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AAA Storage Facility Narrowly Escapes San Antonio Wildfire | 1st American Storage

AAA Storage Facility Narrowly Escapes San Antonio Wildfire

September 9, 2011

September 13, 2011 – 1st American Storage is pleased to report that AAA Storage in San Antonio remains unscathed by the massive wildfire that ignited just outside Camp Bullis in Bexar County.

 

1st American Storage manages six self-storage facilities in San Antonio.  One of which, AAA Storage, is located merely three miles from Camp Bullis.  The 150 acre wildfire broke out last Wednesday, September 8, 2011 and came dangerously close to the property.  Fortunately no structures were damaged and residents were allowed back into their homes early Wednesday evening. 

 

“You can’t see the fire, but you can still smell smoke,” says AAA Storage Property Manager Michelle Graham.  Although many fled the area for safer ground, Michelle refused to leave the property until evacuation was imminent.  Michelle was determined to protect the facility and prepared to contact the owners if the property was in direct threat.  ASRM has continued to monitor the status of the fire to ensure that the property and contents are safe. 

 

AAA Storage feels very lucky to have narrowly escaped the massive wildfire but realizes that many others across Texas have not been so fortunate.  1st American Storage expresses its deepest condolences to those who have lost loved ones and homes to the devastating wildfires.  

 

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Recent Case Study – 1st American Storage – Ft. Worth Northwest | 1st American Storage

Recent Case Study – 1st American Storage – Ft. Worth Northwest

January 1, 2012

 

 

1st American Storage-Ft. Worth Northwest     564 units

Ft. Worth, TX                                                           63,025 SF

 

Overview  

Upon assuming management of the property in January 2010, the property had a unit occupancy of 59% and the property was set for a $500,000 shortfall on it loan which matured on January 1, 2011. The property investors had not received any distributions since June of 2009 and did not understand the financial condition of the property. The property had several deferred maintenance issues including un-rentable units due to door damage, peeling paint on doors, and a necessary office remodel. 

 

Action

Darren Kelley, ASRM’s National Self Storage Asset Manager, took over the property management and began working with onsite management personnel to address issues. Operating Systems and Training were put in place to ensure customer service and property operations were being handled effectively. While improving operations, ASRM, along with American Spectrum Realty Advisors, focused on successfully negotiating a one-year loan extension to January 1, 2012 in order to give the property more time to improve NOI and increase value. ASRM implemented aggressive marketing strategies, leveraging lower entry rates and discounts such as the $1 Pays First Month campaign, to increase the move-in velocity and grow occupancy. Additionally, ASRM employed tactical revenue management strategies aimed at building income without losing occupancy. All of the deferred maintenance was completed by the end of 2011. Throughout 2011, the occupancy increased to 86%, revenue climbed 20% from 2010, and NOI improved 40% from 2010. This operational and financial performance provided an opportunity for AS Realty Advisors to negotiate a dollar-for-dollar refinance and .5% drop in Interest Rate. The successful refinance resulted in a return to distributions for the investors.

 

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Recent Case Study – 1st American Storage – Loop 1604 | 1st American Storage

Recent Case Study – 1st American Storage – Loop 1604

January 1, 2012

 

1st American Storage-Loop 1604 743 units

San Antonio, TX                                                    178,595 SF

 

 

Overview  

Upon assuming management of the property in January 2010, the property had a unit occupancy of 86% and had suspended distribution to the investors. The property had several serious deferred maintenance issues including un-rentable units due to roof leaks, units with dirt floors, large potholes in the property asphalt drives, peeling paint on doors, and a necessary office remodel. 

 


Action

Darren Kelley, ASRM’s National Self Storage Asset Manager, took over the property management and began working with onsite management personnel to address issues. Operating Systems and Training were put in place to ensure customer service and property operations were being handled effectively. While improving operations, ASRM implemented aggressive marketing strategies, leveraging lower entry rates and discounts such as the $1 Pays First Month campaign, to increase the move-in velocity and grow occupancy. Additionally, ASRM employed tactical revenue management strategies aimed at building income without losing occupancy. All of the deferred maintenance was completed by the end of 2011. Throughout 2011, the occupancy increased to 93%, revenue climbed 17% from 2010, and NOI improved 17% from 2010. The property revenue continues to climb toward a 2017 loan maturity.

 

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1st American Storage Successful in Refinancing Fort Worth Northwest Self-Storage Loan | 1st American Storage

1st American Storage Successful in Refinancing Fort Worth Northwest Self-Storage Loan

March 20, 2012


1st American Storage, a division of American Spectrum Realty Management, LLC (“ASRM”), was successful in refinancing the loan for Fort Worth Northwest Self-Storage.

 

Fort Worth Northwest is a 69,275 square foot, 563 unit facility, located on Ephraim Avenue and operates under ASRM’s 1st American Storage brand. When ASRM began managing the property in January of 2010, occupancy was severely low and the loan was fast approaching maturity.  ASRM was able to negotiate a one year extension with the lender in an attempt to refinance the loan. 

 

Through 1st American Storage’s cost-efficient branding, aggressive marketing strategies, and streamlined operations, Fort Worth Northwest was able to significantly increase occupancy by 29 percent, grow revenue, decrease expenses and therefore, increase NOI.  These efforts increased the appraised value of the property and allowed ASRM to successfully negotiate a new loan with C III Commercial Mortgage.  The transaction closed on Thursday, March 8, 2012 and reduced the property’s interest rate by nearly 50 basis points.   

 

ASRM provides creative solutions to outperform the market and grow the value of each asset under management.  Our vast experience and market insight provides a strategic, proactive, long term solution to investment challenges.  ASRM offers a turn-key approach that is committed to maximizing financial performance.

 

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1st American Storage Completes Second Loan Refinance This Year | 1st American Storage

1st American Storage Completes Second Loan Refinance This Year

June 26, 2012

1st American Storage successfully completed another loan refinance on its self-storage facility in Houston, Texas (“A-Plus Self Storage”).  The new loan for A-Plus Self Storage, in the amount of $2,030,000, is for a 10 year term and bears interest at a fixed rate of 5.55% per annum.  The property’s annual net cash flow is anticipated to increase by approximately $75,000 as a result of the refinance. 


A-Plus Self Storage is a 76,250 square foot, 466 unit facility, located on Sabo Road and is managed by American Spectrum Realty Management, LLC (“ASRM”). The property operates under the 1st American Storage brand. When ASRM began managing and leasing the property in January of 2010, occupancy was severely low and the property value was less than the loan principal balance, with the loan maturing in August 2011. American Spectrum Realty Advisors, LLC (“ASRA”) negotiated a 12 month extension with the lender. 


Due to 1st American Storage’s cost-efficient branding, aggressive marketing strategies, and streamlined operations, A-Plus Self Storage was able to increase occupancy to 93 percent, increase gross revenue, decrease expenses and therefore, increase net operating income (NOI) by 72% or $105,000 per year.  These efforts increased the appraised value of the property and allowed American Spectrum Realty Advisors, LLC to successfully negotiate a new loan with C-III Commercial Mortgage.  The transaction closed on Thursday, June 21, 2012 and reduced the property’s interest rate by 187 basis points.   


1st American Storage is a registered trademark of American Spectrum Realty, Inc.  Through strategic partnerships and brand leveraging, ASRM is able to bring significant cost savings to third-party clients.  1st American Storage is a brand that represents value, integrity, and customer service within the industry.  

 

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SSA Celebrity Sighting | 1st American Storage

SSA Celebrity Sighting

September 7, 2012

 
Storage Wars 1st American Spectrum
 
Who says storage is all work and no play?  1st American Storage’s Asset Manager Darren Kelley met up with the cast from Storage Wars yesterday at the fall Self Storage Association convention in Las Vegas.  Dan and Laura Dotson are the auctioneers on the popular TV Show Storage Wars and Storage Wars-Dallas.  As members of SSA, 1st American Storage attends the convention to network, learn about the latest trends in the market, and stay up to date on new service offerings in the industry.   The Storage Wars crew was walking the trade show floor, but we managed to snap a quick photo. 
1st American Storage is no stranger to the Storage Wars cast.   Storage Wars Dallas has actually filmed at our Fort Worth Northwest and Fort Worth River Oaks self-storage facilities several times over the past year.  
In addition to the show, Dan and Laura Dotson are also sponsors for the new Charity Storage program which 1st American will be implementing in all of its properties across the country.  Charity Storage is an organization which allows the community to donate items to the Charity Storage unit at each property.  The unit will be sold at auction and proceeds are split between Kure Cancer Foundation and local charities in each of the properties’ community. “We have been searching for the right organization to partner with and give back to the community. Charity Storage is an amazing program and we are excited to join their growing group of sponsors,” says Darren. 
For more information on how you can donate to the program at a storage facility near you, call 713-706-7808. 
 
 
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2012 ISS Top Operators List | 1st American Storage

2012 ISS Top Operators List

September 24, 2012

ISS Top Operators Award1st American Storage is proud to announce our ranking in this year’s ISS TOp Operator’s list.  ranking in this year’s ISS Top Operator’s List.  The list is an annual compilation of the industry’s leading players.  Companies including real estate investment trusts, multi-facility operators and management companies are ranked by total square footage. Additional information includes company leadership, contact information, number of facilities, number of units, operating names, operating locations and expansion plans. 

To view the complete list, click here.  

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American Spectrum Purchases Tampa and Ocala Self Storage Facilities | 1st American Storage

American Spectrum Purchases Tampa and Ocala Self Storage Facilities

October 4, 2012

Tampa Self-StorageAmerican Spectrum Realty, Inc. (NYSE AMEX: AQQ), a real estate investment and management company, headquartered in Houston, Texas, announced today the purchase of two self-storage properties in Tampa and Ocala, Florida.  The two property portfolio consists of over 100,000 SF with a combined total of 776 storage units. These storage facilities offer a wide range of amenities such as climate controlled units, wine storage, drive-up units, truck rentals, 24-hour access, on-site leasing, RV, car, and boat storage to provide the complete storage experience. American Spectrum has been operating the properties under the 1st American Storage ® brand, a registered trademark of American Spectrum Realty, Inc.

William J. Carden, President and CEO, stated, “We have experienced strong growth in our storage division and we are excited to add these two facilities to our owned real estate portfolio. 1stAmerican Storage ® has a track record of success and continues to expand its self-storage portfolio through both acquisitions and third-party assignments.”

American Spectrum’s national self-storage division, 1st American Storage ®, currently consists of over 10,000 units in excess of 1.6 million square feet in multiple states. 1st American Storage ® is a brand that represents value, integrity, and customer service within the industry.

American Spectrum Realty, Inc. is a real estate investment company that owns, through its operating partnership, office, industrial, self-storage, retail properties, and multi-family properties throughout the United States. The company has been publicly traded since 2001. American Spectrum Management Group, Inc. (“ASMG”) is a subsidiary of the Company that manages and leases all properties owned by American Spectrum Realty, Inc. as well as third-party clients.

ASMG provides first-class management and leasing services for office, industrial, retail, self-storage, and multi-family properties, totaling over 11 million square feet in 18 states. For more information on what ASMG can do for your properties, visit www.asrmanagement.com or call 888-315-2776.

 

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Visit us at TSSA – Booth #126 | 1st American Storage

Visit us at TSSA – Booth #126

October 8, 2012

TSSA FlyerJoin us at this year’s TSSA convention on October 14-16 in San Antonio, TX.  1st American Storage

will be exhibiting this year in booth #126, so we encourage each of you to stop by and see us.  Not

registered for the trade show?  No problem!  Email us here to see how you can receive your FREE

TRADE SHOW PASSES today.  We look forward to seeing you there!  

 

 

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Louisiana Management Assignment | 1st American Storage

Louisiana Management Assignment

October 23, 2012

A Safe Mini Storage, PinevilleAmerican Spectrum Management Group, Inc. (“ASMG”), has been awarded the management and leasing of two existing self-storage facilities in Pineville and Ball, Louisiana. 

The management assignments came on the heels of an ownership change for a two property portfolio consisting of 612 units total comprising 76,110 rentable square feet.  One of the A-SAFE Mini Storage facilities is located off Highway 165 at 2549 Monroe Highway in Pineville, Louisiana while the second facility is located approximately two miles north at 4905 Monroe Highway in Ball, Louisiana.  Each facility includes amenities such as an on-site leasing office, secured access, video-surveillance (with a total of 40 cameras), climate controlled units, drive-up units, two way intercom system, exterior lighting, wide driveway and moving supplies. 

 

Darren Kelley, Asset Manager for ASMG’s National Self-Storage Division, competed against many other management companies for the assignment but feels that ASMG’s commitment to producing measured results is what ultimately impressed the new ownership.  “Our model is all about taking properties like A-SAFE Mini Storage and implementing a proven strategy to reduce expenses, improve revenue, and increase the properties’ value for the owner,” says Kelley. Through cost-efficient branding, aggressive marketing strategies, and streamlined operations, ASMG is able to bring significant cost savings and increased revenue to third-party clients.

 

Matt and Karen Drennan of Drennan Equity Pineville are the new owners of the A-SAFE Mini Storage portfolio. “We are very confident in our decision of hiring ASMG to manage our properties.  We recognized their results-driven approach and see a unique opportunity through our strategic partnership to optimize the properties’ potential”, says Mr. Drennan.     

 

ASMG’s self-storage portfolio now consists of over 10,000 units in excess of 1.6 million square feet in multiple states. Most of the facilities operate under the 1st American Storage ® brand, which is a registered trademark of American Spectrum Realty, Inc.  1st American Storage ® is a brand that represents value, integrity, and customer service within the industry.   For more information on our National Self-Storage Division, call Darren Kelley at 713-706-7808.