• Foley, AL:  $5,250,000; 107,546 RSF.  Contact Broker Affiliate Bill Barnhill at 888-801-4534.

• Mobile, AL:  $2,695,000; 49,205 RSF.  Contact Broker Affiliate Bill Barnhill at 888-801-4534.

• Ft. Mohave, AZ:  $1,975,000; 29,951 RSF.  Contact Broker Affiliates Clifford Crowe/Mike McVay at 760-929-9700.

• Palm Springs, CA:  $4,050,000; 61,565 RSF.  Contact Broker Affiliates Clifford Crowe/Mike McVay at 760-929-9700.

• Montrose, CO:  $1,425,000; 50,120 RSF.  Contact Broker Affiliate Joan Lucas at 720-855-6587.

• Post Falls, ID:  $2,250,000; 47,120 RSF.  Contact Broker Affiliate Larry Hayes at 406-728-0088.

• Rome, NY:  $300,000; 9,403 RSF.  Contact Broker Affiliate Mike Bellinger at 315-445-8523.

• Cincinnati, OH: $1,750,000; 50,000 RSF.  Contact Broker Affiliate Robert Off at 513-272-1850.

• Columbia, SC: $4,250,000; 62,875 RSF.  Contact Broker Affiliate Dale C. Eisenman at 843-342-7650.

Check out all of our Current Listings

Congratulations to Argus
Broker Affiliate

Mark Keys
of Cornerstone Realty on the sale of
Classic Storage Station in Pearland, TX!
~~~~~~~~~~~
The Argus Self Storage Sales Network
"America's Self Storage Brokers"
1-800-55-STORE

info@argus-realestate.com

Merchandising Programs and Displays:
An Important Piece of Your Facility's
Marketing Plan

Supply Side manufactures, distributes and develops products and merchandising programs for the self-storage industry.  The company's merchandising programs and moving-center displays take the guess work out of product selection and display layout, and eliminates out-of-stock and over-stock situations. 

In addition, Supply Side has a shipping program where self-storage facilities can act as parcel service centers by having UPS and/or FedEx right in their store.  PackRite(R) products and Mover Tough(TM) boxes are designed to appeal to customers and turn self-storage retail areas into dynamic moving centers.  Contact Bill Meyers at 1-800-305-6110 or visit the company's website at www.suplyside.com.

___________________________________ 

Looking for a vendor?  
Check out www.selfstorage.com! 
Search for a vendor by location or category, solicit proposals or request a bid on the Marketplace, post a question or discussion topic on the Forum.
___________________________________ 

Owners... Managers...

Earn a COOL $100 this Summer!

Simply use the MARKETPLACE on www.selfstorage.com.  As a self storage owner or manager, you have easy access to the premier vendors in the industry.  Solicit bids, proposals and answers to your self storage questions from hundreds of industry vendors.  The person/facility that uses the MARKETPLACE most often between July 25th and August 31st will get $100.* 

Take me there!

*No purchase obligation.  However, all inquiries and requests must be legitimate.

Over the past 60 days, the real news in the capital markets has more to do with creative loan structures than interest rates.  Specifically, the 10-Year Treasury is currently trading around 4.40% and has not changed significantly since its spike from 3.75% during the first quarter of this year.   On the other hand, fixed rate lenders are offering significantly more flexible loan structures to self storage operators. 

For example, lenders are providing long-term fixed rate loans today even though a facility may not yet have achieved full stabilization.  Several lenders are underwriting the most current month of income on an annualized basis to size a loan if the property has maintained a strong lease-up rate. Some lenders have even been as aggressive as to only require that the current month of net operating income generates a “break even” debt coverage ratio as long as within 3 - 6 months of loan closing the stabilized net operating income will generate a 1.25 debt coverage ratio.  Additionally, if a property is 6 months or more from stabilization, lenders may provide the option to obtain a loan leveraged at 75% of stabilized value by securing the “shortfall” of income with a letter of credit.  This is a major change from traditional underwriting that requires the trailing 12 months of income & expenses to generate a 1.25 debt coverage ratio.  Both of these options make it possible to secure a fully leveraged loan at today's rates rather than taking interest rate risk upon stabilization in the future.  It is important to realize, however, that lenders will take 60 to 90 days to fund a loan and will expect that the property's income continues to increase during this timeframe.

Finally, it is important to stress the fact that these aggressive loan structures are mostly available for A-quality developments in good locations in which the lease up has been strong and consistent.  It would be difficult to obtain this type of financing if the property's leasing performance has struggled or there are plans for new self-storage developments in the market. 

Eric P. Snyder is a principal at Buchanan Storage Capital and can be reached at 949-219-1201 or toll free at 1-800-675-1902 or via e-mail eps@buchananstreet.com.  You may also visit the BSC website.

NATIONWIDE TELECONFERENCE

"Changing Times"

Self storage valuations, cap rates, interest rates and overbuilding in a new economic environment.

Join us for this informative free* teleconference with the industry's leading experts: Neal Gussis, Michael L. McCune and R. Christian Sonne.

Wednesday, August 18th @ 2:00 p.m. Eastern
OR
Tuesday, September 14th @ 2:00 p.m. Eastern

Please RSVP one week in advance of call date.  Call your local Argus Broker or 1-800-55-STORE.  You may also RSVP via e-mail.  An online presentation will be available prior to the teleconference.

*Long distance charges may apply.

~~~~~~~~~~~~~~

Do you run or are you a member of a state self storage association?  If so, be sure your organization is listed on www.selfstorage.com.  Check out the list of associations on the website.  If your organization is not listed, send us an e-mail with the contact information.  Association listings are free.

• SSA 2004 Developers Seminar, September 7-8, 2004 at Caesars Palace, Las Vegas.  For more information, read the Seminar Program.
   

• SSA Fall Conference & Tradeshow, September 8-11, 2004 in Las Vegas.  For more information or to register, visit the SSA website at www.selfstorage.org.
   

• "The Market is Changing" Teleconference, August 18 or September 14, 2004.  Hosted by industry experts Neal Gussis, Michael McCune and R. Christian Sonne.  Call 1-800-557-8673 or e-mail RSVP.  (Please include your name, company, phone number, City/State/Zip and call date in e-mail.)
   

• Texas Mini Storage Association Convention and Tradeshow, October 24-27, 2004 at the Hilton Hotel and Austin Convention Center.  For more information, visit the TMSA site at www.tmsaonline.org.
   

• "Building Your Future in Self-Storage", getting started in self storage seminar presented by BETCO, Inc.  November 5, 2004 in Asheville, NC.  For more information, visit the website.
   

• Inside Self Storage Expo, November 17-19, 2004 in Miami.  For more information or to register, visit the ISS website at www.insideselfstorage.com/expo.