Inside Self-Storage

SEP 2018

Inside Self-Storage (ISS) is an information source for industry owners, managers, developers and investors covering news, trends, facility operation, finance, real estate, construction, development, marketing, technology, insurance and legality.

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Subscribe To Our FREE Weekly Newsletter. Stay on top of what's happening in the industry and get links to the latest news, feature stories, videos, and more straight to your inbox. SIGN UP TODAY! insideselfstorage.com/newsletter Subscribe To Our FREE Weekly Newsletter. The preferred Vertical Pivot gate in the Storage industry! Whatever source of financing you choose, finding a lender with self-storage knowledge and experience can be critical to the success of your conversion project. Strong Outlook Though many believe the pent-up demand for self-storage has been met, population growth coupled with downsizing indicates customer needs will continue. "Re-urbanization in many cities is allowing for conversions," says Hemingway. "With more people living in smaller homes, they still need a place to store their belongings." Keep in mind conversions are heavily influenced by the specifics of the existing structure and the dynamics of the surrounding market. Knowing the real estate value, population trends, foot traffic and other factors can help you determine how successful your project may be. Self-storage conversions are a fitting option for owners and developers looking to launch or expand their businesses. Once you find the right building, financing will allow you to ramp up the project and take the steps toward ownership. After that, it should be smooth sailing. Terry Campbell is general manager for the self-storage lending division of Live Oak Bank, which specializes in financing for facility acquisitions, construction, expansion, refinancing or renovation. He has more than 23 years of self-storage industry experience as a supplier as well as ownership in self-storage projects. For more information, call 910.202.6933; e-mail terry.campbell@liveoak.bank; visit www.liveoakbank.com/self-storage. Before and after views of City Storage in Wilmington, N.C. September 2018 I ISS 39

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