• Severance, CO, $1,450,000; 23,400 RSF.  Contact Broker Affiliate, Joan Lucas at 720-855-6587.

• Randolph, MA, $2,260,000; 24,475 RSF.  Contact Broker Affiliate, Joe Mendola at 603-668-7000.

• Lee's Summit, MO, $1,850,000; 31,800 RSF.  Contact Broker Affiliate, Larry Goldman at 816-931-3101.

• Fort Worth, TX, $2,300,000; 37,200 RSF.  Contact Broker Affiliates, Richard Minker or Tyler Trahant at 1-888-7-MINKER.

• Martinsville, VA, $2,750,000; 55,991 RSF.  Contact Broker Affiliates, Dale C. Eisenman at 843-342-7650 or Kathleen O'Brien at 703-538-2382.

• Have you ever thought of joining the Argus Self Storage Sales Network?  We are looking for broker affiliates in certain areas of the country.  If you are interested, please visit our website to learn more.  Join the Argus Network.

• Why do lemmings race to the sea?  The real question is "What causes a market to become overbuilt?"  Be sure to read your April Market Monitor about overbuilding, why and where it's happening, and what you can do about it.  To see this article as well as past issues, visit our website.
  
  The next issue will be May 2003.  Look for it in your mailbox around May 27th.  You'll be sure to learn something new in this one!  Not a current subscriber?  Subscribe today!
  

• Sovran reports rental revenues of $100.0 million for the year ended December 31, 2002, an increase of $10.9 million or 12.2% compared to 2001 rental revenues of $89.1 million. $1.2 million resulted from a slight increase in revenues at its 222 core properties.  The remaining $9.7 million increase in rental revenues resulted from the acquisition of 23 stores during 2002.  Other income increased $0.2 million due to increased insurance sales and the additional revenue generated by truck rentals.  Full Article
   

• Could it happen to you?  According to a recent article in Inside Self Storage, the city council of Aurora, Colorado has passed a zoning-amortization ordinance to the detriment of several small businesses. In an effort to revitalize the less-than-desirable area which is the new home of  the University of Colorado Health Sciences Center, the City of Aurora has given some business owners – including self storage -- a period of time to conform to new zoning requirements or get out.  The article states, “Unlike condemnation, in which the government of a municipality pays owners a fair price for the property, amortization requires owners to find a conforming use for their property or dispose of it.”  Full Article
   

• Public Storage Portable Self-Storage Business May Not Survive Hard Times.  Public Storage Pickup & Delivery (“PSPUD”) was organized in 1996 to operate a portable self-storage business. PSPUD has incurred operating losses each year since 2000.  The company reports losses of $5,135,000 in 2000, $2,218,000 in 2001 and $10,058,000 in 2002. PSPUD closed 22 facilities that were deemed not strategic to the Company’s business plan during 2002.  Public Storage owns all of the economic interest of PSPUD.    (Source: Public Storage, Inc. Form 10-K, December 31, 2002)

   

• SSA Fall Conference & Tradeshow, September 10-13, 2003 in San Diego.  For more information or to register, go to www.selfstorage.org.
   

• ISS Expo, October 2-3, 2003 in New Orleans.  For more information or to register, visit the ISS website at www.insideselfstorage.com/expo.

Congratulations to Argus Broker Affiliate 
Peter Hitler
of Investment Real Estate Specialists on the sale of 
Security Storage in Waupaca, WI!

*   *   *   *   *

Congratulations to Argus Broker Affiliate 
Joan Lucas
of Joan Lucas Real Estate Services on the sale of 
Lake Arbor Self Storage in Westminster, CO!

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The Argus Self Storage Sales Network
"America's Self Storage Brokers"
1-800-55-STORE
info@argus-realestate.com

Storage King
East Bridgewater, MA
 

This prime self-storage location is situated on 20 acres.

• 350 storage units, 38 climate-controlled
• Additional income from apartment rentals
• Great demographics in primary market

For more detail, view the listing.  For the full property presentation, call Argus Broker Affiliate Joseph Mendola at 603-668-7000.

Bob Bader Company is pleased to announce the addition of Mike Gilbert, CPCU, to our staff.  Mike has more than 30 years experience in the commercial insurance field and is offering Business Owners insurance coverage to the self-storage industry.