New Jersey Self Storage Facilities
Sovran adds 19 self storage facilities through joint venture
Sovran Self Storage formally announced today that it has purchased 19 self storage facilities in New Jersey and Pennsylvania as part of its recently formed joint venture with a Chicago-based real estate investment firm.
The purchases, which include 17 properties in New Jersey and two in Pennsylvania, have a total of 1.4 million square feet of rentable space. The properties also are a bit of a strategy change for Sovran, since they are solidly performing properties located in urban areas, with limited potential for expansion.
David Rogers, Sovran's chief financial officer, described the properties as "steady Eddies" during an interview in May with The Buffalo News, which first disclosed the purchases.
Sovran contributed $13 million for its 15 percent stake in the $175 million joint venture, while its partner, Heitman put up $67 million for an 85 percent stake. The venture also lined up $90 million in mortgage financing.
drobinson@buffnews.
New Jersey Self Storage Facilities - News
Sovran Self Storage formally announced today that it has purchased 19 self storage facilities in New Jersey and Pennsylvania as part of its recently formed joint venture with a Chicago-based real estate investment firm.
"U-Haul is proud to be partnering with a quality independent business such as Fort Knox Self Storage," exclaimed Anthony Paladino, president, U-Haul Company of Northern New Jersey. "West is a great example of the type of successful business
Westy Self Storage is just one example of the fine charity work that is done at self storage facilities around the country all year long. “Westy Self Storage in New Jersey Collects School Supplies.” Inside Self Storage; 02 August 2011.
The Company's major markets with revenue growth above the portfolio average for the three months ended June 30, 2011 were Boston, New York / New Jersey, Philadelphia and Washington, DC Markets performing below the Company's portfolio average included
An Argus broker, Linda Cinelli of LC Realty, also represented the seller and buyer in the acquisition of Paramount Self Storage in Stanhope, NJ Cinelli is the Argus Self Storage Sales Network broker affiliate for the Northern New Jersey and NYC/Long
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Offering an e-recycling facility is a great way for a self storage facility to join the green movement. It not only is one step in the right direction for the environment but it is an easy way to generate publicity for your business. Properly disposing of e-waste – computers, TVs, keyboards, cellphones, and more – is a daunting task for many people. But self storage facilities are natural receptacles for such items and many have stepped up to offer assistance.
The latest to do so is Access Self Storage of Franklin Lakes, NJ, who began partnering with AERC , a private Pennsylvania –based recycling company, to make it easier for consumers to dispose of old electronics in a secure and environmentally-friendly manner.
“AERC appealed to us simply because Access was looking for ways to strengthen our own ‘green initiative. We are especially impressed with their ‘zero-landfill’ policy and their attention to protecting personally identifiable data,” said Tony Apgar, senior manager, Access Storage.
The average American household owns at least 24 pieces of electronic equipment, according to the Consumer Electronic Association. When old laptops, speakers and DVD players get tossed in the trash, they end up in landfills where the toxins and carcinogens built into the equipment -- namely mercury and lead -- leech into the soil and threaten to contaminate the environment. The potential health hazard of dumping this e-waste – desktop computers, TV sets, printers, toasters and more – is critical and it is also illegal. The Electronic Waste Recycling Act, which took effect January 1, 2009, banned the disposal of certain electronic devices and component parts as solid waste.
Since Access Storage began collecting on April 9, AERC has picked up about 15 pallets worth of recyclable electronics. The storage facility accepts items daily and occasionally has an event to promote awareness of the program. The program is open to everyone, not just Franklin Lakes residents. There is no fee to drop off recyclables.
Not only does AERC, one of 43 companies with e-recycling locations in New Jersey, recycle electronics without dumping any potentially chemically dangerous parts of it in landfills, it destroys all hard drive data per Department of Defense procedures. This means there’s little concern a person’s personal data will be compromised. Still, Apgar recommends that anyone who plans to drop off a computer at the site remove the hard drive first, just as a precaution.
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