Press Releases
October 20, 2010 – Investment Real Estate
Self Storage Facility Sold in New York…Store America in Marcy, NY, was sold to a private, first time self storage buyer. The facility currently contains 25,200 SF of self storage, outside parking spaces and a 900 SF rental office, with an additional 2.5 acres for potential expansion. The 182 units were 81% occupied at the time of sale. Built in 2001, the facility resides on 4.9 acres. The facility is adjacent to the commercial area of North Utica and the Town of Marcy. John H. Gilliland represented both Seller and Buyer in this transaction.
October 18, 2010 – Investment Real Estate
Self Storage Facility Sold in PA…A Moove In Self Storage facility in Warriors Mark, PA, was sold to a private self storage investor active in central Pennsylvania. The sale consisted of 6,400 SF of self storage buildings and an apartment/office building of 2,160 SF, known as Pennington Plaza. The 67 units were 90% occupied at the time of sale. Constructed circa 1995, the property was originally built as a restaurant and converted to an office building in 2001. Two office suites were converted to apartments in mid-2009 and promptly rented. The property is located on Route 550, one of the major north-south arterials connecting State College and Altoona. John H. Gilliland represented both the Seller and the Buyer in the transaction.
June 8, 2010 – Investment Real Estate Management
Investment Real Estate Management, LLC Sells Third-Party Contracts . . .John H. Gilliland, owner of Investment Real Estate Management LLC (IREM), announced the sale of IREM’s third-party management contracts to newly formed, Storage Asset Management, inc. (SAM). The sale also included the website platform www.findmyselfstorage.com. This platform offers internet marketing solutions to self storage owners around the country and includes affordable website design, hosting and management.
John H. Gilliland sold the third-party management contracts to focus on the brokerage of self storage facilities and to grow his Moove In Self Storage portfolio. IREM will remain active in the management of the Moove In portfolio. Gilliland was concerned about three things in the sale of the contracts: “I wanted to make sure that our clients were well cared for by the new company; I wanted our people to retain their jobs; and I wanted to maintain the synergies of having a management company affiliated with our brokerage, consulting and construction activities. SAM’s Managing Partners Jay Hoke and Alyssa Quill, both having worked for IREM over the past 8 years, accomplished all three objectives. I am confident that they will be successful, as they take the third-party management business to the next level.”
May 4, 2010 – Investment Real Estate Management
Investment Real Estate Management Awarded Contracts…Alyssa Quill, VP for the Management Division of Investment Real Estate, based in York, PA, announced that the firm received contracts for the management of self storage facilities in Delaware and Pennsylvania.
Storage Atlantic, located in Bear, DE, is a 68,405 SF single-story facility, which contains 569 climate and non-climate controlled units. A management office, which includes retail sales, is located at the entranceway to the facility. Built in 2004, the store is located on the heavily traveled Pulaski Highway.
In Hershey, PA, West Chocolate Ave Self Storage is a 28,310 SF single-story facility containing 189 units. It probably has the best location in the nation for fragrance, being across the street from the Hershey’s Chocolate West Processing Plant. Not only can customers enjoy convenient access to their stored belongings, but they can smell that great Hershey cocoa aroma. This store was recently purchased by current IREM management clients, which they added to their increasing portfolio.
April 27, 2010 – Investment Real Estate
IRE Announces Promotion…Joseph T. Braun, Controller for the Investment Real Estate Group of Companies announced the promotion of Debi A. Deller to the position of Assistant Controller. Previously, Deller was a facility accountant and managed accounting portfolios for a number of facilities under management. She has been with the firm for three years.
March 19, 2010 – Investment Real Estate
Self Storage Facility Sold in PA…A Devon Self Storage facility in Warminster, PA, was sold to a regional self storage development / investment company. The facility currently contains 57,034 SF of self storage with a potential buildout to include the entire 108,475 SF building. Included in the sale were the land and approvals to build an additional 23,600 SF of traditional drive-up storage in the rear of the property. The 539 units were 70% occupied at time of sale. Built in 2005, the converted industrial building sits on 6.6 acres. The two-story building features a drive-in area for unloading and has a manager’s office and retail center. John H. Gilliland brokered the transaction.
March 1, 2010 – Investment Real Estate
Pennsylvania Facility Sold…Investment Real Estate sold Fox Run Mini Storage in Dover, PA, for a first-time self storage developer. Built in 2007, this 35,000 SF facility was located on 6.2 acres and contained 228 units. The facility was only 3% occupied at the time of sale and sold for less than replacement cost. The buyer is a current self storage owner who is expanding his portfolio. John Gilliland and Nancy Mitchell handled the transaction.
December 21, 2009 – Investment Real Estate Management
New Facility Opens in New Jersey…Princeton Self Storage opened for business in mid December 2009 in Princeton, NJ, as announced by Alyssa Quill, Vice President. Investment Real Estate Management was awarded the contract for the facility and will run the daily operations. This facility had been under development for several years and is the only self storage facility in Princeton. The first phase has 304 units with 35,875 NRSF and a great mixture of climate controlled interior units and non-climate exterior units. There are 35 additional RV parking spaces, as well.
December 3, 2009 – Investment Real Estate Management
IREM Adds New Management Contract…Riverline Self Storage in Cinnaminson, NJ, awarded Investment Real Estate Management, based out of York, PA, the management contract for their facility. IREM originally managed the start-up of the facility when it opened in 2005. This facility is a two-story climate-controlled building with 242 units, with additional room for expansion.
October 19, 2009 – Investment Real Estate Construction and Management
IREC and IREM joins forces for New Facility in Manheim, PA…The seventh Moove In Self Storage facility in Lancaster County was recently opened in Manheim, PA. Architecturally showcasing the dairy barn design is the 1200 SF management and retail office. This 43,000 SF single-story self storage business with 319 units includes 10,200 SF of climate controlled space. Completely built out on ___ acres, this facility has state-of-the-art security, a gated perimeter, and a key-code access gate.
Investment Real Estate Management is managing the operations and marketing of the store. Investment Real Estate Construction did the construction and build out of the facility. Rod Lockard, Vice President of Construction, remarked, “Construction went quickly and smoothly, with supply levels, materials and service readily available for building in this slow economy.”
September 11, 2009 – Investment Real Estate
IREM Managing Newly Constructed Facility…Adams Street Self Storage in Manchester, CT, opened its doors in August. The facility is one of the few facilities in the country where you can enter on one major highway, drive through the facility, and exit onto another major highway. This unique parcel of land in the suburbs of Hartford contains a three-story climate controlled building and is flanked by two single-story drive up access buildings on either side, which takes advantage of the galley layout of the property. Adams Street Self Storage contains 572 units and 81,275 SF. This facility also boasts a “customizable storage experience” with optional shelving, lighting, and sizing options. Investment Real Estate Management is managing the operations and marketing of the store. Alyssa Quill, Vice President of Operations, says, “We look forward to a successful lease up with two highly regarded property managers who moved to CT for this new challenge.”
September 2, 2009 – Investment Real Estate Management
Grand Opening of New Facility in New Jersey…AR&C Self Storage, located in Hamilton, NJ, opened its state-of-the-art 67,808 SF three-story climate controlled facility. This unique facility has expansive windows from ceiling to floor to showcase the roll-up self storage doors in the building and was opened with two of three floors built out. Upon completion AR&C will house 635 units. Additionally, drive-up units are accessible around the perimeter of the first floor. This facility sits in a prime Hamilton, NJ location right along Route 130 adjacent to a Home Depot. Investment Real Estate Management is managing the operations and marketing of the store.
August 12, 2009 – Investment Real Estate Management
IREM’s 2008 Manager of Year Announced…Investment Real Estate Management, headquartered in York, PA, selected Sean Barron as their 2008 Manager of the Year at the recent IREM Annual Sales Rally. Barron manages Sadsbury Self Storage in Sadsburyville, PA, a 60,450 SF facility with 441 units and Penske truck sales. He has been employed as a site manager for over two years. In 2008, he grew revenue at the property by 69% and grew occupancy by 20%.
Barron came to IREM from the food services industry with an extensive business management background. With his computer knowledge, Barron quickly learned the self storage management software system and became a trainer for new managers and has assisted in multiple consulting projects. Alyssa Quill, Vice President of Operations, says of Barron, “We can always count on him to do a great job and give his all. His enthusiasm is infectious, and his excellent attention to detail makes him an outstanding employee.”
Other receiving Awards were: Andy Bradford, Acorn Self Storage, Fishkill, NY – Tenant Insurance Sales; Barbara Doty, CaGe Self Storage, Dillsburg, PA – Accounting Excellence; Jill Tipton, Moove In Self Storage at 741, Lancaster, PA – Best Lease Up; Renae Shuey, Leesport Self Storage, Leesport, PA – Most Improved Property; Tim Garrett, Moove In Self Storage at Centerville, Lancaster, PA – Marketing Award; Vic Smith, Sierra’s Glen Self Storage, Harrisburg, PA – Accounting Award.
June 23, 2009 – Investment Real Estate Management
IREM Expands Consulting Services…Investment Real Estate Management, a full-service, third-party management company, is expanding their consulting services to independent owners of self storage facilities in the Mid-Atlantic and Northeastern United States. Owners can select from an array of services such as revenue management, operations, marketing, website, maintenance, training, and accounting, where they may not have the expertise or the staff to handle a specific topic. See attached flyer for details.
“We have had many requests for this type of service, especially from small operators. We saw the need and wanted to fill this demand,” says Alyssa Quill, Vice President of Operations. “Owners can pick and choose exactly what their facility needs to better succeed in their competitive market. This might be a new brochure design, a more effective website with search optimization, and/or appropriate street rates for their area. By utilizing our volume discounts, they can get these precise services in a more cost-effective manner by someone with self storage experience.”
High on the list of requests has been the training courses on software, sales, collections, day-to-day operations, auctions and legal issues. Another noted request has been for a complete operations overview with pricing, marketing and sales skills requested by a facility not meeting bank required occupancy goals. Other hot topics deal with websites, since many websites are still first-generation websites created years ago, with no thought to search engine optimization. Investment Real Estate Management can give independent owners the new website platform. Should owners not want to deal with the accounting and paying of bills, IREM’s accounting department can do it for them.
June 4, 2009 – Investment Real Estate
New Property For Sale in New Jersey…21st Century Self Storage in Kearny, NJ has been listed by Investment Real Estate LLC for $1,850,000. This property has 198 units containing 15,384 NRSF. The one-story brick building has an on-site management office, and customers can drive their vehicles inside to unload.
April 3, 2009 – Investment Real Estate
Speakers at Self Storage Association’s Dallas International Convention…Four members of the Investment Real Estate Group of Companies were speakers at the Self Storage Association’s Convention and Expo recently held April 1 – 3 in Dallas, TX.
John H. Gilliland, CEO of The Investment Real Estate Group of Companies, spoke on “How Do I Grow My Business in This Economic Environment.” John Barry, Vice President of the Brokerage Division led discussions at the Roundtable Session on “Managing Your Commercial Mortgage Backed Security “CMBS’ loan”.
From the Management Division, Vice President Alyssa Quill spoke at the Roundtable Session on “Maximizing Revenue: The Balancing Act”, while Julie Purcell, Marketing Manager, led the discussion on “Marketing in a Hard Economy”.
The Self Storage Association is the non-profit association, which for over thirty years has been the influential watchdog for self storage owners nationwide.
April 3, 2009 – Investment Real Estate
Investment Real Estate brokers two Pennsylvania properties…Just south of Harrisburg, in Lewisberry, PA, a 22,800 SF self storage facility sold to a first-time buyer. Storage World, with 202 units on 2.85 acres, was 71% occupied at time of closing. An additional 2,470 SF of apartments and on-site management office space was included in the sale. John Gilliland and Jason Kolivoski handled the transaction for the seller and the buyer.
In Huntingdon, PA, Smith Country Storage, a 6,400 SF self storage facility, was sold to a first-time buyer. This property consisted of 44 units on almost 3 acres of land and was 98% occupied at time of sale. John Gilliland and Nancy Mitchell brokered the transaction.
February 16, 2009 – Investment Real Estate Management LLC
Investment Real Estate Management Announces Positive Growth in 2009 . . .Investment Real Estate Management announced the Fourth Quarter and Year End operating results for its portfolio of managed self storage properties. Despite the softness in the economy, the self storage properties managed by Investment Real Estate Management were able to achieve positive growth during 2009. Same store revenue at the self storage facilities grew 1.8% over 2008′s results, property operating expenses grew 2.1%, and Net Operating Income (NOI) grew 1.7%. While 2009 began the year with negative occupancy growth, the trend turned positive and occupancy was the same as last year by the end of August. At the end of December, same store occupancy was 3.4% higher than it was at the end of 2008. During the fourth quarter, revenue grew 1.8%, expenses decreased by 0.7%, and NOI grew 3.4%. Vice President of Investment Real Estate Management, Alyssa Quill, stated, “We are proud of our facility managers for their extra efforts in 2009. All of the managers working at our self storage facilities increased their marketing efforts, focused on improving collections (decreasing delinquency by 2.0% over last year), and effectively managed rate adjustments. They maintained excellent customer satisfaction, even when many of their customers were going through tough financial times. We really have a great team.”
January 20, 2009 – Investment Real Estate Management LLC
Investment Real Estate Management Adds Area Manager . . . Sean P. Barron was promoted to the position of Area Manager / Trainer for the Investment Real Estate Group of Companies as announced by Alyssa Quill, VP, Investment Real Estate Management. In his new position, he will be responsible for total oversight of several property locations under management. He was also named to the position of Trainer for Property and Relief Managers, as well as handling Training Consulting for the company. Prior to his new position, Barron had been a manager with Investment Real Estate Management in the PA area for several years. In 2008, he was named IREM’s Manager of the Year. Before joining IREM, Barron had extensive management and trainer experience in the restaurant industry.
January 15th, 2009 – Investment Real Estate Management
Moove In Self Storage Opening…Moove In Self Storage’s 11th location made its debut at the “Buck” in Quarryville, PA in December ’08. Phase 1 includes 247 units encompassing 33,600 SF in the overall 75,100 SF project with outside parking for boats and RVs currently available. Phase 2 consists of 41,500 additional SF and will include a permanent office with an expanded retail sales area, sample 10’ x 10’ unit, and private kitchen/break area.
Moove In’s silo signage, dairy cow logo and cranberry red barn office design vividly establishes the dairy-themed brand in the Lancaster and Amish countryside, while employing the unique tag line of “The Buck Shops Here.” This location enjoys great visibility near the Buck Motor Sports Complex. Located just west of Quarryville, this is the only state of the art self storage property in southern Lancaster County. For more information on the Moove In properties visit www.moovein.com. This property is managed by Investment Real Estate Management.
January 15, 2009 – Investment Real Estate Management
“Green” Facility Opens in West Chester, PA…Perfect Self Storage opened its new 4-building facility in December ‘08 along the well-traveled Paoli Pike in West Chester, PA. The facility consists of 312 climate controlled and non-climate controlled units resulting in over 33,000 NRSF. This facility is a state of the art “green” facility that uses a geo-thermal system for temperature regulation.
“As its moniker suggests, the combination of its great location amongst West Chester businesses and its retail location along Paoli Pike is the ‘Perfect’ location,” says Alyssa Quill, Vice President of Management. “We are also really excited about the prospect of managing an innovative ‘green’ facility like this; we think they are the wave of the future.”
This facility is managed by the Management division of Investment Real Estate, LLC of York, PA. The owners of the facility also employed the construction division of Investment Real Estate to build the facility.
December 7, 2009 – Investment Real Estate Group of Companies
Investment Real Estate Adds Controller . . .Joseph T. Braun was appointed to the position of Controller of the Investment Real Estate Group of Companies (IREGC) by John H. Gilliland, president. As a member of IREGC’s Executive Committee, Braun will be responsible for directing and coordinating the overall financial planning, budgeting and forecasting, as well as the execution of strategic goals and action plans for the Group of Companies. Braun will oversee the Accounting and Finance staff, as well as the Human Resources and IT functions within the company. “I look forward to utilizing my past experience and education in furthering the outstanding reputation of IREGC within the Self Storage Industry and to assist the Executive Team in achieving the short and long term goals of IREGC,” said Braun. Braun most recently served as Controller / Vice President of Finance for Tell Manufacturing, Inc., a distributor / manufacturer of commercial doors and door hardware with five facilities throughout the US. Prior to that, Braun served in various leadership roles with the Key Automotive Group, Telmar Network Technology, and Turbon International. Braun began his career with BDO Seidman, an international public accounting firm. Braun graduated with a Bachelor of Science degree in Business Administration from LaSalle University and earned a Master of Business Administration degree from York College of Pennsylvania.
December 3, 2009 – Investment Real Estate Management LLC
IREM Adds New Management Contract . . . Riverline Self Storage in Cinnaminson, NJ, awarded Investment Real Estate Management, the management contract for their facility. IREM originally managed the start-up of the facility when it opened in 2005. This facility is a two-story climate-controlled building with 242 units, with additional room for expansion.
November 20, 2009 – Investment Real Estate Construction LLC, Investment Real Estate Management LLC
Seventh Moove In Self Storage facility in Lancaster County opens . . .The seventh Moove In Self Storage facility in Lancaster County recently opened in Manheim, PA. Showcasing the unique dairy barn design for which Moove In Self Storage is known, the office contains 1200 SF of management and retail space. The first phase of this 79,200 SF single-story self storage facility contains 319 units, including 10,200 SF of climate controlled space. This facility was built on over 10 acres and offers state-of-the-art security, a gated perimeter, and a key-code access gate. Investment Real Estate Construction was responsible for the construction of the project, while Investment Real Estate Management is responsible for managing the operations and marketing of the store. Rod Lockard, Vice President of Construction, remarked, “The site presented many challenges due to adjacent wetlands. Our team worked together to design a facility that met all township and state requirements, while maintaining great curb appeal.”
October 29, 2009 – Investment Real Estate Construction LLC
Investment Real Estate Construction awarded new contract . . .Investment Real Estate Construction was awarded the contract for the construction of the final phase of Gap Self Storage located in Gap, PA. This project will add 84 climate controlled units, an updated gate, and a video surveillance system to the facility.
September 11, 2009 – Investment Real Estate Management LLC
IREM Managing Newly Constructed Facility . . . Adams Street Self Storage in Manchester, CT, opened its doors in August. The facility is one of the few facilities in the country where you can enter on one major highway, drive through the facility, and exit onto another major highway. This unique parcel of land in the suburbs of Hartford contains a three-story climate controlled building and is flanked by two single-story drive up access buildings on either side, which takes advantage of the galley layout of the property. Adams Street Self Storage contains 572 units and 81,275 SF. This facility also boasts a “customizable storage experience” with optional shelving, lighting, and sizing options. Investment Real Estate Management is managing the operations and marketing of the store. Alyssa Quill, Vice President of Operations, says, “We look forward to a successful lease up with two highly regarded property managers who moved to CT for this new challenge.”
September 2, 2009 – Investment Real Estate Management LLC
Grand Opening of New Facility in New Jersey . . . AR&C Self Storage, located in Hamilton, NJ, opened its state-of-the-art 67,808 SF three-story climate controlled facility. This unique facility with expansive windows from ceiling to floor to showcase the roll-up self storage doors in the building opened with two of three floors built out. Upon completion AR&C will house 635 units. Additionally, drive-up units are accessible around the perimeter of the first floor. This facility sits in a prime Hamilton, NJ location right along Route 130 adjacent to a Home Depot. Investment Real Estate Management is managing the operations and marketing of the store.
August 26, 2009 – Investment Real Estate LLC
Investment Real Estate facilitated sale of a three-property portfolio . . . Investment Real Estate facilitated the sale of a three-property portfolio in central PA in the Pottstown area. 2nd Attic Self Storage’s three locations included a rental office at the main site with two satellite locations for a total of 63,862 SF and 396 units. Occupancy rates were in the 90%+ range at time of sale. The $4,350,000 sale was at an 8 cap and had an assumable loan. “We are seeing self storage facilities with a stabilized occupancy being sought out by buyers in this economy. In fact, values of stabilized properties are holding up relatively well,” says John Barry who brokered the transaction between the seller and a first-time self storage buyer.
July 1, 2009 – Investment Real Estate LLC
Investment Real Estate LLC sells two facilities in Pennsylvania . . .In the western part of the state, Investment Real Estate brokered the sale of a 13,950 SF self storage facility in Erie. Affordable Self Storage sold for $420,000 in June 2009. The 2.2 acre site also included land with approvals for an additional 15,000 SF of self storage. Dan Wolf represented both seller and buyer in the transaction. Greentree Self Storage in Mount Joy, PA, near Harrisburg, sold for $675,000. Opening in 2004, the facility consists of two self storage buildings containing 92 units in 9,600 SF and land with approvals for an additional four buildings containing 14,100 SF of self storage. Also, included in the sale were four buildings containing 8,700 SF of office and warehouse space, including the self storage management office. John Gilliland brokered the transaction.
June 23, 2009 – Investment Real Estate Management LLC
Investment Real Estate Management expands their consulting services . . .Investment Real Estate Management, a full-service, third-party Management Company, is expanding their consulting services to independent owners of self storage facilities in the Mid-Atlantic and Northeastern United States. Owners can select from an array of services such as revenue management, operations, marketing, website, maintenance, training, and accounting, where they may not have the expertise or the staff to handle a specific topic. See attached flyer for details. “We have had many requests for this type of service, especially from small operators. We saw the need and wanted to fill this demand,” says Alyssa Quill, Vice President of Operations. “Owners can pick and choose exactly what their facility needs to better succeed in their competitive market. This might be a new brochure design, a more effective website with search optimization, and/or appropriate street rates for their area. By utilizing our volume discounts, they can get these precise services in a more cost-effective manner by someone with self storage experience.” High on the list of requests has been the training courses on software, sales, collections, day-to-day operations, auctions and legal issues. Another noted request has been for a complete operations overview with pricing, marketing and sales skills requested by a facility not meeting bank required occupancy goals. Other hot topics deal with websites, since many websites are still first-generation websites created years ago, with no thought to search engine optimization. Investment Real Estate Management can give independent owners the new website platform. Should owners not want to deal with the accounting and paying of bills, IREM’s accounting department can do it for them. Call Alyssa Quill for further information and a custom quote.
June 8, 2009 – Investment Real Estate Management LLC
Investment Real Estate Management acquires two management contracts . . .Investment Real Estate Management, LLC, York, PA acquired management contracts for Ample Storage in Woolwich, NJ and Greenbrier Self Storage in Chesapeake, VA. Ample Storage was built in 2008 and has 178 climate controlled and non-climate controlled units, with 25,425 NRSF. Ample’s amenities include a large range of sizes, packing and shipping supplies, and outside parking. Ample prides itself on being a friendly “Neighborhood Storage Solution.” IREM was also awarded Greenbrier Self Storage in Chesapeake, VA. Greenbrier opened in 1997 and has 487 climate controlled and non-climate controlled units, with 60,350 NRSF. Greenbrier offers a resident manager, state-of-the-art security, packing and shipping supplies, a convenient location and office hours seven days a week.
May 27, 2009 – Investment Real Estate Management LLC
Investment Real Estate LLC announced promotion . . .Investment Real Estate LLC announced the promotion of Julie Lane Purcell to Marketing and Advertising Manager of Investment Real Estate Management. Purcell joined the company in 2007 as Marketing Coordinator and quickly rose to the new position of Marketing and Advertising Manager. “Julie promptly became our go-to person for the creative direction of many projects within the management division and in our other divisions. Her hard work, passion for marketing, and creative ideas became an indispensable part of the Investment Real Estate Group of Companies,” affirmed Alyssa Quill, Vice President of Management for Investment Real Estate. Purcell is responsible for direction of marketing and sales functions for managed facilities, including the development and execution of marketing plans, yellow page management, strategy and deliverables for press releases, advertising, seminars, public relations, electronic and print mailing campaigns, and special event management. Purcell’s current projects include campaign management, such as the “Self Storage is Sexy” campaign, creative direction of national advertising for the Group of Companies and the management and re-design of the corporate and managed facility websites. “I look forward to an exciting and challenging year with our ground-breaking new projects and innovations in the field,” says Purcell.
May 7, 2009 – Investment Real Estate Construction LLC
Investment Real Estate Construction LLC expanded its maintenance services to all self storage owners in PA, MD, DE and NJ. It offers building renovation, door, spring & hasp replacement, bollard cover replacing, unit conversions (from small units to large units or large to small units), roof, trim repair and replacements, lighting upgrades, painting, and other repairs / construction needs. Self storage owners know the importance of the condition and appearance of their facilities are a vital aspect of a profitable self storage venture. The best outsourcing solution is from a firm specializing in the self storage business. IREC’s full-time maintenance staff can take the hassles, cost overruns and delays off owner’s lists. Call for a free estimate or consultation. Call Rod Lockard.
April 1 & 2, 2009 – Investment Real Estate
Investment Real Estate attends Self Storage Association’s Convention and Expo . . .Investment Real Estate corporate staff attended the Self Storage Association’s Convention and Expo held in Dallas, TX. Four members were speakers. John H. Gilliland, CEO of The Investment Real Estate Group of Companies, spoke on a panel discussion on “How Do I Grow My Business in This Economic Environment.” John Barry, Vice President of the Brokerage Division led discussions at the Roundtable Session on “Managing Your Commercial Mortgage Backed Security ‘CMBS’ loan”. From the Management Division, Vice President Alyssa Quill spoke at the Roundtable Session on “Maximizing Revenue: The Balancing Act”, while Julie Purcell, Marketing Manager, led the discussion on “Marketing in a Hard Economy”. The Self Storage Association is the non-profit association, which for over thirty years has been the influential watchdog for self storage owners nationwide.
March, 24, 2009 – Investment Real Estate Management
Investment Real Estate Management Holds Regional Training Session . . .The Four Points Hotel in York, PA was the setting for the Annual Manager’s Meeting and Luncheon. Over thirty-five managers from five states attended. Training sessions were held on various topics. John H. Gilliland, CEO, spoke to the managers and corporate staff regarding the self storage industry, the management side of the business and self storage in this economy. Highlighting the day were various awards given the managers, culminating in Sean Barron of Sadsbury Self Storage being named Manager of the Year for 2008.
February, 2009 – Investment Real Estate Construction
Investment Real Estate Construction awarded new contract . . .Investment Real Estate Construction was awarded the contract for the construction of a 43,000 SF self storage project for Moove In Partners on Doe Run Road in Manheim, PA.
January, 2009 – Investment Real Estate Construction
Investment Real Estate Construction awarded new contract . . .Investment Real Estate Construction was awarded the contract for the construction of a 27,000 SF self storage construction project for Providence Self Storage in Phoenixville, PA.
January, 2009 – Investment Real Estate
Vice President Named at Brokerage Firm . . .John H. Gilliland, CEO of The Investment Real Estate Group of Companies, announced the appointment of John E. Barry to the position of Vice President for the self storage brokerage firm. Barry will be responsible for overseeing the daily operations of the self storage brokerage business, including property sales, due diligence, financial analysis, and feasibility studies. As part of Barry’s promotion, he became a member of the Executive Committee for The Investment Real Estate Group of Companies. “I look forward to having John’s advice and counsel in the coming years to help with the growth of the brokerage business and expansion of the firm,” replied John Gilliland. Barry joined Investment Real Estate in January 2007 and became a top producer in 2008 with $24 million in closed transactions, in one of the most challenging markets for self storage real estate transactions in recent memory. Previous to employment with IRE, he was in the financial services industry for over nineteen years. For ten years as a bond trader and underwriter, he was involved in over $7 billion of municipal bond issues and served as manager of the municipal bond department of a regional brokerage firm. Most recently, as executive vice president and senior portfolio manager with a Pennsylvania money management firm, he was responsible for over $1 billion in assets under management and led a team of portfolio managers and brokers. Barry is a member of the Board of Directors of the Pennsylvania Self Storage Association and has been a self storage owner since 1997. A graduate of James Madison University, Harrisonburg, VA, Barry earned a Bachelor’s degree in Finance and Real Estate.
December, 2008 – Investment Real Estate
Investment Real Estate brokers Self Storage Sales in Virginia . . .In an uncertain economy, there were two recent highlights in the self storage business arena. Stabilized properties are selling.
Investment Real Estate handled the transaction between Stor-It Self Storage in Manassas, VA, and Strategic Storage Trust, Inc. (SSTI) of Ladera Ranch, California. Purchase price of the 58,700 SF facility was $4.7 million. The 500-unit facility included 289 climate controlled units, an on-site management office and was 80% occupied at time of sale. The five two-story buildings were built in 1996 and 2000 on 2.3 acres. John Barry of Investment Real Estate handled the transaction between the buyer and the seller. Settlement was December, 2008. This was the third property purchased for the portfolio of SSTI, a publicly registered non-traded REIT.
Storage America of Fairfax, VA, was sold to StorageMart of Columbia, MO, for $8.1 million. This 60,984 SF self storage facility was 90+% occupied at time of sale. The 2-story facility with a first floor drive-thru lane contains 453 units, 8 office suites, on-site manager’s office and manager’s apartment. John Barry handled the transaction between the buyer and the seller. Settlement occurred in December, 2008. StorageMart is one of the top 15 self storage operators in America.
November 13, 2008 – Investment Real Estate Management
Moove In Grand Openings – Lancaster and York, PA…Moove In Self Storage opened two new “cow themed” locations in Lancaster and York, PA. The Lancaster location was a 70,000 SF existing warehouse that was converted to a self storage facility. The property was fully occupied with month to month warehouse tenants at time of acquisition. This location is featured in the SSA’s new Mixed Use Publication. The first phase of this store features 233 units, including 83 climate controlled units. The remainder of the space remains leased to warehouse users. Upon completion the store will have over 70,000 SF of self storage.
The York location features 338 units, including 106 climate controlled units, and over 38,000 square feet in the first phase. Linda Reigert, IREMs Manager of the Year, leased 99 units in the first 100 days of operation. Phase two will increase the square footage to over 52,000. This property in located in the highly desirable North George Street corridor. The search for a suitable site in the corridor took over 2 years. These are the eighth and ninth properties in the Moove In portfolio. Visit www.moovein.com for further information and store locations in Pennsylvania. These facilities are managed by Investment Real Estate Management.
October, 2008 – Investment Real Estate Management
Vice President Announced for Investment Real Estate Management, LLC . . .John H. Gilliland, president of Investment Real Estate Management, LLC (IREM), announced the appointment of Alyssa Quill to the position of Vice President. She will be responsible for the strategic and operational leadership of IREM’s self storage property management business. Quill most recently served as Vice President of Operations for Extra Space Storage, a storage REIT with 650 storage facilities across the US. At Extra Space, Quill was responsible for operations of 90 stores in GA, SC, AL and FL. Before her role in operations at Extra Space, she held positions in the revenue management and finance departments for Extra Space and Storage USA. “I appreciate the opportunities Extra Space provided me during my seven years, and I am delighted to bring that experience to the Investment Real Estate team,” said Quill. “The Investment Real Estate Group of Companies offers a unique and complete package from feasibility and development to operations and brokerage for clients interested in investing in the self storage industry, and I look forward to continuing the path to excellence that has been in progress there.” Quill earned her bachelor’s degree in Actuarial Science at the Pennsylvania State University and worked in the insurance industry for several years before changing her career path to the self storage industry. Gilliland said, “We are very excited that Alyssa will be leading the Management Company into the next phase of our company’s growth. She brings a wealth of self storage knowledge to our firm, which will be utilized to better operate our clients’ stores and increase the value of their self storage portfolios.”
