Inside Self-Storage

JUN 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.

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The Inside Scoop Inside Self-Storage (ISS) and Baja Carports have released a new whitepaper, "Incorporating Solar Canopies Into RV- and Boat-Storage Facilities." The free publication explains how operators can generate more revenue. Readers will learn the benef ts of solar canopies, how to know if it's right for a site, tips for carport/facility design, and rebates that are available to offset construction costs. It can be downloaded in the Resource Center at insideselfstorage.com. ISS and Live Oak Bank have released a case study focused on self-storage f nancing. "Helping Self-Storage Owners Finance Business Growth" shares the story of National Self Storage - Dove Mountain, a newly built facility in Marana, Ariz., highlighting the role f nancing played in developing this unique property, which features eye-catching design and advanced technology. The publication can be downloaded in the Resource Center at insideselfstorage.com. NEWS 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 insideselfstorage.com. Legislation The national Self Storage Association (SSA) reports it has positively impacted changes to the 2021 International Building Code and their impact on storage facilities. Upcoming modif cations include distance to restrooms, maximum allowable height of sprinklered buildings, and conditional exemptions from automatic-sprinkler installations, according to an e-mail newsletter sent to SSA members. The changes will go into effect as they're adopted by local and state governments during the next few years. The governors of Mississippi, Montana and Virginia have signed updates to their state self-storage regulations, allowing facility operators to sell tenant insurance, send lien notices via verif ed mail or e-mail, and conduct auctions online, respectively. The SSA and state associations supported all three measures. Products Four industry veterans have launched a subscription-based consulting service called "Ask the Storage Experts." The organization was founded by Cynthia Ashby, who launched consulting f rm Dynamic Self Storage Solutions in 2017. The team also includes Kevin Leebrick, a Dynamic partner; Magen Smith, founder of Magen Smith CPA LLC; and Matthew Van Horn, co-founder of 3 Mile Domination Self Storage Services. Subscribers can choose between a monthly or annual program, and will have access to team members via e-mail or by phone depending on subscription type. G5, provider of Digital Experience Management software and marketing services, has launched its Smart Digital Advertising platform. The suite of technologies is designed to increase customer conversions by leveraging automation and artif cial intelligence to optimize targeted campaigns based on consumer interest. Yardi Systems Inc., a provider of property-management software, has introduced its new Breeze software, designed for smaller storage portfolios. The platform includes an accounting system, integrated marketing, online payments and more. It can be set up online and offers unlimited live-chat support. Internet-marketing company The Storage Group has released a Spanish version of its ClickandStor online-rental tool. The Progressive Web App will retain all its functionality on the multi-lingual platform, including a newly added shopping-cart function and a metric- and imperial-measurement system. Australia mobile-storage operator TaxiBox, in conjunction with its capital partners, has launched Calcumate, an SaaS (software as a service) calculator for the self-storage industry. Facility operators can plug the white-label offering into their websites to help customers select the right size storage unit. MiniCo Insurance Agency LLC is offering an upgraded business owner policy as part of its self-storage insurance program. The upgrade includes new coverages, limit and deductible options as well as policy-option f exibility. Notable Transactions Investment-management and real estate f rm Jones Lang LaSalle Inc. (JLL) has entered an agreement to acquire HFF Inc. in a cash-and-stock transaction worth about $2 billion. Though the deal has been unanimously approved by both boards of directors, it's subject to approval by HFF shareholders and customary closing conditions, including regulatory review. It's expected to close during the third quarter. Real estate f rm Suburban Capital Inc. has sold its entire Happy Boxes self-storage portfolio for $75 million. Real estate investment trust Public Storage Inc. acquired the majority of the 12 facilities, while an undisclosed buyer purchased the remaining sites. The Happy Boxes locations are primarily in Virginia, with one under development. Private-equity f rm Fairway America LLC launched an investment fund dedicated to self-storage acquisition and development, particularly conversion opportunities. The Fairway America Value-Add Self-Storage Fund will seek to acquire "vacant big-box retail properties at signif cant discounts and repurpose them into class-A self-storage facilities." Newcore Capital Management LLP, a U.K. real estate investment manager, is entering the self-storage sector. The company intends to commit an initial £10 million from its £100 million Newcore Strategic Situations IV fund to amass a portfolio of freehold properties primarily in Southeast England. 6 ISS I June 2019 www.insideselfstorage.com

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