Have you ever played poker with someone that wanted to go all in just about every chance he got? He or she was so confidant/arrogant about the cards they were holding that they were willing to risk it all. Chances are—sometimes it worked, but in the end that sort of reckless play ends with the high roller going home unhappy.
Some businesses like to go all in when it comes to their company/industry as well. On its face the idea has merit. How better to show confidence in your company, your people, and your product/service? However, when you go all in you are not prepared to deal with any setbacks and pitfalls that may arise. Should part of the business plan go awry you could lose so much money that the company can’t recover.
While there is something to be said for the bold approach there is just as much if not more that can be said about a careful methodical approach—like what many self storage companies use in their expansion plans.
For example, recently Advantage Self Storage purchased a site in a suburb of Dallas. It is the company’s third purchase over the last nine months. For the year the company has spent over $20 million in properties.
“Advantage Self Storage is very excited about closing on another joint venture with Harrison Street Real Estate. This infill urban storage development will be an incredible addition to the Advantage and Harrison Street portfolios,” said Rick Jones, CEO of Advantage Self Storage.
The company has acquired, developed, and operated 29 facilities in its portfolio and over two million square feet of self storage space. They currently operate 15 facilities in the Dallas-Forth Worth area.
Advantage Self Storage is not the only company that has taken a methodical approach to investing further in to the self storage industry. Since 2010 Metro Storage has acquired 47 properties. Recently the company acquired three additional facilities in the Atlanta area.
“This is an exciting acquisition for us,” said Blair Nagel, CEO of Metro Storage LLC. “It will enable us to leverage our strong presence in the Atlanta market to maximize revenue and occupancy at the new stores while continuing to deliver an exceptional storage experience for our customers.”
The three facilities combined will add over 200,000 square feet and 1,775 additional self storage units to the company’s portfolio.
“Advantage Self Storage Announces Third Development Project in the Last Nine Months.” PRWeb; 14 June 2014.
“Metro Storage LLC Acquires Three Georgia Self Storage Properties in the Atlanta Market.” PRWeb; 6 June 2014.