven-property portfolio located in multiple cities in Michigan.

Prospect structures its real estate property investments as investments of debt and equity into multiple REITs. Prospect currently has three such REITs, each of which works with different operating managers and co-investors to close and manage real estate property acquisitions. In combination with its prior real estate investments, Prospect in the past two years has in the aggregate invested $365.0 million in 16 separate transactions across 48 properties that include 38 multifamily residential apartment properties, seven self-storage properties, and three single tenant net lease facilities, with such 48 properties totaling approximately 15 million rentable square feet. Prospect may invest into other REITs in the future to make additional real estate-related investments in a tax efficient manner. Current areas of yield-oriented real estate interest for Prospect beyond apartment and self-storage assets include student housing and senior living.

“These real estate investments continue Prospect’s strategy of selectively acquiring stabilized properties at a discount to replacement cost in markets with limited new construction pipelines and positive demographic and economic trends,” said Ted Fowler, Managing Director of Prospect Capital Management LLC. “These rent-producing properties generate attractive and growing current yields (with long-term fixed rate financing), long-term capital appreciation potential, inflation-protecting income streams, and diversification across geography, construction vintage, and operating manager. We are actively screening new investment opportunities in real estate with a focus on properties involving diversified tenant bases that produce recurring and stable cash flow streams that we can distribute to our shareholders.”

Currently with over $7 billion of capital under management, Prospect has closed nearly $3 billion of new originations so far in calendar year 2014.

ABOUT PROSPECT CAPITAL CORPORATION

Prospect Capital Corporation (www.prospectstreet.com) is a business development company that focuses on lending to and investing in private businesses. Prospect’s investment objective is to generate both current income and long-term capital appreciation through debt and equity investments.

Prospect has elected to be treated as a business development company under the Investment Company Act of 1940 (“1940 Act”). Prospect is required to comply with a series of regulatory requirements under the 1940 Act as well as applicable NASDAQ, federal and state rules and regulations. Prospect has elected to be treated as a regulated investment company under the Internal Revenue Code of 1986. Failure to comply with any of the laws and regulations that apply to Prospect could have an adverse effect on Prospect and its shareholders.

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, whose safe harbor for forward-looking statements does not apply to business development companies. Any such statements, other than statements of historical fact, are highly likely to be affected by other unknowable future events and conditions, including elements of the future that are or are not under Prospect’s control, and that Prospect may or may not have considered; accordingly, such statements cannot be guarantees or assurances of any aspect of future performance. Actual developments and results are highly likely to vary materially from any forward-looking statements. Such statements speak only as of the time when made, and Prospect undertakes no obligation to update any such statement now or in the future.

 

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Storage Asset Management Awarded New Contract in Ohio

samStorage Asset Management Awarded New Contract in North Ridgeville, OH
Storage Asset Management, Inc. (SAM) has been awarded a new self-storage management contract for Valley Storage in North Ridgeville, OH. The 51,300 square foot, 410 unit facility was previously known as All Secure Storage. The property will undergo a complete rebranding along with the name change.
Owners, Todd and Tina Snook, are very happy to expand Valley Storage into Ohio. The Snooks already own nine locations in Maryland, Virginia, and West Virigina, all which are managed by Storage Asset Management. Todd says “We are looking forward to being able to service the community with even more locations and continuing our high standard of customer service.”
Alyssa Quill, VP, says “We are very excited to work in Ohio. Our whole team looks forward to the opening of a new Valley Storage location and using our proven strategies to increase the value.

For more information please visit www.storageassetmanagement.com
Storage Asset Management is a property management & consulting company that specializes in self-storage. Their strategy is to create value for their clients through customized solutions that fit within their budget and allows each property to maintain their identity. With over 40 years of industry experience, SAM employs an incredible team of Property Managers, Assistant Property Managers, and Marketing Managers. They are self-storage experts, and are trained and experienced in sales, customer service, property maintenance, and marketing.
Media contact:
Melissa Stiles, Marketing Manager
mstiles@storageasset.com
Storage Asset Management, Inc Direct: 717-779-1452
294 Pleasant Acres Rd
York, PA 17402

STORAGE ASSET MANANAGEMENT, INC
294 Pleasant Acres Road, York, PA 17402
PHONE: 717.779.0044 www.StorageAssetManagement.com FAX: 717.779.0048

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Midcoast Properties Closes Deal on Storage 2000 and Storage Central

Dale E Storage 2000 and Storage Central, a four property storage and RV portfolio, with over 383,000 rentable square feet and over 2,540 self storage units,  has commanded a sales price of over $100 per RSF.   Multiple offers were received for this institutional grade portfolio which sold in early October.

Dale C. Eisenman, CCIM of Midcoast Properties, Inc. a leading self storage broker in the Southeast had the listing to market the portfolio. The entire due diligence and sales process unfolded smoothly thanks to the excellent coordination with the buyer, a national REIT.

Storage 2000 opened in 2000 and continuously expanded through the early 2000s.  Storage Central located in Raleigh, NC opened in 2010 as an RV and Boat Storage Center.  It offers fully enclosed boat and RV storage along with other amenities attractive to RV owners.  Additionally, traditional climate and non-climate self storage units are offered and the facility was recently expanded.

This portfolio was comprised of 30 buildings on over 30 acres with Storage Central and Storage 2000 (Cayce) offering additional expansion opportunities.   Amenities include drive-up and climate controlled units, enclosed RV and Boat Storage, security cameras, computerized gate entrance, rental office with retail office and onsite move in trucks.

 

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, and Georgia. The firm’s focus is to be a valuable resource to self storage owners, buyers, industry members and investors.

 

For additional information contact:

midcoast

Dale C. Eisenman, CCIM

(843) 342-7650

(843) 342-7680 fax

dale@midcoastproperties.com

www.midcoastproperties.com

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SAN DIEGO SELF STORAGE AND RUBIO’S® LAUNCH TOYS FOR TOTS CAMPAIGN

SDSSSan Diego Self Storage (SDSS) and Rubio’s ® Restaurants are joining forces for the 16th Annual SDSS Toys for Tots holiday toy drive beginning November 1, 2014, by collecting toys at 17 SDSS facilities throughout San Diego and Temecula and offering coupons for a free Rubio’s taco for the first 50 donors who drop off a toy at each location. An added component this year invites all San Diego high school students to participate in the toy drive to earn community service hours and contribute to the donation effort; the high school student who collects and delivers to a SDSS facility the greatest number of new, unwrapped toys between now and December 15, 2014, will be eligible to win a WiFi iPad Mini (value of $299) as well as a $50 gift card from Rubio’s. San Diego Self Storage facilities are located in the following communities:  Carlsbad; Carmel Valley; East Lake; Encinitas; Golden Triangle; Jamacha Point; La Jolla; Mira Mesa; National City; North County (Escondido); Olivenhain; Otay Crossing; Otay Mesa; Poway; Solana Beach; Sorrento Mesa; Temecula and Sorrento Valley. Physical addresses and hours of operation to drop off toys can be located at http://www.sandiegoselfstorage.com/.

 

According to SDSS Managing Partner, J. Terry Aston, “We’re very excited about the SDSS Toys for Tots initiative this year by engaging high school students in coordination with Rubio’s as a valued campaign partner. We’ve had some very positive feedback from the community by raising our collection goal to include students in our collection efforts; not only are we educating future leaders on the importance of giving back, but we’re also elevating the impact on the families supported by this endeavor; last year we collected over 16,000 toys and we hope to surpass that amount by a sizable gain with the help of Rubio’s and local area high school students; engaging students in our campaign aligns well with the mission of the Toys for Tots effort.” The US Marine Corps Reserve Toys for Tots program delivers new toys during the holidays, with the purpose of sending a message of hope to needy youngsters that will motivate them to grow into responsible, productive, patriotic citizens and community leaders (http://www.toysfortots.org/Default.aspx). The Toys for Tots campaign has been running for approximately 65 consecutive years and the hotline telephone number is (858) 967-1269.

 

During the toy drive, all SDSS facilities will also be conducting a drawing for a $100 credit toward a tenant’s storage rental (new or existing tenant) and Rubio’s has donated a family four-pack of complimentary meal cards; to enter the drawing, individuals may simply register when dropping off a new, unwrapped toy at any SDSS location. The collection drive starts at 8:00 a.m. on November 1st and ends at 6:00 p.m. on December 19th. The drawing for free rental space will be held at each SDSS location on December 20th, along with the presentation of the iPad mini and Rubio’s gift certificate to the winning high school student. To download the student registration form, visit the SDSS blog post at http://blog.sandiegoselfstorage.com.

 

About San Diego Self Storage

Founded in 1972, San Diego Self Storage is one of the largest self-storage providers in San Diego County with an extensive network of 18 neighborhood self-storage facilities and additional locations in Los Angles, Riverside, Orange County and Northern California. The company is locally owned and operated and offers small personal units and multiple larger units for commercial accounts with a unique one-year price guarantee, plus offers discounts for active military families and senior citizens. For further information, call (858) 909-0090 or visit http://www.sandiegoselfstorage.com/.

 

 

About Rubio’s® Restaurants:

Rubio’s first opened in 1983, in the San Diego neighborhood of Mission Bay. Today, counting the ocean as a source of inspiration, Rubio’s uses sustainable seafood in nearly all of its seafood dishes and continues to expand its menu with innovative recipes ranging from sustainable shrimp to Atlantic salmon. In addition, Rubio’s also offers crisp fresh salads, grilled marinated chicken and steak, no fried pinto beans, handmade guacamole, a variety of proprietary salsas, and craft beer and sangria beverage options. Rubio’s participates in a variety of ocean-centric efforts throughout the year including its annual CoastFest celebration and beach cleanup. Rubio’s is headquartered in Carlsbad, Calif., has over 4,000 employees and operates more than 190 restaurants in California, Arizona, Colorado, Utah and Nevada. For more information, visit http://rubios.com.

 

 

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Save On These GREAT Management Tools From MSM

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Use Offer Code MSMX10 at CheckOut!

Self-Storage Daily Management Guide
$49.95

by Star Management Systems

The Self-Storage Daily Management Guide is designed to improve a storage facility’s organizational structure, work, authority, flow of information and people. It is designed to help your organization accomplish specific goals and objectives by enhancing communication processes to help identify, capture, and exchange information in a form and time frame that enables people to carry out their responsibilities.

Improves Customer Service Support
Meet your demand with prompt customer service and superior accuracy rates. The storage log book delivers comprehensive solutions through tracking demand, back-up solutions, follow-ups, and quality control.

Communicate Day-to-Day Tasks
Provide clear, concise, and effective communication through each level of management and customers by planning and prioritizing what needs to be done on a day-to-day basis.

Maintenance Objectives
Set forth a variety of maintenance objectives to ensure daily and preventative maintenance goals are addressed and carried out.

Record Keeping and Supervision
Keep a record of tasks and phone calls so there is never a question about an employee or customer interaction.

Each Page Includes:

  • Important contact information
  • Phone script
  • Unit size suggestions
  • Daily checklists and to do lists
  • Daily phone inquiries
  • Weekly checklists
  • Monthly preventative maintenance
  • Track collection calls, late customers, and preparation for auctions
  • Track all inventory and more

Click here to learn more about this product or to order.

The Hat Lady Speaks
Marketing Self-Storage

by M. Anne Ballard
$29.95

Increase demand, occupancy and income. That’s the goal of The Hat Lady Speaks: Marketing Self-Storage by industry icon M. Anne Ballard. The president and founder of Universal Management Company will walk you through the steps to prepare your facility for customers, market effectively, generate more on-site visits, and rent more units. Her techniques have been proven over years of trial-and-error proofing in self-storage facilities nationwide.

Topics Include:

  • Telling Your Facility’s Story
  • Practical Solutions for Improving Store Performance
  • Proven Programs Anyone Can Use
  • Step-By-Step Marketing Instructions
  • Real-Time Processes That Maximize Your Marketing
  • An A-To-Z Guide for Marketing, Management and Team Motivation

Click here to learn more about this product or to order.

The Key to Success
How to Manage Self-Storage
by Tom Litton
$29.95

Tom Litton management book The Key to Success offers tips for managing self-storage properties. Get valuable tips from industry expert Tom Litton management.

Topics Include:

  • Job Descriptions & Interviewing
  • Making the Hiring Decision
  • Negotiating Compensation
  • Starting Managers Off Right
  • Day-to-Day Management Problems
  • Improving Performance
  • Performance Problems

Click here to learn more about this product or to order.

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Moove In Self Storage Acquires Centerville Facility

MISS-CVSS-1webLancaster, Pa.-based Moove In Self Storage has expanded its self storage holdings with the acquisition of Centerville Self Storage in Lancaster, PA. Moove In Self Storage now has 7 locations serving Lancaster County residents and businesses.

“Centerville Self Storage was a key acquisition for us,” said President and CEO, John H. Gilliland. “In 2007 we converted the former Totes factory to self storage which is located right on busy Centerville Road. Due to demand, we were in the process of constructing additional single story, outside access units when this project became available for sale. Adding 400 drive up units to our inventory of interior heated and temperature controlled units through acquisition will help us better serve the current demand in the market.”

Moove In Self Storage will immediately invest about $350,000 in upgrades to the property including new insulated roofs, repair and replacement of the unit doors, a new key pad operated gate and pavement repairs. This investment is in addition to the $850,000 upgrade currently underway at the 220 Centerville Road facility which includes a new office, additional temperature controlled units, security fencing and gates as well as extensive landscaping and paving upgrades.

Once construction is completed, there will be a total of 807 units and 65 outside parking spaces. Both facilities will operate under the Moove In Self Storage name and will be managed from one rental office located at 220 Centerville Road where an on-site property manager works six days a week.

In addition to the self storage spaces, Moove In offers locks, boxes and moving and packing supplies, as well as Penske truck rentals. Visit www.moovein.com for more information.

ABOUT MOOVE IN SELF STORAGE

Moove In Self Storage began as a dairy farming family pursuing their dream of a new business venture in the world of self storage.  Leaning on their farming background, the Gilliland family coined the name “Moove In Self Storage” with two O’s, giving tribute to the Holsteins they raised on the family dairy and the fact that they were “moving” out of the dairy business and “moving” into the storage business. Since the first facility opened in 1997 in Tyrone, PA, Moove In Self Storage has expanded to 15 facilities located throughout Central, PA, South Central PA and Baltimore MD. It remains a locally owned and operated company guided by the core values of hard work, trustworthiness, exceptional customer service and providing the best product at a great value.

CONTACT

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

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Vote for Your Favorite MiniCo 40th Anniversary Photo

MiniCo 40th

Have you voted for your favorite photo? If not, there is still time!

The deadline is October 31st!

CLICK HERE TO VOTE

 

 

 

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Michael Morrison, Jr. Joins Midcoast Properties

 

midcoastMidcoast Properties, Inc, is pleased to announce Michael Morrison, Jr. has joined our office as a Broker.  Michael has been a licensed agent in South Carolina since 2006 and is a member of the Central Carolina Association of REALTORS® and the National Association of Realtors.  Prior to joining Midcoast Properties, he worked with Re/Max in both residential and commercial real estate, receiving Rookie of the Year for all of South Carolina Agents in 2010, and was top three in the nation first year sales for 2010.

Michael Morrison 200x142Michael is a native of South Carolina, growing up in Blythewood, South Carolina.  He holds a Bachelor’s Degree in Economics from the University of South Carolina.   He currently owns two self storage facilities which enhances his knowledge and understanding of our industry.

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, and Georgia.  We are excited to have Michael with his extensive experience and professionalism as an addition to our sales team.

To contact Michael, give him a call at (803) 600-0602 or 843-342-7650, or  email him at michael@midcoastproperties.com.”

 

 

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W. P. Carey Completes $32 Million Self-Storage Acquisition

careyP. Carey Inc. (NYSE: WPC), a global net-lease real estate investment trust (REIT), announced that CPA®:18 – Global, one of its publicly held non-traded REIT affiliates, had recently acquired five self-storage facilities through five separate transactions. The total purchase price of the five properties, which are located in Palm Desert, California, Miami, Florida, Corpus Christi, Texas, Kailua-Kona, Hawaii and Columbia, South Carolina, was approximately $32 million, including acquisition costs.

Active in the self-storage sector since 2004, W. P. Carey’s owned and managed self-storage assets are comprised of 158 properties totaling 9.6 million net rentable square feet, making it the tenth largest owner of self-storage properties in the United States.

Key Facts

  • Well-located, attractive facilities in strong markets:  The five acquisitions expand CPA®:18 – Global’s self-storage presence in five strong markets.
  • Square footage/units:
    • Palm Desert Facility – 93,098 net rentable square feet/798 units
    • Miami Facility – 57,240 net rentable square feet/598 units
    • Corpus Christi Facility – 100,100 net rentable square feet/641 units
    • Kailua-Kona Facility – 39,500 net rentable square feet/366 units
    • Columbia Facility – 63,121 net rentable square feet/442 units and 48 leasable RV/parking spaces
  • Strong property management: All five properties will be managed by Extra Space Storage.

Management Commentary

Liz Raun Schlesinger, Managing Director of W. P. Carey, commented: “All five acquisitions represent attractive investment opportunities for CPA®:18 – Global’s portfolio and show opportunities for growth, revenue enhancement and bottom-line improvement.  We believe that our existing management structure in these areas will enable us to achieve operational synergies that will accrue to the benefit of our investors over time. We are already working with Extra Space Storage in these markets and believe that their ability to manage these assets will, in conjunction with our own storage expertise, enhance their long-term value.”

Raun Schlesinger added: “The self-storage industry has shown resilience in both good and bad economic times, with the sector’s five-year compound annual total return in excess of 29 percent, according to NAREIT.  Higher post-recession housing costs, both for rental and for-sale housing, has led more people to live in smaller spaces, creating greater need for storage units.  We believe the growing U.S. population, with its propensity to acquire personal possessions and reluctance to part with them, will continue to fuel demand.”

Anne Coolidge Taylor, Managing Director of W. P. Carey, also noted: “W. P. Carey first entered the self-storage space in 2004 because the sector demonstrated the same solid long-term income and cash-flow generating characteristics as the long-term net-leased assets in which we had invested for decades.  While in the current low interest rate environment, competition for the attractive risk-adjusted returns provided by self-storage assets remains intense.  The combination of our access to capital, depth of capabilities and ability to react to and quickly execute opportunities of all sizes allows us to continue to source and secure long-term investment opportunities in the sector.”

Please visit www.wpcarey.mediaroom.com for more information about W. P. Carey.

This press release contains forward-looking statements within the meaning of the Federal securities laws. The statements of Ms. Raun Schlesinger and Ms. Coolidge Taylor are examples of forward looking statements. A number of factors could cause CPA®:18 – Global’s actual results, performance or achievement to differ materially from those anticipated.  Among those risks, trends and uncertainties are the general economic climate; the supply of and demand for office and industrial properties; interest rate levels; the availability of financing; and other risks associated with the acquisition and ownership of properties, including risks that the tenants will not pay rent, or that costs may be greater than anticipated; and risks related to CPA®:18 – Global’s offering of shares.  For further information on factors that could impact CPA®:18 – Global, reference is made to CPA®:18 – Global’s respective filings with the Securities and Exchange Commission.

Company contact:
Kristina McMenamin
W. P. Carey Inc.
212-492-8995
kmcmenamin@wpcarey.com mailto:Kmcmenamin@wpcarey.com

Press contact:
Guy Lawrence
Ross & Lawrence
212-308-3333
gblawrence@rosslawpr.com

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StorageMart Recognized with 2014 BBB Torch Award for Dedication to Customer Service and Best Practices

storagemartThe Better Business Bureau of St. Louis recognized StorageMart for its dedication to ethical business practices and service to their customers, employees, and community by naming it a 2014 Torch Award recipient.  The award was recently presented during a luncheon at the Chase Park Plaza Hotel in St. Louis.

SM Mike Receives Torch Award“We couldn’t be more proud,” StorageMart CEO Mike Burnam said.  “We’ve always made total customer satisfaction our guarantee.  Being recognized by the Better Business Bureau for our customer service proves those aren’t just words being used as a marketing tool, but a true reflection of how we do business.”

Torch Awards are presented by individual Better Business Bureau chapters on a yearly basis.  Nominees must show creativity in their ability to manage customer expectations, provide excellent customer service and resolve disputes. They must demonstrate the ways they inspire their workforce to adopt and communicate their ethics and further their mission.

SM BBB Torch Award 2StorageMart formed in 1999, but the Burnam family has been in the self storage business for going on forty years.  Mike Burnam believes the familial nature of StorageMart has helped the company stand out in the industry when it comes to customer service.

“As a family-run business, we understand how important it is for people to come to work and actually enjoy what they’re doing,” Burnam said.  “So we do everything we can to make that happen and enhance that feeling to create a trickle-down effect to our customers.  We train our managers to have the same respect for customers as we do for them as employees.  That atmosphere has helped our managers and staff foster relationships with our customers that help us not only quickly resolve any problems that might come along but be able to troubleshoot in order to prevent a lot of potential problems from ever taking place.”

The time, effort and resources StorageMart puts into its training programs and working environments might seem excessive to an outsider, but Burnam believes the results speak for themselves.

“If you want to get something, sometimes you have to give more,” Burnam said, “but for us more than pays off in the long run.  It’s all the people who work for our company who are truly responsible for all the positive feedback we’ve received directly from customers, through internet reviews and through the Better Business Bureau.  There’s no way we’d be where we are today without the help and support of the entire StorageMart family.”

About StorageMart

Headquartered in Columbia, Missouri since its formation with a single store in 1999, StorageMart now owns and operates 149 full-service self storage facilities throughout the United States and Canada.  In addition to renting out self storage units, StorageMart properties offer for purchase a wide variety of high quality packing and moving supplies, making each StorageMart a one-stop shopping spot for all moving, packing and storage needs.  StorageMart is a 2014 Torch Award recipient, from the St. Louis Better Business Bureau.  Company President Cris Burnam was named a 2014 EY Entrepreneur of the Year.  For more information, visit www.storage-mart.com.

StorageMart Gives is the charitable arm of the company.  Its mission is to identify strong, non-profit organizations to work with as partners in every market StorageMart calls home.  Partner organizations include the American Red Cross, Habitat for Humanity, Big Brothers Big Sisters, Open Books (Chicago), the Food Bank of Northeast and Central Missouri and the Des Moines Music Coalition as well as organizations dedicated to animal welfare, children’s advocacy groups and women’s shelters.  StorageMart is also a charter member of Charity Storage, an industry wide giving back program providing financial assistance to non-profit organizations across the United States, including Kure-It Cancer Research.

About the Better Business Bureau

Founded more than a century ago, the Better Business Bureau strives to be the leader in advancing marketplace trust by setting core standards, identifying, encouraging and supporting best practices, celebrating marketplace role models, creating a community of trustworthy businesses and charities and identifying substandard marketplace behavior.

For years Better Business Bureau chapters have used the Torch Awards to recognize businesses and charities showing creativity in their ability to manage customer expectations, provide excellent customer service and resolve disputes.

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