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New Argus
Listings
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Fairhope, AL: $2,230,000;
43,875 RSF. Contact Broker Affiliates
Bill Barnhill or Shannon Barnhill at 888-801-4534.
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Jonesboro, AR: $450,000; 17,000 RSF. Contact Broker Affiliate
Mike Procter at 405-503-9055.
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Russellville, AR: $850,000; 18,000 RSF. Contact Broker Affiliate
Mike Procter at 405-503-9055.
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Parker, CO: $5,750,000;
58,863 RSF. Contact Broker Affiliate
Joan Lucas at 720-855-6587.
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Gulf Breeze, FL: $1,830,000;
25,150 RSF. Contact Broker Affiliate
Bill Barnhill or Stuart LaGroue at 888-801-4534.
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Richmond, ME: $860,000; 17,260 RSF. Contact Broker
Affiliate
Joe Mendola at 603-668-7000.
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Joplin, MO: $1,650,000;
53,136 RSF. Contact Broker Affiliate
Larry Goldman at 816-931-3101.
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Lee's Summit, MO: $4,500,000;
109,000 RSF. Contact Broker Affiliate
Larry Goldman at 816-931-3101.
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Neosho, MO:
$700,000. Contact Broker Affiliate
Larry Goldman at 816-931-3101.
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Webb City, MO:
$1,250,000; 37,700 RSF. Contact Broker Affiliate
Larry Goldman at 816-931-3101.
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Enon, OH: $1,100,000; 24,161 RSF. Contact Broker
Affiliate
Bob Off at 513-272-1850.
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Cumberland, RI: $2,650,000; 41,550 RSF. Contact Broker
Affiliate
Joe Mendola at 603-668-7000.
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VT/MA - 3-Property Portfolio: $5,900,000; 121,650 Total RSF. Contact Broker
Affiliate
Joe Mendola at 603-668-7000.
Check
out all of our
Current
Listings
Property
Pick
Parker, CO
$5,750,000
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State of the art
facility
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Opened in May 2005 -
already 62% occupied!
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Excellent traffic
exposure to 48,000 cars per day on Lincoln Ave.
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Great location in
high growth, high income area.
For more information on this
opportunity,
please call Argus Broker Affiliate
Joan Lucas at 720-855-6587
or send an
Email
Request
Argus News
Join
Argus at the Self Storage Association Spring Conference and Tradeshow!
Come visit Argus at Booth #719 and speak
with a self storage expert or view information on all of our current self
storage properties for sale. You also won't want to miss the keynote
speakers: Daniel Pink - "Creating Thinking in a Competitive Atmosphere" and
Jeff Thredgold - "Competing in an Uncertain Economy." This event will be
held March 30-April 1 at the Sheraton Chicago Hotel & Towers. Visit
www.selfstorage.org/education for registration information or call
514-228-3076.
Alabama Self Storage Association Enjoys
Successful First Meeting:
The
Alabama Self Storage Association (ALSSA) held its First Annual EXPO in
Birmingham, AL, Feb. 15-16, 2006. It was a
HUGE success with over 130 attendees and vendors participating. Go to
www.alabamassa.org
for pictures, a schedule of events, and a list of sponsors.
Pictured at right, Argus Broker Affiliates Bill
Barnhill, Shannon Barnhill, Ron Mitchell and Stuart LaGroue of Omega
Properties, Inc. in Mobile, AL.
Financing Focus
This is the second in a series of three loan case studies provided by
Collateral Mortgage Capital, LLC. For more information, visit
www.collateral.com.
Loan Request:
A permanent loan in the amount of $6,875,000 was arranged to refinance an
existing 652-unit self-storage facility containing both climate and
non-climate controlled units. The property was built in phases, with Phase
III to be completed after the refinance. The property had seen average
occupancy levels of 95% over the past 18 months.
Challenges:
1. The property was situated on a 6 acre, unsubordinated ground leasehold
interest controlled by the non-managing general partner of the Borrower.
2. There was an adjacent three-acre site that fell subject to the same
ground lease, in which the Borrower wanted to develop, but did not want to
include as collateral for the loan.
The Plan:
1. Borrower intended to develop the 3-acre adjacent parcel into an
approximate 59,000 square foot self-storage facility, which would later be
combined with the existing two phases as one separate facility with two
separate permanent mortgages.
2. The adjacent facility would have controlled access through the security
gate of the subject property, and share the same leasing office and parking
spaces.
Loan Terms: A ten-year non-recourse permanent loan was provided by
one of Collateral’s national CMBS lenders. The loan was structured to
include a two-year interest only period, thereafter, amortizing over a
twenty-eight year schedule, at an interest rate of 5.42%. The balance at
maturity would be the same as if amortized on a 30-year schedule commencing
at loan closing.
What Made It Work: Given Collateral’s strong self-storage
relationship with the lender, the lender agreed to accept a cross access
easement to accommodate entrance to both properties. The 3-acre adjacent
property was carved from the collateral for future development, as well as
permitting a shared on-site management facility to share the leasing office
between the two properties. The remaining term of the ground lease was 40
years, 10 years longer than the amortization period, which was also
approved.
Industry Insights
Public Storage to Buy Shurgard for
$3 Billion: Public Storage
Inc. on Tuesday said it had agreed to buy smaller rival Shurgard Storage
Centers Inc. for about $3 billion in stock, ending a seven-month takeover
battle and creating the world's largest self-storage operator, with an eye
on overseas growth. The deal is the latest in a string of large-scale
buyouts of publicly traded U.S. self storage companies after a spate of
activity in the past two years.
Read Full Article
Military Base Construction Important SSA Issue:
The SSA is currently working to protect all private owner/operators that
manage existing facilities near military bases from unfair competition that
results from government-sponsored self storage development. Two
weeks ago SSA President and CEO Mike Scanlon and Vice President of
Communications and Government Affairs, Tim Dietz, met with Congressman John
McHugh (R-NY), the powerful Chairman of the Armed Services Committee
Subcommittee on Military Personnel. Rep. McHugh’s committee must approve
any development sponsored by the various post exchange services, including
that of self storage on military bases. The SSA
Task Force on Self Storage Construction on Military Bases will meet the
morning of Friday, March 31, 2005 during the SSA Spring Conference & Trade
Show. The SSA’s ongoing discussions with the military exchange
services and member of Congress will be reviewed at the meeting.
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Argus Sales
Congratulations to:
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Paul Svenvold
of Coldwell Banker Burnet on the sale of Apple Self Storage in Sauk
Rapids, MN!
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Larry Goldman of Prudential CRES
Commercial Real Estate
on the sale of All Store Mini Storage in Parsons, KS!
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Richard Minker
of Richard D. Minker Co. on the sale of Arlington South Self Storage in
Arlington, TX!
The Argus Self Storage Sales Network
"America's Self Storage Brokers"
1-800-55-STORE
info@argus-realestate.com
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Vendor View
QuikStor
Since 1987,
QuikStor has been an industry leader in self storage security and software
with its easy and integrated products which
include:
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Management Software
- Access Keypads
- Door Alarms
- Digital Video Surveillance
- eCommerce
- Kiosks
- Multi-site Software
800-321-1987
sales@quikstor.com
www.quikstor.com
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Subscribe
Today to the
Market Monitor
Newsletter!
Make sure you stay on top
of industry trends, self storage real estate opportunities and great events
with this free must-read publication. The Market Monitor
is mailed 10 times per year and arrives full of great information for your
self storage business whether you are a current owner or a prospective
buyer/developer.
Click Here to Subscribe
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Upcoming Events
Self Storage Association Spring
Conference and Tradeshow - Chicago, IL
March 30- April 1, 2006 at the Sheraton Chicago Hotel and Towers
Visit
www.selfstorage.org/education for details and registration
“The Building Blocks of Self Storage”
Trachte Building Systems
Free Informational Seminars
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Thursday, March 16, 2006
Minneapolis, MN
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Wednesday, March 29, 2006
Chicago, IL
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Tuesday, April 11, 2006
Des Moines, IA
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Thursday, April 13, 2006
Kansas City, MO
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Tuesday, April 25, 2006
Portsmouth, NH
Call 1-800-356-5824
or visit online
www.trachte.com/seminars
Arizona Mini
Storage Association
Regional Seminar:
April 6, 2006 in Yuma, AZ
Conference and Tradeshow:
May 23-24, 2006
Call 480-838-6780
for more information
"Building Your Future in Self Storage"
and
"What Every Self Storage Owner Should Know"
Free Seminars hosted by BETCO Inc.
May 3-4, Nashville, TN
Call 888-817-9422 for more information
List
your event for free...
alert@argus-realestate.com
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Amy Hitchingham
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
