The Storage Barn Proposes New Building to Expand Portfolio
Mark Phillips of The Storage Barn LLC hopes to receive approval to build another self storage facility in Dover, New Hampshire. The facility would be located at 385 Sixth St. and could hold up to 1,200 units when finished.
“We’re building a classic New England-style barn that will be the storage office on the first floor and a residence on the second floor for the manager,” explains Phillips. “The only thing that will be visible is the barn.”
Phillips’ plans for construction include building a number of storage buildings throughout three to four phases.
“You put up a few buildings and see how it goes,” Phillips says. “When you get those full then you put up another phase.”
Steve Bird, Dover City Planner, comments that the proposal has undergone months of revie, and was looked at again on Oct. 28. “As with any project, there are details to be ironed out,” he says. “The best way to describe it in this case is that drainage issues have been the primary topic of discussion.”
The proposal is set to appear before the board again on Nov. 18.
MJ Partners Real Estate Services Covers 2014 Q3 Financial Results Summary for Four Self Storage Real Estate Investment Trusts
MJ Partners Real Estate Services has covered the 2014 third-quarter financial results of CubeSmart, Extra Space Storage Inc., Public Storage Inc., and Sovran Self Storage Inc. in a 29-page report. Implied cap rates, a market overview, and investment activity of the four real estate investment trusts (REITS) are all included in the report, along with industry trends and REIT performance results.
The highest occupancy rate overall was held by Public Storage at 94.7 percent while CubeSmart had the biggest increase in year-over-year occupancy, jumping from 90.5 percent to 92.3 percent.
More third-quarter results can be found from the full PDF report on the MJ Partners Real Estate Services website.
Source: Inside Self Storage