Although the real estate market is still struggling in response to the recession, one sector of the market is still doing well: self storage. Several self storage facilities have either opened or changed hands in the last few weeks, some in all-cash transactions. Below is a state-by-state breakdown of some recent self storage real estate news:
- Alabama: A Fultondale self storage facility, containing 436 units, was sold this week.
- California: Garfield Avenue Self Storage of Bell Gardens, California, an 873-unit facility, was purchased this week with cash. It will become part of the A-1 Self Storage chain of facilities.
- Illinois: Four self storage facilities in Chicago sold earlier this month for $11.8 million. In addition, a new self storage facility is being planned for McHenry County, Illinois.
- Kentucky: A new self storage facility, CITYSpace on Main, opened in Louisville this week. The property for the facility was sold in March of this year.
- Michigan: Storage Pros Self Storage of Cedar Springs has expanded, purchasing a truck and trailer rental business.
- Mississippi: Two self storage facilities were sold earlier this month. Lock Up Self Storage of Kiln was sold to an out-of-state investor for $337,500. In Biloxi, B&G Climate Control Warehouse sold for $1.3 million.
- Ohio: A Hancock County fire department is building its own self storage facility, called Station 6 Storage.
Self storage is also doing well internationally:
- Australia: Just Real Estates Investments announced earlier this month that it is looking for self storage investment opportunities in prime industrial areas. Just Real Estates is hoping to invest between $2 and $5 million in self storage.
- Kingdom of Bahrain: The Takhzeen Warehousing and Storage Company announced Sunday that it has begun the construction of a $15 million self storage facility.
Dunlevy, Maurice. “Self-storage sheds find place in the sun: Gold Coast.” Business with the Wall Street Journal. Reprinted from The Australian. Sept. 23, 2010.
Haq, Robeel. “Takhzeen constructs self-storage warehouse.” Arabian Supply Chain.com. Sept. 26, 2010.