Solving a $200 Billion Problem: Andrew Jones and the Truck Parking Club

I chat with Andrew Jones, VP at Truck Parking Club, about the severe shortage of safe truck parking, a problem that costs the logistics industry over $165 billion a year. Andrew's journey into this booming niche began after a lunch meeting with a broker, which led him to investigate the 10x problem of 3 million trucks with only 300,000 legal spots. Andrew's background as an operator and a regional manager at Extra Space Storage (his "MBA in self-storage") gives him a unique edge.

He explains that Truck Parking Club is the "Airbnb for truck parking," providing a technological solution for sites like self-storage facilities to monetize unused spaces. Andrew shares his commitment to long-term partnership and why his unique and honest presence on LinkedIn—inspired by his family's values and his Native American heritage, is simply about doing business with people you like.

Connect with Thaddeus Campbell:

• Email: [email protected]

• Website: https://s3.partners/

• LinkedIn: https://www.linkedin.com/in/itsthadcampbell/

Connect with Andrew Jones:

• Email: [email protected]

• Website: https://truckparkingclub.com

• LinkedIn: https://www.linkedin.com/in/adjones5150

This episode was brought to you by: https://tractiq.com/

Join me for a powerful conversation with Noah Springer, Chief Strategic Officer of Extra Space Storage. Noah takes us back to his roots on a small farm in Central Illinois and shares the "life-defining moment" that sent him on a mission trip to Guatemala at 19, an experience that instilled a self-confidence he credits for his success.

We trace his career from trading bonds at a bank to joining Extra Space in 2005 just before the company's massive growth. Noah stresses that the company is "built on values", with integrity and the Golden Rule at its core. He is open about the highly-debated COVID-era pricing strategy, explaining that it was driven by a need to adjust prices that had been suppressed by emergency regulations.

Noah discusses his role in the company's $3 billion bridge lending program, which was created as an opportunity to support industry partners who needed capital. Finally, he shares the profound personal motivation that pushes him to take on ultra-endurance races: realizing how blessed he is, he feels a duty to "push as hard as I can" for those who have not had the same chance.

Takeaways:

• Noah Springer joined Extra Space in 2005 just as the company purchased Storage USA, propelling it to the second-largest operator.

• The company's massive growth is credited to a commitment to its core culture and values that prioritize honesty and integrity.

• Noah emphasizes that Extra Space operates with a revenue strategy over an occupancy strategy, aiming for the highest revenue possible.

• The controversial increase in ECRIs (Estimated Completion Return Intervals) after COVID was a result of states of emergency pausing pricing and the need to bring old tenants up to a price that made sense.

• Extra Space created its bridge lending program to fill a gap in the market and create long-term partnerships, lending over $3 billion.

• His personal drive for ultra-endurance sports is fueled by a desire to push hard because he realizes he's won the "lottery by being born here".

• Extra Space's focus is on listening to the market and using its partners to determine what to add to the business.

Connect with Thaddeus Campbell:

• Email: [email protected]

• Website: https://s3.partners/

• LinkedIn: https://www.linkedin.com/in/itsthadcampbell/

Connect with Noah Springer:

• Email: [email protected]

• Website: https://www.extraspace.com

This episode was brought to you by: https://www.kiwiconstruction.com/

I sit down with Chris Salerno, Founder, President, and CEO of QC Capital, to discuss why Small Bay Industrial Flex has become such a hot asset class. Chris shares how QC Capital, which started with a focus on car washes, pivoted after seeing the "oversaturation" in the self-storage market. We discuss the inevitable cap rate compression coming to this sector and why speed is key now, before institutional capital pays a premium. Chris also touches on how his education, including time at Wharton, informed his approach to psychological marketing and negotiation. If you have investment opportunities or are an accredited investor, Chris is looking to move "very, very fast".

Connect with Thaddeus Campbell:

• Email: [email protected]

• Website: https://s3.partners/

• LinkedIn: https://www.linkedin.com/in/itsthadcampbell/

Connect with Chris Salerno:

• Email: [email protected]

• Website: https://www.qccapitalgroup.com

This Episode was brought to you by: https://www.kiwiconstruction.com/

I had a fascinating conversation with Robyn Schoch, Senior Vice President of Tri-Bridge Construction, about her journey from the boxing ring to the demanding world of self-storage construction. Robyn shares that her love for the industry comes from the tangible results of construction and the camaraderie it brings. She tells me, "I love the product type", emphasizing her commitment.

Robyn explains how her boxing career instilled the grit and determination necessary for a construction executive. She likens the work to a "game of chess" and highlights that creativity is essential for navigating the current construction market challenges.

We discuss significant market shifts, including how the 2021 IBC is allowing for more efficient builds and why she's excited about the future of small bay flex spaces. Robyn stresses the importance of mentorship, particularly for women in construction, and how Tri-Bridge focuses on transparency and repeat business with clients.

Connect with Thaddeus Campbell:

• Email: [email protected]

• Website: https://s3.partners/

• LinkedIn: https://www.linkedin.com/in/itsthadcampbell/

Connect with Robyn Schoch:

• Email: [email protected]

• Website: https://www.tribridgeres.com

This episode was brought to you by: https://www.kiwiconstruction.com/

I'm joined by Tyler Prime, a legal expert who specializes in the self-storage industry. Tyler and I discuss how he found his way into this "niche industry" and the powerful motivation of "Family is always a number one priority" for many industry players . Tyler offers critical insights for developers, emphasizing that understanding local regulations is crucial for development. We break down the complex world of property tax assessments, noting that PILOT programs can provide tax relief for developers. Tyler explains that community pushback can affect project approvals and highlights a current trend where "we're seeing more conversion projects" as developers adapt to market conditions. We also touch upon the unique camaraderie in the self-storage community and how innovative spaces like golf simulators are enhancing client relationships .

Connect with Thaddeus Campbell:

• Email: [email protected]

• Website: https://s3.partners/

• LinkedIn: https://www.linkedin.com/in/itsthadcampbell/

Connect with Tyler Prime:

• Email: [email protected]

• Website: https://www.primelaw.com

This episode was brought to you by https://www.kiwiconstruction.com/

Join me as I sit down with Jordan Kader, Business Development Director at MLCO Construction, for a powerful conversation about the unexpected path that led him to the self-storage industry. A former wrestler with "cauliflower ears" to show for it, Jordan shares how his time on the mat instilled a relentless work ethic and discipline that he now applies to his professional life.

We discuss the critical role of a "wrestling mentality" in business, where natural talent is not enough, and extra effort is essential for success. Jordan emphasizes that building a strong team and company culture is vital for growth. He tells me he's focused on communication and responsiveness, and that "the proof is in the pudding". Looking ahead, Jordan has an ambitious goal for MLCO Construction, aiming for a "100 million dollar" increase in 2026.

Connect with Thaddeus Campbell:

• Email: [email protected]

• Website: https://s3.partners/

• LinkedIn: https://www.linkedin.com/in/itsthadcampbell/

Connect with Jordan Kader:

• Email: [email protected]

• Website: https://www.mlcoconstruction.com

This episode was brought to you by: https://www.kiwiconstruction.com/

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: [email protected]

• Website: https://s3.partners/

• LinkedIn: https://www.linkedin.com/in/itsthadcampbell/

Connect with RJ Fischer:

• Email: [email protected]

• 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: [email protected]

• 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: [email protected]

• 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: [email protected]

• Website: https://thefeldmancompanies.com

This Episode was brought you by Kiwi II Construction: https://www.kiwiconstruction.com