Self-Storage Market Update: Key Transactions and Developments in May 2024

Self-Storage Market Update: Key Transactions and Developments in May 2024

Hey Storage Pros,

I hope you’re all doing great and your facilities are running smoothly. This week, I’ve got some exciting news and updates from the self-storage world to share. But first, let’s talk about something every manager faces at some point—dealing with employees who resist change.

I just published a deep dive on this topic, with practical tips and insights from top management experts. Whether rolling out new technology or tweaking operational processes, managing resistance can be challenging. Check out my latest piece, “When Change Hits the Fan: Handling the Office Resistance,” for strategies to turn those hurdles into stepping stones.

Read more

Now, let’s dive into this week’s updates and news in the self-storage community...

Today, we're exploring the latest acquisitions, sales, and strategic moves reshaping the market. Let's examine the key updates and their implications for the future.

1. Significant Portfolio Acquisition in Fort Morgan, Colorado
   National Operator Acquires Four-Property Portfolio for $4.8M
   A national operator has acquired a four-property self-storage portfolio in Fort Morgan, Colorado, comprising 88,302 square feet across 503 units.
2. U-Haul Expands in Decatur, Alabama
   U-Haul Purchases Assured Storage
   U-Haul International Inc. continues its expansion by acquiring Assured Storage in Decatur, Alabama, a facility with 246 units on a 2-acre property.
3. Shurgard Self Storage Europe Expands in France
   Acquisition of Box à la Carte in Sénart
   Shurgard Self Storage Europe, affiliated with Public Storage Inc., has purchased Box à la Carte in Sénart, France, adding 44,132 square feet in 570 units.
4. Prime Group Holdings Grows in Providence, Rhode Island
   CubeSmart Facility Sold to Prime Group
   Prime Group Holdings has acquired a CubeSmart Self Storage facility in Providence, Rhode Island, expanding its presence with a 65,642 square-foot, 749-unit facility.
5. Carlyle Group Acquires Life Storage Properties in NYC
   Carlyle Group Buys Four Properties for $110.4M
   The Carlyle Group has purchased four Life Storage properties in Brooklyn and Queens, New York, totaling 110,000 square feet across multiple locations.
6. VanWest Partners Expands in Jacksonville, Florida
   Stop-N-Go Storage Acquired by VanWest
   VanWest Partners has acquired Stop-N-Go Storage in Jacksonville, Florida, adding 39,570 square feet with plans to expand further.
7. MooveIn Self Storage Adds Storage World in New Jersey
   Acquisition in Mickleton, New Jersey
   MooveIn Self Storage has acquired Storage World in Mickleton, New Jersey, which includes 454 units on an 11-acre site.
8. Marcus & Millichap Broker Numerous Transactions
   Multiple Sales Facilitated by Marcus & Millichap
   Notable transactions include the sale of Affordable Mini Storage in Refugio, Texas, to Kingcrest Communities and a CubeSmart facility in Kenosha, Wisconsin, to Inland Real Estate Acquisitions LLC.
9. SteelBlue Announces New Products and Leadership
   SteelBlue Introduces 9530 Series Roll-Up Door
   SteelBlue has launched new products, including the 9530 Series roll-up door, and appointed Thomas Vaughn as General Manager of Operations.
10. U-Haul's New Project in Kenton, Ohio
    Former Kmart Site Transformed
    U-Haul is converting a former Kmart site in Kenton, Ohio, into a self-storage facility, creating jobs and revitalizing the area.
11. MegaCenter USA Expands in Memorial, Texas
    Premier Self-Storage and Office Space
    MegaCenter USA is offering advanced storage solutions and flexible office spaces in Memorial, Texas, supporting local businesses and residents.
12. The Storage Acquisition Group's Major Portfolio Purchase
    Acquisition of 10 Class A Facilities
    TSAG has acquired 10 Class A self-storage facilities across several states, marking a significant expansion.
13. Legal Changes in Kansas and Georgia
    Self-Storage Law Amendments
    Kansas and Georgia have signed new laws recognizing electronic agreements and affecting the disposal of property left in storage units.

🔒📚 Hi! I'm Eric Manning, a self-storage operations nerd and lifelong learner. 🗝️ My articles blend industry know-how with a dash of humor and wisdom. Whether you're a storage newbie or a pro, join me as we explore the world of storage, one witty insight at a time! 📦😊🔑