Sovran Self Storage, Inc. to Rebrand as Life Storage

Sovran Self Storage, Inc., (NYSE:SSS), a self storage real estate investment trust (REIT), announced today that it will rebrand the 563 storage facilities it presently operates as “Uncle Bob’s Self Storage®” to “Life Storage®”. The Company also plans to change its corporate name from “Sovran Self Storage, Inc.” to “Life Storage, Inc.” and its ticker symbol on the New York Stock Exchange from SSS to LSI. These changes are expected to occur in mid-August, 2016.

“Life Storage is the perfect brand name for our Company and for our stores,” said David Rogers, Chief Executive Officer. “Our customers see us as an extension of their homes or businesses, where the environment is welcoming and their belongings are secure. We’ve always operated with that in mind, but the Life Storage name brings it into focus – it’s about the customer, not about us.”

A rebranded Life Storage website — set to launch the week of August 8, 2016 — will depict the new Life Storage logo and feature the recently acquired 84 facilities originally branded as Life Storage. It is expected that the cost of the rebranding, which primarily relates to replacement signage at each store and rewrapping the Company’s fleet of rental trucks, will be approximately $22 million.

The rebranding of the existing Uncle Bob’s Self Storage locations will commence in August and continue on a market-by-market basis into the second quarter of 2017. As signs change and rebranding occurs in each area, the converted stores will be added to the Life Storage website. The existing website www.unclebobs.com will remain in operation until all stores are converted.

About Sovran Self Storage, Inc.

Sovran Self Storage, Inc. is an equity REIT that is in the business of acquiring and managing self storage facilities. The Company operates approximately 650 self storage facilities in 29 states. For more information, visit www.unclebobs.com/company.

 

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Investment Real Estate, LLC Announces Sale of Iron Gate Self Storage in Hamburg, PA

CaptureYork, PA – July 14, 2016 Locally owned and operated Investment Real Estate, LLC announces the sale of Iron Gate Self Storage for $340,000 to a private investor. Iron Gate Self Storage is located in Berks County on Woodland Road in Hamburg, Pennsylvania, which is about 20 miles north of Reading.

Iron Gate Self Storage consists of three single story buildings with over 70 drive-up self storage units. The facility was over 98% occupied at the time of sale. The property opened in 1992 and was managed by appointment from a remote location. Iron Gate Self Storage sits on over 0.85 acres of business development zoned land. The facility enjoys high visibility from neighboring businesses and busy Route 61, which serves as the main artery between Route 78 and Route 222.

Property improvements include gravel driveways, exterior lighting, keypad operated electric gate and perimeter fencing. Kevin Bledsoe, Vice President of Brokerage for Investment Real Estate, states, “Investment Real Estate sold the first self storage property the seller owned in 2014, and they understood that property valuations are at an all-time high today, so it’s the best time to test the market. The buyer owns an existing self storage facility within relative proximity of Iron Gate Self Storage and this was an opportunity to add a satellite property to his existing operations. The sale of this property was a winning transaction for both the buyer and seller.”

ABOUT INVESTMENT REAL ESTATE, LLC

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 www.irellc.com.

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Ensuring Security in Self-Storage Units

Capture900When placing valuable items and priceless heirlooms in storage-facility, self storage unit security is usually at the top of every customer’s mind. Ensuring that items stay protected from break-ins and security breaches is essential. There are ways that the facility, its property managers, and the individual customer can protect units from potential theft. Security Requirements for a Self-Storage Unit:

Bright Facilities

Well-lit properties with automatic lighting can deter thieves who may be more apt to choose a darker, more concealed location. Bright lighting also helps patrons feel more safe when accessing their units.

Electronic Security Gates

A high quality storage facility will be equipped with an electronic security gate. These types of gates are only accessible by individual security codes given to each occupant.

High Fences

A tall, barbed wire fence helps keep unwanted guests away from the facility.

Property Managers

Well-trained, responsive, and alert property managers are key players in secure facility. At Proguard Self-Storage in Houston, property managers have access to 24/7 video surveillance feeds to help catch suspicious activity.

Alarmed Units

If a break-in is suspected, a unit that is equipped with an alarm can immediately alert onsite property managers.

All staff working on-site should be trained in how to identify and catch potential thieves. They should know how to handle an emergency. While high-tech security options are essential to maintaining a safe property, effective safety measures are best implemented by humans themselves.

Choosing the Right Lock

Individual customers should concern themselves with finding an impenetrable lock to protect their cherished items. “Enforcer” slip-in cylinder locks are high-quality locks built into the door of a unit, offering several layers of protection. Customers may also choose high-tech options such as a Bluetooth lock, or go the more traditional route with a padlock accessible by a key.

Proguard Self-Storage, with locations throughout Houston, TX, maintains safe, secure facilities for customers’ peace of mind. Self storage unit security should be at the top of every storage company’s list and we make it a priority. Visit our website for more information.

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$62 Million Bank Loan on Balance Sheet for 5 Property Self Storage Portfolio

Irvine, CA – July 7, 2016 – Talonvest Capital, Inc., a boutique self storage and commercial real estate mortgage brokerage firm, structured $62 million of bank balance sheet loans secured by five separate properties for SoCal Self Storage. The individual loans were secured by well occupied self storage facilities with a combined approximate 350,000 net rentable square feet in various Southern California locations. A large, money center bank funded the 10-year, full term interest only, LIBOR floating rate loans, which Talonvest assisted in converting to fixed rate financing via swap contracts. SoCal benefited from low cost, fixed rate financing and the swaps further provided the borrower an opportunity to secure an early rate lock. Talonvest’s successful negotiations resulted in an earn-out, future advance provision during the first two years of the loan, elimination of cash management requirements, and avoidance of insurance and capital expenditure impounds which further aided the borrower.

Bill Bromiley, principal of Syndicated Real Estate Investments, commented “the Talonvest team delivered a great interest rate while structuring advantageous loan terms for us and then proactively managed a smooth closing.” Denny Geiler, principal of Polo Properties, LLC, added “their knowledge of the capital markets was invaluable and their constant involvement throughout the process directly and positively influenced the results we received”. Joanne Geiler, another principal with Polo Properties and a past president of the SSA, shared “the Talonvest Capital team proved to us their service far exceeds that of a traditional mortgage broker.” The Talonvest team members representing SoCal Self Storage in this assignment included Eric Snyder, Kim Leslie, and Tom Sherlock.

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.

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Aran Insurance Services Group Announces Partnership With Lloyd’s of London

ROCKVILLE CENTRE, N.Y., July 6, 2016 (GLOBE NEWSWIRE) — via PRWEB – Aran Insurance Services Group has announced a new partnership with London-based Lloyd’s. Aran’s property and casualty subsidiary MiniCo Insurance Agency, LLC, has been named a Lloyd’s coverholder. This status grants MiniCo the authority to underwrite business in the United States and Canada on behalf of Lloyd’s syndicates.

As a Lloyd’s coverholder, MiniCo will be granted access to the Lloyd’s brand and financial security. The company will develop unique specialty insurance products designed to provide innovative property insurance solutions and support MiniCo’s independent agent network.

Aran Insurance Services Group Co-Founder and Chairman Tim Kenny commented, “We value the opportunity to partner with Lloyd’s and look forward to working together to develop new programs for Aran’s subsidiary MiniCo Insurance Agency.”

John LaCava, Aran Insurance Services Group President and CEO, added, “This partnership creates new opportunities for MiniCo to respond quickly to market demand to provide much-needed insurance solutions for commercial properties within the self-storage sector and beyond.”

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 http://www.aranins.com.

About Lloyd’s

Lloyd’s is the world’s only specialist insurance and reinsurance market that offers a unique concentration of expertise and talent, backed by strong financial ratings and international licences. It is often the first to insure new, unusual or complex risks, providing innovative insurance solutions for local, cross border and global risks.

Contact:
MiniCo Insurance Agency
Dan Sommer
dsommer@minico.com
+1 (602) 678-3504

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Talonvest Capital, Inc. Structures $62 Million Bank Loan on Balance Sheet for 5 Property Self Storage Portfolio

IRVINE, CA–(Marketwired – July 06, 2016) – Talonvest Capital, Inc., a boutique self storage and commercial real estate mortgage brokerage firm, structured $62 million of bank balance sheet loans secured by five separate properties for SoCal Self Storage. The individual loans were secured by well occupied self storage facilities with a combined approximate 350,000 net rentable square feet in various Southern California locations. A large, money center bank funded the 10-year, full term interest only, LIBOR floating rate loans, which Talonvest assisted in converting to fixed rate financing via swap contracts. SoCal benefited from low cost, fixed rate financing and the swaps further provided the borrower an opportunity to secure an early rate lock. Talonvest’s successful negotiations resulted in an earn-out, future advance provision during the first two years of the loan, elimination of cash management requirements, and avoidance of insurance and capital expenditure impounds which further aided the borrower.

Bill Bromiley, principal of Syndicated Real Estate Investments, commented “The Talonvest team delivered a great interest rate while structuring advantageous loan terms for us and then proactively managed a smooth closing.” Denny Geiler, principal of Polo Properties, LLC, added, “Their knowledge of the capital markets was invaluable and their constant involvement throughout the process directly and positively influenced the results we received.” Joanne Geiler, another principal with Polo Properties and a past president of the SSA, shared, “The Talonvest Capital team proved to us their service far exceeds that of a traditional mortgage broker.” The Talonvest team members representing SoCal Self Storage in this assignment included Eric Snyder, Kim Leslie, and Tom Sherlock.

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.

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Just Closed: Secured Self Storage – Arnold, CA

Bobby Loeffler & Tyler Skelly, self-storage specialists with The Loeffler Self-Storage Group, represented the Seller, ABC Mini Storage of Mountain View, in the sale of the Secured Self Storage property located in Arnold, CA.  The property contains 61,919 net rentable square-feet of storage space and is situated on just over 4.43 acres of land.   The property sold for $2,541,040 to Olive Properties, L.P. in Burbank, CA.  The property includes 301 units and was built in two phases (1988 & 2008).  The buyer plans to hold the property for investment and intends on optimizing operations. For further information, contact Bobby Loeffler at 916-467-7330.

The Loeffler Self-Storage Group (LS-SG.com) is a commercial real estate brokerage firm whose sole objective is the exclusive representation of sellers and buyers of storage properties throughout the West. They are dedicated to maintaining a high degree of professionalism, and furthermore strive to uphold a reputation as industry experts with respect to valuation, transactional experience, and industry knowledge.  To date LS-SG has closed over eighty self-storage transactions in California and Nevada.

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Source Capital, LLC Acquires PTI Security Systems

Capture123123123123Atlanta, Georgia, – June 1, 2016 – Source Capital is pleased to announce the
acquisition of PTI Security Systems (“PTI”), the leading provider of access control
and security solutions to the self-storage industry. PTI founder Lance Comstock will
assume the Chairman position and continue to provide strategic guidance to the
company, while Franklin Young will join the company as CEO and Jeff Flowers will
join as COO.

Lance Comstock, founder of PTI, commented, “We are proud to partner with Source
Capital as a part of this transaction. The resources and strategic guidance provided
by Source Capital will allow PTI to accelerate our current growth trajectory and
capitalize on new opportunities.”

Ben Emmons, Managing Director at Source Capital, noted, “PTI has established
itself as the clear market leader in the self-storage industry by providing innovative
and high quality solutions to its customers. We look forward to working closely with
PTI, Franklin, Jeff and Lance to continue growing the company and expanding its
suite of products.”

About PTI Security Systems

PTI Security Systems is the leading manufacturer of technology-enabled access
control and security solutions to the self-storage industry. The company has a global
reach with more than 25,000 customers across 30+ different countries and is
regarded for its unparalleled customer service and support. PTI’s extensive product
line includes access control hardware and software, wired and wireless door alarms,
individual unit overlock devices and mobile access solutions. PTI operates through
two locations in the U.S., as well as through international distributors in Europe,
Australia and Asia.

About Source Capital, LLC.

Source Capital, LLC is a private equity firm founded in 2002 which makes both
control equity investments and mezzanine debt investments into mature, lower
middle-market U.S. companies across a range of industries. Source Capital’s
investment strategy targets healthy growing companies with greater than $2 million
in EBITDA seeking a growth-oriented partner. Source Capital has completed
acquisitions and invested across a broad selection of industries including: business
services, light manufacturing, consumer products & services, healthcare, and valueadded
distribution. Source Capital has offices in Atlanta and San Francisco.

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OpenTech Recruits Jon Loftin to Lead New Initiative

PHOENIX, Ariz. – June 28, 2016 – Today OpenTech, a technology leader in the self storage industry, announced they have recruited Jon Loftin, one of the industry’s leading access control experts. Jon will report directly to Robert A. Chiti, the companies CEO, and hold the title of Vice President and Product Owner.

Mr. Loftin has held senior management roles in the self storage industry for over 25 years. He has contributed to the success of Digi Tech International, Chamberlain Access Products Group and for the past 5 years has been leading sales, technical support, customer service and marketing for PTI. Jon has managed the dealer/installer networks for all three companies. Jon will be responsible for the development of OpenTech’s new IoE Solutions Platform. Details of the initiative will be announced later this year.

Jon commented, “I have worked with the team at OpenTech for many years and I have watched them continue to grow their company by developing innovative solutions and happy customers. I am excited about getting the opportunity to design, develop and launch an entirely new solution for the self storage industry, built from ground up on the latest technology available.”

Robert A. Chiti said, “We are proud that Jon has decided to join our management team. His values align nicely with OpenTech’s. He puts customers first and will do whatever he can to make them happy. We call it Doing It Right. Jon’s experience and knowledge with access control systems, business, and people makes him the perfect person to lead our IoE initiative.”

Jon will continue to work from Asheville, NC but travel to OpenTech’s headquarters in Arizona on a regular basis. He can be reached at jloftin@opentechalliance.com or his mobile (828) 776-0820.

Why We Do What We Do: 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 also owns a majority stake in StorageTreasures, LLC and operates www.storagetreasures.com, the largest online and onsite self-storage auction market place in the industry with over 950,000 bidders, 7,500 self-storage facilities and over 140,000 auctions held in 2015. OpenTech, Making Self-Storage Easier, So More People will Use It. For additional information, please visit www.opentechalliance.com or call an OpenTech Business Development Manager at (602) 749-9370.

Press Contact:
Mike Sawyer, Director of Marketing
OpenTech Alliance, Inc.
602.324.8655
msawyer@opentechalliance.com

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Farmers Utilize Valuable Cropland to Build Self-Service Storage Facility

PHOENIX – June 30th, 2016 – OpenTech Alliance, Inc. announced today that a couple of farmers have the storage industry buzzing. With a move that might have seemed backwards to most American farmers, brothers Jim and Richard Heidecker made a run at repurposing their farmland to harvest a new crop.

In a move to diversify, the Heidecker’s made the decision to transform a portion of their land to build Westside Storage, an unmanned 400 unit self-storage facility in the rural city of Willmar, Minnesota. While every US farmer is still up to their ears over the drop in corn prices, Jim and Richard have been smiling from ear to ear since the arrival of their first INSOMNIAC Kiosk.

“The decision was practical, considering the forever volatile crop markets. In order to grow the company we needed to utilize the land differently to maximize our profits,” said Jim.

With little assistance, the self-service kiosk has led the charge to increase profits substantially. Over the last 3 years, the kiosk alone has completed 744 new unit rentals, and taken-in 3,155 tenant payments. In addition, the kiosk has also sold a total of 366 locks to new renters after paperwork and payment were completed.

In fact the automated storage business has gone so well that the brothers have already expanded to 3 storage properties (totaling 800 units) throughout rural-central Minnesota. Jim added, “Our storage business is up and running 24/7, and I’m talking to you now while on vacation. So the automated business model works very well.”

For over 30 years, the Heidecker Brothers have been farming, and their once thriving (sure to rebound) agriculture business has been transformed into a larger and more diversified company.

“OpenTech has enabled us to make a whole new living outside of crop farming. The kiosks have been a great investment. Without the kiosks, we would have storage units in the middle of a corn field along with a bunch of headaches,” said Richard.

Why We Do What We Do: 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 also owns a majority stake in StorageTreasures, LLC and operates www.storagetreasures.com, the largest online and onsite self-storage auction market place in the industry with over 950,000 bidders, 7,500 self-storage facilities and over 140,000 auctions held in 2015. OpenTech, Making Self-Storage Easier, So More People will Use It. For additional information, please visit www.opentechalliance.com or call an OpenTech Business Development Manager at (602) 749-9370.

Press Contact:
Mike Sawyer, Director of Marketing
OpenTech Alliance, Inc.
602.324.8655
msawyer@opentechalliance.com

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