There are times when a lack of activity is good. It shows that things—whatever they may be—have not gotten worse. You could make an argument that they haven’t gotten better either, but sometimes that’s okay. However, for other things activity is a sign of something being healthy and vibrant. That is exactly how the self storage industry can be described—healthy, vibrant, and active.
Over the last year there was not a lot of new construction in the self storage industry, but there was still plenty of activity in the industry with a number of facilities being bought and sold as well as refurbished. So far there does not appear to be any reason to think that will not change this year.
Storage Mart has continued its efforts to expand its portfolio this year by recently completing a purchase for 18 Budget Storage and Advance Self Storage locations in Iowa, Kansas and Nebraska.
“We’re excited by the opportunity to not only enter the Des Moines market, but to do so as the largest provider of self storage in the area,” StorageMart President Cris Burnam said. “We’re looking forward to bringing to the people of the Des Moines the high standards of service and innovation which have become synonymous with the StorageMart brand and made us a leader in the self storage industry.”
Where there are buyers there has to be those willing to sell too. In some cases, they engage the services of a broker to help facilitate a sale. It certainly worked for AAAA Self Storage Big Bethel in Hampton, Virginia. They engaged the services of Stuart Wade of the Nicholson Companies; a member of the Argus Self Storage Sales Network.
In spite of the tough economy there are some that are still trying to build new facilities. Storage One in Ohio (Violet Township) is hoping to build a new self storage facility on a three acre plot. However, before they can do they have to get a variance from the Board of Zoning appeals.
Among the variances that Storage One had to apply for is one that will allow the facility to hold auctions.
“They are held as needed and will provide minimal disruption to current customers and neighboring properties,” Storage One President James Johnson wrote in his variance application.
A vote is supposed to be held this coming Thursday.
“Storagemart Acquires Budget Storage.” Storage Mart; 17 March 2014.
“Argus Self Storage Sales Network Broker Affiliate Sells Virginia Self Storage Facility.” PR.com; 16 March 2014.
“Massive self-storage facility proposed at Milnor-Refugee.” This Week Community News; 15 March 2014.
“Self-storage firm asks for variances to build in Violet Township.” The Columbus Dispatch; 12 March 2014.