Stories Behind the Door

I'm joined by Tim Ryan, MAI, Senior Vice President at Newmark, to get a definitive, data-backed look at the self-storage market. Tim's career journey is fascinating, from his days at Syracuse University pursuing sports broadcasting to becoming a commercial appraiser and a leader on Newmark's National Self Storage Team . Tim gives an insider's perspective on the challenges of appraising during the COVID "steroid era," where everyone was chasing sub-five cap rates . He breaks down how Newmark uses its vast, proprietary database, cycling through thousands of assets a year, to provide the solid foundation needed for accurate valuations.

What You'll Learn:

• The ICAP Fallout: How the removal of the ICAP tax benefit effectively killed new self-storage development in the New York metro area by removing multi-million dollar tax savings.
• The Expense Crunch: Insurance costs have doubled in the last three years, and rising property taxes are adding significant pressure to operating income .
• Market Status: The market is stabilizing, with a narrowing bid-ask spread and an increase in transactions observed in the second half of 2025.
• Consolidation: The industry is highly specialized, and mom-and-pop operators are increasingly being targeted for acquisition by a select pool of sophisticated buyers and REITs .

Connect with Thaddeus Campbell: Email: [email protected] Website: https://s3.partners/ LinkedIn: https://www.linkedin.com/in/itsthadcampbell/ Connect with Tim Ryan: Email: [email protected] Website: https://www.nmrk.com This episode was brought to you by: https://www.kiwiconstruction.com

I have a truly inspiring conversation with Rona Siegel, National Director of Third Party Management at The William Warren Group/StoreQuest. Rona shares her "by chance" entry into the self-storage world 10 years ago and how the company's "lifestyle brand" energy, embodied by founder Bill Hoban, hooked her.

Rona is not just a high-level executive; she's a three-time New York Marathon runner and a fiercely dedicated mother . She opens up about her emotional journey following her son, a 6'6", 312-pound offensive lineman, on the Vanderbilt football team. More powerfully, she shares the family's deep commitment to "do for others," including her decision to donate a kidney to a friend's husband . We pivot to the business of running a modern management platform. Rona explains why competing against the largest REITs now requires having every system "running on high," utilizing in-house call centers and proprietary revenue management to handle aggressive ECRIs and rate negotiations. She also emphasizes the vital advocacy work of the NYSSA in preventing damaging state legislation .

Connect with Thaddeus Campbell:

• Email: [email protected]

• Website: https://s3.partners/

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

Connect with Rona Siegel:

• Email: [email protected]

• Website: https://www.storquest.com

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

Join me for a powerful and deeply personal conversation with Dayo Adebayo, Founder of DP Capital Partners. Dayo shares his path from managing complex corporate IT systems, where he witnessed executives who were financially secure but "not free," to dedicating his life to real estate entrepreneurship.

Dayo's success is a testament to grind: he built an entire logistics company, which grew to over 300 employees and served Amazon, on the side of his corporate job. He walks through the difficult decision to leave his secure career to pursue what he calls "abundance."

We discuss the core of his success: the compounding effect of reading (consuming 5-6 hours of audiobooks weekly) and why his biggest business strength is detaching his emotions from his decisions. Dayo details his focus on Class A Boat & RV Storage, backed by a new $25 million fund and a proof of concept that's beating expectations.

Connect with Thaddeus Campbell:

• Email: [email protected]

• Website: https://s3.partners/

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

Connect with Dayo Adebayo:

• Email: [email protected]

• Website: www.dpcapital.fund

• LinkedIn: https://www.linkedin.com/in/dayo-adebayo-11a44821

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

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/