Stories Behind the Door

In this episode, I interview RJ Fischer, Director of Acquisitions for Doors and Spaces, about the emerging asset class of Small Bay Flex. RJ shares his journey into this sector, which was informed by his background in appraisal. We discuss how the market for this type of industrial real estate is still evolving, noting that "the information is very fragmented", making open information sharing crucial for the industry's growth. The conversation highlights that the demand for these spaces is "stronger than ever" and that there's a growing "buzz" around Small Bay Flex investments. RJ explains that Doors and Spaces is "trying to build a brand" by focusing on strategic acquisition and development. The design philosophy behind their projects focuses on creating functional spaces for small businesses, with an emphasis on "doors, not docks" RJ also discusses the increasing interest from larger equity firms and how AI is seen as a tool to enhance real estate strategies, particularly in market research and decision-making. Connect with Thaddeus Campbell: Email: thaddeus@s3.partners Website: https://s3.partners/ LinkedIn: https://www.linkedin.com/in/itsthadcampbell/ Connect with RJ Fischer: Email: rfischer@repropco.com Website: https://doorsandspaces.com/ This episode was brought to you by: https://www.kiwiconstruction.com/

Join me on Stories Behind the Door for a captivating conversation with Todd Sheppard, President of FutureLink Inc., a leading expert in self-storage security and technology. Todd shares his unique and unplanned entry into the industry, which started with a simple repair job and led him to discover a business with a "very relational" and supportive culture. Todd delves into his company's core philosophy: a proactive approach to security design that gets involved as early as the plan level to prevent costly change orders down the road. He explains how security has evolved from a few basic cameras to sophisticated systems featuring cloud storage and "active deterrence" that can literally ward off criminals . These systems also double as powerful marketing tools, helping owners attract tenants who prioritize peace of mind. The conversation also explores the profound influence of Todd's lifelong martial arts journey on his business principles. He explains how the discipline, integrity, and humility learned from training provide a solid foundation for his company, a place where the primary mission is to help clients solve their problems. In this episode, we cover: Todd's accidental entry into the self-storage industry. The value of a proactive security partner in mitigating costs and protecting assets. The evolution of technology in self-storage from basic cameras to advanced solutions. How a strong security system serves as a powerful marketing tool. The impact of Todd's martial arts discipline on his business philosophy. The importance of a "relational" culture in the self-storage industry. Connect with Thaddeus Campbell: LinkedIn: https://www.linkedin.com/in/itsthadcampbell/ Website: https://s3.partners/ Connect with Todd Sheppard: Email: todd@futurelinkonline.com Website: https://futurelinkonline.com This episode was brought to you by: https://www.kiwiconstruction.com/

Join me on Stories Behind the Door for a captivating conversation with Alex Burnam, Vice President of Acquisitions at StorageMart. As a member of the third generation of the Burnam family in the business, Alex offers a unique perspective on the industry's evolution and its current challenges Alex provides a candid analysis of the acquisition market's rapid decline from its 2021 peak, explaining how rising interest rates and a disconnect between buyers and sellers have created a "perfect storm" for falling valuations . He also offers hope for the future, sharing data points that connect new home construction and smaller home designs to a positive long-term demand for self-storage. We discuss StorageMart's strategic decision to launch a third-party management program, which Alex says serves as a pipeline for off-market acquisitions and a way to help other operators. Finally, Alex reveals the secrets behind StorageMart's incredible record of beating the REIT average for same-store NOI growth for ten consecutive quarters, highlighting their nimble, innovation-obsessed culture as a key factor. Connect with Thaddeus Campbell: LinkedIn: https://www.linkedin.com/in/itsthadcampbell/ Website: https://s3.partners/ Connect with Alex Burnam: Email: alex.burnam@storage-mart.com Website: storage-mart.com This episode was brought to you by: https://www.kiwiconstruction.com/

Join me for a conversation with Jordan Feldman, Director of Operations at The Feldman Companies, a powerhouse in self-storage development. Jordan, who was "born into" the business , shares his journey from a high school internship on a construction site to a key role in a company that has built over three and a half million square feet of self-storage. Jordan candidly discusses his company's ability to thrive despite market challenges, attributing their success to their disciplined focus on a "recession resistant" asset class. He explains how their "young core" team, combined with a track record of successful relationships built over 25 years, has allowed them to secure financing and push through development when others have pulled back . We dive deep into the concept of "responsible development" which Jordan defines as a "trifecta" of working collaboratively with the municipality, the community, and the developer. This philosophy has allowed them to build projects they are truly proud of. He also reveals details about their new 95% construction financing program, a strategic move to assist other developers and expand their own presence in the industry. In this episode, we cover: Jordan Feldman’s journey from a high school internship to a leading role in a family business The Feldman Companies' unique growth strategy in a slowing market Why self-storage is considered a recession-resistant asset class The importance of team culture and a "young core" in driving a business forward A definition of "responsible development" and its impact on a project's success The launch of the Feldman Companies' new construction financing program Connect with Thaddeus Campbell: LinkedIn: https://www.linkedin.com/in/itsthadcampbell/ Website: https://s3.partners/ Connect with Jordan Feldman: Email: jordan@thefeldmancompanies.com Website: https://thefeldmancompanies.com This Episode was brought you by Kiwi II Construction: https://www.kiwiconstruction.com

Join me on Stories Behind the Door for an inside look at the self-storage construction business with Nick Judie, Vice President of Martin Commercial. In this episode, Nick shares his fascinating journey into an industry he never planned to join. Nick explains how a downturn in the Houston office market led his general contracting firm to pivot to self-storage in 2014. He discusses the significant shift in the GC's role from hands-on builder to a manager of projects and relationships, emphasizing that he is "almost 100% subbed out" . Nick stresses that a GC's success is entirely dependent on its subcontractors, making strong relationships "everything" He provides a candid look at the financial realities of commercial construction, explaining how project delays, which he says you can almost always expect, are the biggest killer. On a more personal note, Nick shares the incredible story of how he met his wife in college and his dedication to fitness, a discipline he uses to stay balanced and calm amidst the daily chaos of his job. This conversation is a testament to Nick's "smooth jazz" demeanor and his philosophy that what matters most is what's behind the business: family and personal well-being Connect with Thaddeus Campbell: LinkedIn: https://www.linkedin.com/in/itsthadcampbell/ Website: https://s3.partners/ Connect with Nick Judie: Email: nic.judie@martincommercial.com Website: https://www.martincommercial.com

Join me for a masterclass on the self-storage industry, led by my colleague and mentor, Barry Sherman. As a licensed architect turned developer with three decades of experience, Barry provides a rare historical perspective on the industry's economic cycles and how to navigate them. Barry shares his firsthand experience from his first downturn in the mid-'90s, contrasting it with today's market, where dynamic pricing and a shift in financing sources have created new challenges and opportunities. He explains how the massive surge in deliveries in 2023 was a result of projects that started two to three years earlier, demonstrating the industry’s unique development lifecycle. We delve into the dramatic changes in the operational side of the business, from the tools used for underwriting, which have transitioned from manual processes to data-driven platforms. To the evolution of facility design and building codes. Barry stresses the critical importance of relationships in a competitive market, a lesson he has learned over his 30-year career. The episode concludes with Barry’s insightful and strategic outlook on the future of self-storage, predicting a focus on quality, mixed-use developments, and the reinvention of older assets. Connect with Thaddeus Campbell: LinkedIn: https://www.linkedin.com/in/itsthadcampbell/ Website: https://s3.partners/ Connect with Barry Sherman: Email: barry@s3.partners LinkedIn: https://www.linkedin.com/in/barry-s-27b024a/ Website: s3.partners

Ready for a deep dive into the history and future of the self-storage industry? In this long-awaited episode of Stories Behind the Door, I sit down with Stephan Ross, a true veteran of the self-storage world and an expert in feasibility studies. Stephan takes us back to 1985, sharing his beginnings as a live-in manager for National Self Storage. He recounts the early days of the industry when a fenced-in property with an electronic gate was considered "big time". We discuss the dramatic evolution of facilities, from drive-up units to multi-story buildings and advanced security features. Stephan reveals how the average customer stay has skyrocketed from just three months to over 17 months, fundamentally changing a pro forma. As a feasibility study expert, Stephan offers invaluable insights into the challenges of navigating today’s market, including the dynamic pricing strategies of REITs. He also shares incredible stories from his career, from having bobsled runners stolen from his facility during the Olympics to managing a site frequented by celebrities. Finally, we discuss the changing landscape of ground-up development, with a notable shift away from traditional self-storage and toward a blend of boat, RV, and flex space. If you're in the self-storage industry or considering a ground-up development, Stephan's decades of experience and wisdom are a must-listen. Chapters: 00:00 Introduction to Self Storage Journey 04:24 The Evolution of Self Storage Facilities 10:06 Challenges in Feasibility Studies 14:08 The Unique Culture of Self Storage 16:37 Market Trends and Overbuilding Concerns 26:58 Current Climate and Future of Self Storage   Connect with Thaddeus Campbell: LinkedIn: https://www.linkedin.com/in/itsthadcampbell/ Website: https://s3.partners/ Connect with Stephan Ross: Phone: (866) 970-3343 Email: srosscuttingedge@gmail.com Website: https://www.cuttingedgeselfstorage.com

Join me for an engaging conversation with Ryan Treadwell and Kyle Kaniho, the visionary developers behind The Garage Den, a unique Small Bay Flex project in Centennial, Colorado. Ryan and Kyle share their compelling entrepreneurial journey, revealing how their search for business space led them down the path of developing Small Bay Flex units. They open up about the daunting challenges of navigating a complex entitlement process, including an unexpected annexation attempt by the City of Centennial that threatened to derail their entire project. Their story is a powerful testament to the resilience and "never give up" attitude essential for successful entrepreneurship. We delve into the meticulous details of their construction process, highlighting their commitment to quality and longevity over cost-cutting, evident in features like concrete driveways and strategically placed drains. Discover how their focus on creating a premium product attracted a surprisingly diverse range of buyers, from those needing space for businesses outgrowing a home garage to individuals housing unique collections. This episode offers invaluable insights into managing significant upfront construction costs, adapting to unforeseen financial hurdles by phasing development, and the continuous forward-thinking mindset required to push a multi-phase project from concept to completion. In this episode, we cover: Ryan and Kyle's entrepreneurial path and entry into Small Bay Flex development. Overcoming significant entitlement challenges and involuntary annexation attempts. The importance of resilience and determination in business. Design and construction philosophies that prioritize quality and longevity. The diverse market demand and varied uses for Small Bay Flex units. Managing the upfront financial demands of multi-phase real estate development. The mindset of continuous forward momentum in entrepreneurship. Connect with Thaddeus Campbell: LinkedIn: https://www.linkedin.com/in/itsthadcampbell/ Website: https://s3.partners/ Connect with Ryan Treadwell & Kyle Kaniho: Ryan Treadwell Email: ryan@thegarageden.com Kyle Kaniho Email: kyle@thegarageden.com Website: https://thegarageden.com

Ever wondered how top entrepreneurs navigate the complexities of real estate and build successful ventures? In this episode of Stories Behind the Door, I sit down with Brad Noble, a prominent self-storage developer and entrepreneur, to unpack his incredible journey and insights. Brad shares his unconventional entry into the self-storage industry, from a college business plan to becoming a developer. We dive deep into the current self-storage development landscape, discussing the challenges of finding profitable sites and the importance of "moats" around your deals. He opens up about how lessons learned from competitive sports, like wrestling and football, instilled a mindset of discipline, accountability, and delayed gratification that's been crucial to his success. You'll also get an inside look at Brad's strategic pivot into small bay industrial flex development , why he sees it as a natural extension, and his philosophy on building an "A-player" team that can tackle 300 new opportunities a week. Plus, hear about his newest venture, Noble Insured, and why he launched an insurance company specifically for self-storage assets. If you're in real estate, particularly self-storage or industrial flex, or aspire to be an entrepreneur, this conversation is packed with actionable insights on strategic growth, team building, and maintaining high standards in a competitive market. Chapters: 00:00 Introduction and Background of Brad Noble 07:33 Lessons from Competitive Sports 12:39 Navigating Economic Challenges in Development 20:11 Team Building and Hiring Philosophy 28:01 Launching Noble Insured: A New Venture Connect with Thaddeus Campbell:  LinkedIn:   / itsthadcampbell   Website: https://s3.partners/ Connect with Brad Noble: Website: nobleinsured.com Email: be.noble@noblemail.com

Join me on Stories Behind the Door as I chat with Maurice Pogoda, President and Founder of Pogoda Companies, about his fascinating journey into the self-storage industry. This 30-minute conversation is a must-listen for anyone in or aspiring to be in the self-storage niche! Maurice takes us back to the 1980s, sharing what it was like when the self-storage landscape was still largely underdeveloped – a true "Wild West." He was even the only self-storage broker in Michigan at the time! We discuss how technology has dramatically improved decision-making and operational efficiency in storage, and the significant shift from traditional large offices to more streamlined management practices. You'll also hear about the strategic choices behind the growth of Pogoda Companies, often driven by a deep familiarity with the Michigan market. Maurice emphasizes the enduring importance of a personal touch in customer service and how strong family values played a crucial role in raising successful children. His story is a powerful reflection of adaptability and strategic growth in a constantly evolving industry. In this episode, we cover: Maurice's unexpected entry into self-storage. The underdeveloped self-storage industry of the 1980s. The unique position of being the sole self-storage broker in Michigan. How "Wild West" the industry felt in its early days. The crucial role of family values in raising successful individuals. The transformative impact of technology on storage decision-making. The shift towards more efficient management practices. Strategic expansion decisions based on market familiarity. The continued importance of personal customer service. Lessons in adaptability and strategic growth from Maurice's journey. Connect with Thaddeus Campbell: LinkedIn: https://www.linkedin.com/in/itsthadcampbell/ Website: https://s3.partners/ Connect with Maurice Pogoda: Phone: (248) 877-3901 Website: pogodaco.com

What happens when an archaeologist becomes a builder in the self-storage world? In this episode, I talk with Patrick McAllister about how he transitioned from studying ancient ruins to leading complex construction projects in the storage industry. We dive into entrepreneurship, managing stress on big builds, and why relationships are everything in business. Patrick also shares insights on the evolution of storage since 2015 and how steel prices and development costs are shifting today. Follow Thaddeus Campbell: https://www.youtube.com/@storiesbehindthedoorpodcast/ LinkedIn: https://www.linkedin.com/in/itsthadcampbell/ Reach Patrick McAllister: Email: pmccallister@storagebuildingcompany.com LinkedIn: https://www.linkedin.com/in/selfstoragebuilder https://www.storagebuildingcompany.com/

Follow Thaddeus Campbell on social media: Linkedin: https://linkedin.com/in/itsthadcampbell/ Facebook: https://facebook.com/itsthadcampbell Instagram: https://instagram.com/itsthadcampbell/ Reach Beau on social media too: Email: beau@gostoreit.com Linkedin: https://linkedin.com/company/go-store-it-management-llc If you want to have an Unfair Advantage and Outpace the self-storage market with supercharged deal sourcing, check our sponsor of this episode Proprise. Click on the link below. https://www.proprise.io/ If you have a commercial property for sale reach out at: https://safestorageusa.com/sell-to-us/

Follow Thaddeus Campbell on social media:   Linkedin: https://www.linkedin.com/in/itsthadcampbell/ Facebook: https://www.facebook.com/itsthadcampbell Instagram: https://www.instagram.com/itsthadcampbell/   Reach Stan on social media, too:   sbonilla@safeguardit.com LinkedIn: https://www.linkedin.com/in/stan-bonilla-9b21379/ https://www.safeguardit.com   If you want to have an Unfair Advantage and Outpace the self-storage market with supercharged deal sourcing, check our sponsor of this episode Proprise.   Click on the link below.   https://www.proprise.io/   If you have a commercial property for sale reach out at: https://safestorageusa.com/sell-to-us/

Follow Thaddeus Campbell on social media:   Linkedin:   / itsthadcampbell  Facebook:   / itsthadcampbell  Instagram:   / itsthadcampbell    Reach Jason on social media, too:   cb@abernatheyholdingco.com LinkedIn: https://www.linkedin.com/in/chrisbergreal/ https://abernatheydev.com/   If you want to have an Unfair Advantage and Outpace the self-storage market with supercharged deal sourcing, check our sponsor of this episode Proprise.   Click on the link below.   https://www.proprise.io/   If you have a commercial property for sale reach out at: https://safestorageusa.com/sell-to-us/

Follow Thaddeus Campbell on social media: Linkedin:   / itsthadcampbell  Facebook:   / itsthadcampbell  Instagram:   / itsthadcampbell    Reach Shannon on social media, too:   scharbonneau@xpsusa.com LinkedIn: https://www.linkedin.com/in/shannoncharbonneau/ Instagram: https://www.instagram.com/xpssolutions/   If you want to have an Unfair Advantage and Outpace the self-storage market with supercharged deal sourcing, check our sponsor of this episode Proprise.   Click on the link below.   https://www.proprise.io/   If you have a commercial property for sale reach out at: https://safestorageusa.com/sell-to-us/