Inside Self-Storage

APR 2019

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.

Issue link:

Contents of this Issue


Page 9 of 93

ISS World Expo Education DVDs Available for Pre-Order The education DVDs that will be recorded during the 2019 Inside Self-Storage World Expo in Las Vegas, April 1-4, will be available for pre-order at special show pricing for the duration of the event. They'll also be available online starting March 28. Customers can choose from 42 individual seminars and multiple discount packages. Individual sessions will eventually be available as on-demand video as well. For more information, visit NEWS Notable Transactions Lok'nStore Group PLC of the United Kingdom has sold its document-storage business, Saracen Datastore Ltd., to competitor Iron Mountain UK PLC for £7.6 million. The company intends to use the funds from the sale to pay down debt and help fund its acquisition and development plans. Investment-management f rm Nuveen Real Estate has acquired 90 percent interest in 21 self-storage properties owned by Morningstar Properties LLC, which operates facilities under the Morningstar Mini-Storage brand. The portfolio comprises about 14 million square feet in nine markets. Morningstar will retain a 10 percent stake in the joint venture and act as operating partner. Strategic Storage Growth Trust Inc. (SSGT) and Strategic Storage Trust II Inc. (SST II), both sponsored by SmartStop Asset Management LLC, have completed their merger. Under the agreement, SST II acquired SSGT for $340 million, and SSGT stockholders received $12 per share in cash. Looking for news on industry acquisitions, sales, new hires, new products, events, legislation and more? Keep on top of late-breaking news with the ISS news feed or newsletter. Choose your option at Legal Battles Public Storage Inc. is facing a $100 million class-action lawsuit from past tenants claiming they were forced to buy tenant insurance from the company as a condition of renting a unit. Perez, et. al. vs. Public Storage alleges employees misled customers into believing they had to obtain tenant insurance through Public Storage as a uniform practice, which violates California's unfair competition law. In its legal f lings, Public Storage argues that it requires tenants to have insurance for the goods they store but doesn't stipulate where a policy must be purchased. Bluetiger Properties, a joint venture between Framework Group LLC and MTC Corp., is suing the city of Tampa after the council rejected its mixed-use project that would include self-storage. The lawsuit contends the council ignored city zoning parameters and seeks to overturn the denial. Tenants of a Croydon, England, Shurgard Self Storage facility that was destroyed by f re in December are planning to sue the company. Though it's not clear if legal steps will include a class- action suit, 1,198 customers lost belongings in the blaze. Affected customers are expected to claim that safety failures contributed to the loss of personal property. Jernigan Capital Inc. has f led a lawsuit against its partners on a construction project in Miami. The $17.7 million suit seeks to foreclose on the project and seize the site from MM Storage Partners LP and Storage Partners of Miami I LLC as well as loan guarantors Bruce and Jonathon Manley. VendorWorks Storage Commander Software LLC, formerly known as Empower Software Technologies Inc., has been acquired by Fullsteam, a holding company that purchases software and payments businesses. Storage Commander co-founders Tom Smith and Jeff Power will remain with the company and continue to oversee daily operation. The Mele Group has joined real estate f rm Cushman & Wakef eld and will be based in the company's Tampa, Fla., off ce. Led by Michael Mele, the 16-person group had been the predominant self-storage advisory team for commercial property-investment f rm Marcus & Millichap. Lock America International has developed a locking hasp for self-storage swing doors and most f at sectional doors. The patent-pending hasp replaces the traditional clam shell-covered padlock. Storage Business Owners Alliance LLC has partnered with Lease Corp. of America (LCA) to provide equipment-f nancing solutions to its members. LCA offers f nancing on HVAC systems, golf carts, keypads, off ce furniture, security systems, storage units and other items. StorTrack has added several enhancements to its SiteFinder tool. Among the new features is the ability to f lter searches by location type and count, including within a city or ZIP code. Users can use the tool to pinpoint areas that meet rate- and property-type threshold criteria. Self-Storage Data & Mapping Solutions has added new features including bi-monthly supply updates and a third-generation drive-time search algorithm. The company has also expanded its emphasis on new projects within the f rst 120 days of development, and improved U.S. Census demographic search times and search engine coverage. 8 ISS I April 2019

Articles in this issue

Links on this page

Archives of this issue

view archives of Inside Self-Storage - APR 2019