VanWest Reaches Over $80 Million in Total Capitalization
Self storage investment company VanWest Partners has announced the tenth and eleventh acquisitions for VanWest Storage Fund III. Following these acquisitions, the Fund represents over $80M in total capitalization. Other recent acquisitions in 2023 include Fund III’s King’s Mountain, NC location which closed in February, and an acquisition in Green Bay, WI which closed in June. Read more.
Space Storage Becomes Largest Self-Storage Operator
The merger between Extra Space Storage and Life Storage has finalized, with the deal adding 1,200 new properties to Extra Space. This brings the new combined company store count to 3,500 locations across 43 states, making Extra Space the largest self-storage operator by store count and square footage managed. The combined entity will have an enterprise value of approximately $46 billion. Read more.
StorSafe, known for their focus on single story value-add self-storage properties throughout the Midwest & Southeast, today announced the acquisition of Bonus Room Storage in Candler, North Carolina. This key acquisition marks StorSafe’s debut in North Carolina, further expanding its impressive portfolio to 24 locations and over 1.3 million sq. ft. of premier storage facilities. Read more.
REITs Set Q2 Financial Results Calls
U.S.-based self-storage REITs have set dates and times for their Q2 earnings statement reviews. The reviews will happen in early August (Public Storage 8/3, CubeSmart 8/4, Extra Space Storage Inc. 8/4, and National Storage Affiliates Trust 8/8). Participants are encouraged to join by phone or web with some requiring pre-registration. Get the times, call-in numbers, and codes here.
Extra Space and Life Storage Stockholders Approve Merger
Extra Space Storage Inc. and Life Storage, Inc. announced that Extra Space stockholders and Life Storage stockholders have voted, separately, to approve the proposed merger at their respective special meetings held virtually on July 18, 2023. More than 99.9 percent of votes cast at the meeting were voted in favor of the issuance of Extra Space common stock in connection with the merger. Read more.
WEEK ENDING 7/14/23
Boxwell Expands Product Line
To best serve clients in the self-storage industry, Boxwell has added a 10’ x 20’ relocatable self-storage unit to their product line of storage solutions. Self-storage owners and operators have been asking for a bigger relocatable unit, and Boxwell is now manufacturing one. This larger unit also provides increased storage capacity with exceptional mobility and durability. Read more.
MakoRabco’s New Doors and Hallways Division
MakoRabco has announced a new self storage doors and hallways division, according to a new press release. This division was created to help streamline the design and build process. Additionally, through its long-standing relationship with Janus International, MakoRabco can bring Janus doors straight from the factory to new self-storage facility projects. Read more.
New San Antonio U-Haul Center Opens
A modern U-Haul® retail, moving and self-storage complex is coming to Texas. There is a temporary showroom already open and offering truck and trailer rentals, boxes and moving supplies, U-Box containers, towing equipment and much more. The location will soon offer 1,000-plus indoor ADA-accessible storage units with climate-control options and high-tech security features. Read more.
Janus Appoints Roger Fradin as Vice Chairman
Janus International Group, Inc., a leading provider of cutting-edge access control technologies and building product solutions for the self-storage and other commercial and industrial sectors, today announced the appointment of Roger Fradin to the position of Vice Chairman of the Board of Directors, effective July 5, 2023. Fradin has served as a director of Janus since 2021. Read more.
Dennis Quaid & RKAA Architects Explore Self Storage
Viewpoint with Dennis Quaid, the highly acclaimed educational program dedicated to exploring innovative solutions across various industries, is delighted to announce a partnership with RKAA Architects, a renowned leader in architectural design. This collaboration aims to revolutionize the Self Storage industry through the development of educational content. Read more.
Report: Self Storage Software Market Outlook [2023-2030]
The self storage software market is forecasted to reach a multimillion-dollar valuation by 2030, according to a recent press release. The Global Self Storage Software Market research report is a compilation of analysis and information gathered from various sources in order to help businesses comprehend the state of the market by types of trendsand competitor applications. Read more.