Category: News

True Storage 1H 2023 Portfolio Update

Completions

In the first half of 2023 True Storage delivered a total of 243,996 net rentable square feet across 4 facilities. The first completion was a former Shopko conversion project in Fort Atkinson, WI which marked the 3^rd Shopko conversion our team has completed. The second completion of the year was a former Burlington Coat factory conversion project in Enfield, CT that is currently being managed by Store Space Self Storage. The third completion of the year was in Providence, RI. This project was the first ground up development completion of the year opening in early May and is being managed by CubeSmart. Our 4^th Completion in the first half of the year marked our first facility opened in Georgia. We converted the former Walmart at 4701 Buena Vista Rd in Columbus, GA into 74,834 rentable square feet of class A storage space that is being managed by CubeSmart.

With these completions our current portfolio consists of 15 open locations across 13 states totaling 845,191 rentable square feet.

Construction/Pipeline

The True Storage construction team is firing on all cylinders across the country rolling into the second half of 2023. We have projects in Michigan, Ohio, Georgia, Massachusetts, New York and Florida that are expected to be completed by the end of the year. In addition to these sites, we have several others that will be expected to open in 2024. Currently our total construction pipeline includes 22 projects with over 2 million gross square feet under development. Our pipeline of projects that are in the due diligence and permitting phase totals nearly 850,000sqft. Our in-house construction management and architecture teams have remained focused on creating the highest quality properties possible for our management companies and end users.

Our Outlook

2023 is shaping up to be another record-breaking year for True Storage. Our focus on improving communities through revitalizing underutilized properties is leading us into new markets across the country. We are actively looking for more development opportunities and feel confident that the self-storage market will continue to be resilient in questionable economic times.  

Jacob Fuller the Operations Manager of the True storage team headed to Columbus, GA to present a donation to The House of Hero’s organization. Jacob was joined by Executive Director Susan Wood of House of Hero’s to celebrate at our recently opened Cubesmart facility in Columbus, GA. Giving back to the communities we develop in has become a tradition of ours at the end of each of our projects. We are honored to support House of Hero’s mission in  providing support Veteran’s and their families. 

About House of Hero’s: Founded in 2000, HOH was built to serve our nation’s military and public safety veterans and their families who are disabled, living on fixed income, or facing physical/financial challenges. Volunteers of HOH visit individuals and families in need at their houses and perform minor repairs and make minor improvements to their homes at no cost to the veteran. Home repairs include painting, installation of windows and doors, appliance replacement, and yard maintenance and improvement  For more information about House of Hero’s and to learn how to donate, visit https://www.houseofheroes.org/ 

Columbus, GA – True Storage opened its 20^th Class A self-storage facility in Columbus, Ga on May 5. Located at 4701 Buena Vista Rd, day-to-day operations will be managed by CubeSmart, while True Storage retains ownership of the property. Formerly a Walmart retail store, the property was reimagined and built by True Storage’s in house architecture and development team.

This conversion development is the newest addition to True Storage’s portfolio and will feature 74,834 rentable square feet and 822 units of varying sizes.

“We are proud to transform another vacant space into a brand-new Class A facility that showcases the attention to quality we deliver at each of our projects,” said Chris Lewis, Director of Architecture & Design for True Storage. “This location is one that has benefits to both nearby neighborhoods and business. The city of Columbus has been a pleasure to work with through our approval and permitting process.”

CubeSmart customers will find, that this location has convenient access to Route 10 and is surrounded by several national retailers and restaurants. This site will feature flexible hours, 24-hour interior and exterior video surveillance, security access to the unit, an assortment of unit sizes, covered loading bay, and high-end finishes throughout the facility.

True Storage, a self-storage developer that focuses on bringing value and lifestyle experiences to communities across the country, has proudly developed several other Class A facilities in Massachusetts, New Hampshire, Maine, Georgia, Rhode Island, Florida, Indiana, Connecticut, Wisconsin, Illinois, New York, and Kentucky. In addition to breaking ground on facilities in Michigan, Ohio, New York, Florida, and throughout the New England area, with a dozen more in the pipeline.

About True Storage
True Storage, a national self-storage developer, produces premium Class A storage space through conversions and ground-up construction. Through partnerships with national self-storage companies, the facilities are managed and operated, meeting customer and community expectations for quality and service. For more information visit, truestorage.com.

About CubeSmart
CubeSmart is a self-administered and self-managed real estate company focused on the ownership, operation, acquisition, and development of self-storage facilities in the United States. Our self-storage facilities are designed to offer affordable, easily accessible storage space for residential and commercial customers. As a national owner and operator, we continually enhance our business by applying our management expertise and best practices to each facility. For more information visit, cubesmart.com.

Members of the True storage team headed to Providence, Rhode Island to present a donation to The Tomorrow Fund. The team was joined by Executive Director Lisa Abbenante and President Rosemary Huestis of The Tomorrow Fund to celebrate at our recently opened Cubesmart facility in Providence, RI. Giving back to the communities we develop in has become a tradition of ours at the end of each of our projects. We are honored to support The Tomorrow Funds mission in  providing support to children with cancer and their families. For more information about The Tomorrow Fund, visit https://www.tomorrowfund.org/

Providence, RI – True Storage opened its 19^th Class A self-storage facility in Providence, RI on May 5. Located at 96 Dupont Drive, day-to-day operations will be managed by CubeSmart, while True Storage retains ownership of the property. The multi-story facility was designed and built by True Storage’s in house architecture and development team.

This tri-level, ground up development is the newest addition to True Storage’s portfolio and will feature 64,903 rentable square feet and nearly 800 units of varying sizes.

“We are proud to open a brand-new Class A facility that showcases the attention to quality we deliver at each of our projects,” said Chris Lewis, Director of Architecture & Design for True Storage. “This location is one that has benefits to both nearby neighborhoods and business. The city of Providence has been a pleasure to work with through our approval and permitting process.”

CubeSmart customers will find, that not only does this location have convenient access to Route 10, Route 1, Huntington Avenue, and I-95, but flexible hours, 24-hour interior and exterior video surveillance, security access to the unit, an assortment of unit sizes, covered loading bay, and high-end finishes throughout the facility.

True Storage, a self-storage developer that focuses on bringing value and lifestyle experiences to communities across the country, has proudly developed several other Class A facilities in Massachusetts, New Hampshire, Maine, Rhode Island, Florida, Indiana, Connecticut, Wisconsin, Illinois, New York, and Kentucky. In addition to breaking ground on facilities in Michigan, Ohio, New York, Florida, Georgia, and throughout the New England area, with a dozen more in the pipeline.

About True Storage
True Storage, a national self-storage developer, produces premium Class A storage space through conversions and ground-up construction. Through partnerships with national self-storage companies, the facilities are managed and operated, meeting customer and community expectations for quality and service. For more information visit, truestorage.com.

About CubeSmart
CubeSmart is a self-administered and self-managed real estate company focused on the ownership, operation, acquisition, and development of self-storage facilities in the United States. Our self-storage facilities are designed to offer affordable, easily accessible storage space for residential and commercial customers. As a national owner and operator, we continually enhance our business by applying our management expertise and best practices to each facility. For more information visit, cubesmart.com.

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A group of True Storage team members headed to East Windsor, Connecticut to visit ERfC Community News and present them with a donation. We recently opened a Store Space Self Storage in January, and love to give back to the communities we are entering! For more information about Education Resources for Children visit, erfcinc.org.

We are excited to partner and support Fort Atkinson Food Pantry located closely to our newly opened facility in Fort Atkinson, Wisconsin. Our Operations Manager Jacob F. stopped by to tour the Pantry, which provides food on an emergency basis to individuals in need.

True Storage Operations Manger Jacob F. visited GO Pantry in Florence, Kentucky, to present a donation to their Director of Operations, Beth M.! We are happy to partner with GoPantry, a non-profit that provides food for hungry kids on days the schools are not open.

We are so grateful to have the support of Greater Freeport Partnership for the official Grand Opening of CubeSmart Self Storage! The site officially opened in October 2022, and is looking forward to securely storing your belongings.

Our True Storage team had the pleasure of meeting with New England Amputee Association and presenting them with a $1,000 donation! This donation will help fulfill the organization’s mission to reach out to all people effected by limb loss and provide a supportive environment where information and experiences are shared, and friendships are formed. For more information visit, newenglandamputeeassociation.com