"America's Premier
Self Storage Brokers"
April 2005
2953 S. Peoria Street
Suite 207
Aurora, CO 80014
1-800-55-STORE
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"America's Premier April 2005 |
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2953 S. Peoria Street |
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--Albert Einstein Isn't it funny how you can look at a situation today and it seems so different from the way you saw it yesterday? And tomorrow, depending on your attitude and perception, it can be different yet again. As we look back over the last year in the self storage industry, we can see the many changes. Some are good and others not so good -- depending on your perspective, of course. We've seen interest rates rise and cap rates fall. We've seen overbuilding drive competition up and push rental rates down. Conversions have become more popular as land is harder to find, and older facilities are proving to be real competition for the fancy new ones. If you shift your perception slightly, you may see things in a new way. You may begin to realize that what seems negative today can actually become an opportunity if you choose to see it that way.
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Next in the Argus
Is Your
Success Inviting Competition?
If you would like to have the answer to these questions, you
are invited to join us on a FREE teleconference
with Argus Self Storage Sales Network President, Mike McCune.
Argus has developed a detailed model of the short and long-term financial
impacts of overbuilding. We will provide the tools to help you determine
what to do about overbuilding and when to act. RESERVE YOUR SPACE TODAY! Wednesday, May 11th 2:00 p.m. EDT
Please RSVP by May 6th b b b
Bruce Bahrmasel b b b
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$3,500,000
Contact Broker Affiliate PROPERTY HIGHLIGHTS
22,700 SF Existing - 4 Single Story Buildings Approved 38,708 SF to be built - 2 Story Climate Control Route 46 Highway Access Security and Surveillance Systems, Perimeter Fencing GENERAL DESCRIPTION Storage Bin is located in the township of Hackettstown off of Highway Rt. 46. The existing facility was built in 2001 and total acreage is 5.99. The site includes public utilities from Hackettstown Municipal Authority, public sewer and natural gas.
Security and surveillance systems are used in combination with perimeter fencing to assure a secure facility. On site management during hours of operation communicates with current tenants and prospective tenants to provide another level of security. The adjacent properties consist of residential homes and two vacant parcels of land, one of which is expected to become a “big box” retail establishment and the other is owned by Hackettstown Ford.
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New Argus Listings
Check out all of our Current Listings
Capital
Markets Update April 2005 - The self-storage industry continues to receive positive recognition from rating agencies, research analysts, institutional investors, and lenders. The latest statistics outlined in Standard & Poors (“S&P”) CMBS Quarterly Insights report states that S&P currently rates $4 billion in self-storage loans and less than .25% are delinquent. Additionally, of the 30,000 CMBS loans that Standard & Poors has rated over the past 10 years, self-storage loans have the lowest delinquency rate of all property types at less than 1%. As a result of these strong fundamentals, many lenders are aggressively underwriting new properties still in lease-up so owners may lock in full loan dollars at today’s interest rates even though their property has not yet reached stabilization. Some lenders are bridging the gap between stabilized occupancy and current lease-up occupancy with “letters of credit” and, in some cases, they may offer “traditional earn-outs” based on one month of income annualized at a break-even debt coverage ratio. Lenders are also aggressively pursuing low leverage financings. For example, some 10-year fixed rate loans are being priced at less than 80 basis points over Treasuries 10 years of interest only payments. Some lenders are even providing for secondary financing and declining prepayment penalties in lieu of defeasance or yield maintenance. The enormous amount of money available in the capital markets coupled with strong fundamentals in the self-storage industry is resulting in some of the most aggressive underwriting we have seen in many years. For more information or assistance contact Eric Snyder, Buchanan Storage Capital, at 1-800-675-1902 or via e-mail at eps@buchananstreet.com. Visit the Buchanan Storage Capital website at www.buchananstoragecapital.com.
Public Storage will release First Quarter 2005 numbers on May 5th. A conference call to discuss results is scheduled for May 6th. The call is free to participants. For more information and dialing instructions, see full Press Release. Shurgard Storage Centers, Inc. Releases Fiscal Year 2004 Results. Shurgard announced that net income for 2004 was $45.3 million, up 20% from $37.6 million reported in 2003. Net income for the 4th quarter was $6.6 million, up from $3 million in the same period in 2003. For more details, read the full Press Release. Storage Deluxe Announces Opening of New Facility in the Bronx, NY. Manhattan-based Storage Deluxe recently announced the opening of a newly constructed property in the Bronx. The facility is strategically located at 200 East 135th Street, between the Madison Avenue and 3rd Avenue Bridges, just off the Major Deegan Expressway. The 130,000 SF facility includes a four-story building containing over 1,100 storage units and three one-story buildings with 180 specially designed direct access, drive-up units - a first of its kind in the Bronx. The facility also has 24-hour access, free pick-up, state-of-the-art security system, on-site management, climate-controlled units and a fully equipped business center. The newly constructed facility represents the first phase of development with a second phase to provide an additional 125,000 SF of self-storage. For more information, visit the website www.storagedeluxe.com. Morningstar Properties Takes on Mix-Use Development Project North Carolina-based self storage company Morningstar Properties paid $3 million for a 3.4-acre site on which it plans to build a $15 million, 110,000 SF development featuring offices, shops and self storage. Because of the self storage aspect, the Company bought the project from local developer, Ed Brigham, who steered the plan through a rezoning in 2003. Plans call for construction of a four-story, 83,000 SF self storage building that will be operated by Shurgard Self-Storage, a Morningstar affiliate. The climate-controlled building will offer a covered loading area and retail space which will sell moving supplies. For more information on Morningstar, visit their website at www.morningstarstorage.com.
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b b b "Ray Wilson on Self Storage" Teleconference
Did you miss the call?
Request a copy of the call summary.
b b b May 5-6, 2005 Arizona Mini-Storage Association Sheraton Crescent Hotel, Phoenix, AZ www.azselfstorage.com
May 5-6, 2005
May 18, 2005 August 24-26, 2005 Missouri Self-Storage Owners Association Conference & Trade Show Lodge of Four Seasons, Lake of the Ozarks, MO 816-587-5330 September 8-10, 2005 SSA Fall Conference & Trade Show Las Vegas, NV www.selfstorage.org September 19-21, 2005 Texas Mini-Storage Association Annual Trade Show & Convention www.tmsaonline.org
October 26-29,
2005
List your event for
free... b b b "We make your phone ring!"
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Put America's Finest Self Storage Brokers to Work for You! |
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Click Here to Contact Us Phone 303-785-6085 Toll Free 1-800-557-8673 Online www.selfstorage.com |
Melanie R. Aaron
is the Director of Marketing &
Operations for the Argus Self Storage Sales Network and
www.selfstorage.com. She can be
reached at 303-785-6086 or via e-mail at
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