MANCHESTER, NH – True Storage, a New Hampshire-based self-storage development company, had a record-breaking year in 2022. Our construction team successfully completed 11 projects and delivered 592,264 NRSF of climate-controlled storage space to the market.
Four of the sites are in Clinton, MA; Warwick, RI; Plaistow, NH; and Bangor, ME. The remaining sites have expanded our footprint well outside of New England to include Bradenton, FL; Freeport IL; Oshkosh and Fort Atkinson, WI; Auburn, NY; West Mifflin PA; and Florence KY.
“Seeking permits and approvals for these developments in various jurisdictions across the country can be challenging, but we’ve been able to overcome those hurdles by showcasing our high-quality Class A construction and emphasizing the community benefit self-storage provides,” said Josh Sullivan, head of Acquisitions and Due Diligence. “We are proud to have delivered these 11 facilities in 2022, with even more to come in 2023.”
Converting existing retail and industrial properties has been the focus over the past year; however, of the 11 Class A sites established in 2022, two of them were ground-up developments. These sites are in Plaistow and Bangor, ME. The total True Storage portfolio now consists of 7,258 units, 84% being delivered in 2022. In addition, five facilities were sold during the past year.
Throughout 2022, 15 new sites were acquired, and 12 sites were approved for storage. The development pipeline remains robust for 2023, with 20 projects under construction totaling 1,925,211 GSF.
“Our growing relationships with manufacturers, vendors and sub-contractors has given us the ability to better schedule and expand the growth of our construction capabilities,” says Tom Remmes, Project Supervisor. “We are already under construction at nearly two dozen sites for 2023, and already planning for 2024.”
The self-storage market has continued to prove itself as occupancy and rents climbed. “Although the industry post-pandemic has started to show signs of decline, it is evident that there is still a significant demand for storage in certain markets across the country. We’ve been able to identify these areas and reap the rewards, said Jacob Fuller, Operations Manager. “As we continue to forge our path, aligning our vision, and establishing a strong connection with the right third-party management company for our sites has aided in our growth these past two years. We look to continue to build, develop, and maintain existing relationships, as well as welcome the opportunity to expand in the coming years.”
We are looking forward to another busy year with projects opening in Massachusetts, Rhode Island, Michigan, Connecticut, New York, Georgia, and Florida
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.