Self-storage REITs are ready to swoop in on an enticing source of acquisitions.
As the self-storage industry continues to contend with a glut of supply in many major markets, some developers are nervous. Why? Because they’re wrestling with slower than anticipated lease-ups at new self-storage facilities.
“The pro formas for these developers aren’t necessarily meeting expectations. That’s a nationwide phenomenon now,” says Marc Boorstein, principal with Chicago-based MJ Partners, a commercial real estate firm whose specialties include self-storage.
For at least some of the five major publicly-traded self-storage REITs, this translates into possible opportunities to buy newly-constructed properties at bargain prices at a time when the REITs have been curtailing their in-house development activity.
Suraj Shrestha is an associate at Harborside Partners. He has been taking the lead role on research projects; to develop and implement online marketing strategies for search engine optimization and social media marketing. He is one of the core parts for helping to grow business revenue and the company’s online presence.