PHOENIX, ARIZ. – MiniCo, Inc., today announced that the company has sold its insurance agency operations and publishing division, MiniCo Insurance Agency, LLC, to Aran Insurance Services Group, an insurance services provider based in Rockville Centre, N.Y. MiniCo Insurance will continue to operate from its Phoenix headquarters providing commercial insurance, tenant insurance and publishing products and services.
Hardy Good, founder of MiniCo, Inc., will assist in the transition and serve as a special advisor to the board of directors of MiniCo Insurance Agency, LLC. Mr. Good, an icon in the self-storage industry for over 35 years, commented, “I am pleased to pass the MiniCo baton to Aran Insurance Services Group and look forward to the positive benefits of this transaction for our self-storage customers and independent insurance agents.”
Mike Schofield, President and CEO, MiniCo Insurance Agency, LLC, said, “This step will enable MiniCo to join a growing multi-faceted insurance organization that will allow a wide range of insurance products to be made available to customers. We want to assure MiniCo’s self-storage insureds and independent insurance agents that their interactions with the company will be unchanged as Liberty Agency Underwriters™ will continue as our underwriting partner and MiniCo’s underwriting, claims, and customer care staff will remain in place to provide the world class service for which our company is known.”
MiniCo’s insurance products include MiniPak Gold commercial property and liability coverage, MiniPak Silver general liability only coverage, TenantOne Direct customer storage insurance, and MiniCo pay-with-rent tenant insurance. Publications include Mini-Storage Messenger, Self Storage Now!, the Self-Storage Almanac, and the Self-Storage Development Handbook.
Since 1974, Phoenix-based MiniCo Insurance Agency, LLC, has been a self-storage leader providing superior specialty insurance programs, informative publications and valuable products and services created expressly for the self storage industry.
For More Information:
MiniCo Insurance Agency, LLC – http://www.minico.com/
Aran Insurance Services Group – http://www.aranins.com/
Tuesday, May 18, 2010
Thursday, May 13, 2010
CMBS Loan Workouts, Modifications and Maturity Extensions
The challenging real estate market of the last two years has put a spotlight on commercial mortgage-backed securities (CMBS) as a financing source. In this webinar, a group of experienced self-storage finance professionals will provide strategies for addressing CMBS loan issues.
TOPICS WILL INCLUDE:
* Maturity Date Extensions
* Modifications
* White Knight and Capital Providers
* New CMBS and Other Debt Available
It will take place on Wednesday, June 9, 2010 at 2 pm ET / 1 pm CT / 12 pm MST / 11 am PT.
This webinar will be presented by Shawn R. Hill, Principal, The BSC Group, Devin Huber, Principal, The BSC Group, Ann Hambly, President/CEO, 1st Service Solutions, Todd Moore, Executive Vice President, 1st Service Solutions and will be moderated by Poppy Behrens, Publisher, MiniCo Publishing.
The BSC Group offers financial and loan advisory, mortgage brokerage and workout solutions to commercial real estate property owners and investors with a special emphasis on the self storage market. 1st Service Solutions was the country’s first firm dedicated to serving as a borrower advocate in loan restructuring and assumptions for CMBS borrowers.
Shawn R. Hill, Principal, The BSC Group, advises clients on debt and equity financing and loan workout services for all commercial property types, with an emphasis on self-storage. He is a frequent speaker and panelist at self-storage industry trade shows and contributes to self-storage industry publications.
Devin Huber, Principal, The BSC Group, arranges commercial property debt and equity financing across the capital spectrum with expertise in the multi-family, medical and self-storage asset classes.
Ann Hambly is the President/CEO and founding partner of 1st Service Solutions. She has more than 30 years of commercial mortgage servicing experience.
Todd Moore is Executive Vice President of 1st Service Solutions. He has more than 20 years of experience performing commercial loan servicing and problem loan resolutions.
To register go to https://www2.gotomeeting.com/register/608407643. Space is limited!
TOPICS WILL INCLUDE:
* Maturity Date Extensions
* Modifications
* White Knight and Capital Providers
* New CMBS and Other Debt Available
It will take place on Wednesday, June 9, 2010 at 2 pm ET / 1 pm CT / 12 pm MST / 11 am PT.
This webinar will be presented by Shawn R. Hill, Principal, The BSC Group, Devin Huber, Principal, The BSC Group, Ann Hambly, President/CEO, 1st Service Solutions, Todd Moore, Executive Vice President, 1st Service Solutions and will be moderated by Poppy Behrens, Publisher, MiniCo Publishing.
The BSC Group offers financial and loan advisory, mortgage brokerage and workout solutions to commercial real estate property owners and investors with a special emphasis on the self storage market. 1st Service Solutions was the country’s first firm dedicated to serving as a borrower advocate in loan restructuring and assumptions for CMBS borrowers.
Shawn R. Hill, Principal, The BSC Group, advises clients on debt and equity financing and loan workout services for all commercial property types, with an emphasis on self-storage. He is a frequent speaker and panelist at self-storage industry trade shows and contributes to self-storage industry publications.
Devin Huber, Principal, The BSC Group, arranges commercial property debt and equity financing across the capital spectrum with expertise in the multi-family, medical and self-storage asset classes.
Ann Hambly is the President/CEO and founding partner of 1st Service Solutions. She has more than 30 years of commercial mortgage servicing experience.
Todd Moore is Executive Vice President of 1st Service Solutions. He has more than 20 years of experience performing commercial loan servicing and problem loan resolutions.
To register go to https://www2.gotomeeting.com/register/608407643. Space is limited!
Tuesday, May 11, 2010
Security
Physical security is a minimum expectation customers have of their self-storage providers. Self-storage renters are paying rent so that they can leave their belongings and return to find them safe and intact. Part of the services self-storage operators are offering customers is keeping their belongings secure.
Customer surveys show that the perception of adequate security is one of the three leading characteristics that attract new renters to a self-storage facility (curb appeal and convenience being the other two). Crime threatens self-storage owners and manager's ability to attract ad retain customers by critically impacting service delivery. While actual crime has decreased dramatically over the past 30 to 40 years, concerns with crime have not fallen. In fact, concerns about security and terrorism are higher than ever.
While the best time to put security systems into place is during facility planning and construction, self-storage sites can also be upgraded and enhanced with contemporary security measures at any time. Security installation typically falls within the five to six percent range of total initial facility development cost.
The sophistication of security systems can vary greatly from facility to facility, from individual unit alarms, comprehensive activity monitoring, and electronic access on the automated end of the spectrum, to staff scrutiny of new renters, adequate padlock requirements, and ample lighting on the low-tech end. Fancier facilities tend to employ more advanced, expensive security measures.
Crime impacts all aspects of life, personal and business, and crime in self-storage occurs withing this larger context of crime in America. Criminals are opportunities, taking advantage of situations that lend themselves to anonymity and easy access to goods. Self-0storage can seem tailor made for theft with its storage of personal property combined with discrete comings and goings.
Law enforcement and officials categorize crimes into two main groups: crimes against persons and crimes against property, with crimes against property involving no force or threat of force against those victimized.
Crimes against persons are unarguably the most serious, but the nature of the self-storage industry leads to a significant concern with property crimes, particularly theft. Property crimes make up over 75 percent of all crimes in America, and theft makes up 66.7 percent of property crimes. In addition to theft, employee fraud, storage of illegal and dangerous materials, violence, and graffiti are the most frequent crime-related concerns of storage owners and operators.
Besides the harm crime causes to victims, crime negatively affects employee morale, customer satisfaction, operation costs, and general community and individual well being. The costs of crime far exceed the value of stolen property. Those costs extend to include damage to both the renter's and the facility owners’ property, fire danger, civil suits, and loss of rental income.
By working to prevent crimes, self-storage owners and managers increase the stability of their rental base, lower operating costs, increase marketability, and reduce anxiety amongst staff. Crime prevention techniques include target hardening; this involves making properties less vulnerable to theft, renter and employee screening, management awareness of the signs of illegal activity and how to respond, and rental agreements that enable managers to take action when they suspect a renter or employee is engaging in criminal activity.
Security measures need not employ expensive or technically advanced equipment to offer renters, staff, and property adequate protection. That being said, computerized access control confers a sense of security that enables operators to charge an average of 30 percent higher rents. Security enhancement, therefore, can serve dual goals of protecting people and property and enhancing a facility's appeal to prospective renters. Security measures combine with a facility's convenience and overall physical appeal to attract new business.
For more information about the 2010 Self-Storage Almanac, please visit http://www.ministoragemessenger.com/cart/shopexd.asp?id=1998
Customer surveys show that the perception of adequate security is one of the three leading characteristics that attract new renters to a self-storage facility (curb appeal and convenience being the other two). Crime threatens self-storage owners and manager's ability to attract ad retain customers by critically impacting service delivery. While actual crime has decreased dramatically over the past 30 to 40 years, concerns with crime have not fallen. In fact, concerns about security and terrorism are higher than ever.
While the best time to put security systems into place is during facility planning and construction, self-storage sites can also be upgraded and enhanced with contemporary security measures at any time. Security installation typically falls within the five to six percent range of total initial facility development cost.
The sophistication of security systems can vary greatly from facility to facility, from individual unit alarms, comprehensive activity monitoring, and electronic access on the automated end of the spectrum, to staff scrutiny of new renters, adequate padlock requirements, and ample lighting on the low-tech end. Fancier facilities tend to employ more advanced, expensive security measures.
Crime impacts all aspects of life, personal and business, and crime in self-storage occurs withing this larger context of crime in America. Criminals are opportunities, taking advantage of situations that lend themselves to anonymity and easy access to goods. Self-0storage can seem tailor made for theft with its storage of personal property combined with discrete comings and goings.
Law enforcement and officials categorize crimes into two main groups: crimes against persons and crimes against property, with crimes against property involving no force or threat of force against those victimized.
Crimes against persons are unarguably the most serious, but the nature of the self-storage industry leads to a significant concern with property crimes, particularly theft. Property crimes make up over 75 percent of all crimes in America, and theft makes up 66.7 percent of property crimes. In addition to theft, employee fraud, storage of illegal and dangerous materials, violence, and graffiti are the most frequent crime-related concerns of storage owners and operators.
Besides the harm crime causes to victims, crime negatively affects employee morale, customer satisfaction, operation costs, and general community and individual well being. The costs of crime far exceed the value of stolen property. Those costs extend to include damage to both the renter's and the facility owners’ property, fire danger, civil suits, and loss of rental income.
By working to prevent crimes, self-storage owners and managers increase the stability of their rental base, lower operating costs, increase marketability, and reduce anxiety amongst staff. Crime prevention techniques include target hardening; this involves making properties less vulnerable to theft, renter and employee screening, management awareness of the signs of illegal activity and how to respond, and rental agreements that enable managers to take action when they suspect a renter or employee is engaging in criminal activity.
Security measures need not employ expensive or technically advanced equipment to offer renters, staff, and property adequate protection. That being said, computerized access control confers a sense of security that enables operators to charge an average of 30 percent higher rents. Security enhancement, therefore, can serve dual goals of protecting people and property and enhancing a facility's appeal to prospective renters. Security measures combine with a facility's convenience and overall physical appeal to attract new business.
For more information about the 2010 Self-Storage Almanac, please visit http://www.ministoragemessenger.com/cart/shopexd.asp?id=1998
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