The Self Storage Show

Strategic Growth in Self-Storage: Mark Maguire's Journey with Bluefin Capital


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๐Ÿข ๐„๐ฑ๐ฉ๐ฅ๐จ๐ซ๐ข๐ง๐  ๐Œ๐š๐ซ๐ค ๐Œ๐š๐ ๐ฎ๐ข๐ซ๐ž'๐ฌ ๐’๐ž๐ฅ๐Ÿ-๐’๐ญ๐จ๐ซ๐š๐ ๐ž ๐„๐ฑ๐ฉ๐ž๐ซ๐ญ๐ข๐ฌ๐ž Join us on "The Self Storage Show" as host Jim Ross delves into a conversation with Mark Maguire, a partner at Bluefin Capital. Mark shares his insights and experiences from over three years in the self-storage industry, including the challenges and growth he's witnessed in shifting market conditions.

๐ŸŒ ๐“๐ก๐ž ๐Œ๐ข๐ฌ๐ฌ๐ข๐จ๐ง ๐š๐ง๐ ๐’๐ญ๐ซ๐š๐ญ๐ž๐ ๐ฒ ๐จ๐Ÿ ๐๐ฅ๐ฎ๐ž๐Ÿ๐ข๐ง ๐‚๐š๐ฉ๐ข๐ญ๐š๐ฅ Learn about Bluefin Capital's specialized focus on acquiring existing self-storage sites with potential for expansion. Despite the current volatile economic climate, they are committed to sustainable growth, including the ability to undertake ground-up development projects.

๐Ÿ“ˆ ๐’๐ž๐ฅ๐ž๐œ๐ญ๐ข๐ฏ๐ž ๐€๐œ๐ช๐ฎ๐ข๐ฌ๐ข๐ญ๐ข๐จ๐ง๐ฌ ๐š๐ง๐ ๐Œ๐š๐ซ๐ค๐ž๐ญ ๐ƒ๐ฒ๐ง๐š๐ฆ๐ข๐œ๐ฌ Mark discusses Bluefin Capital's selective approach to acquisitions, detailing the extensive effort involved in making around five to six offers after approximately 10,000 phone calls. This process highlights the high bid-ask spread in the current market and the challenges of finding reasonably priced deals.

๐Ÿ’ก ๐Ž๐ฉ๐ž๐ซ๐š๐ญ๐ข๐จ๐ง๐š๐ฅ ๐‹๐ž๐ฌ๐ฌ๐จ๐ง๐ฌ ๐š๐ง๐ ๐‘๐ž๐š๐ฅ ๐„๐ฌ๐ญ๐š๐ญ๐ž ๐ˆ๐ง๐ฌ๐ข๐ ๐ก๐ญ๐ฌ Gain valuable operational insights as Mark shares the lessons he's learned from managing a self-storage facility. He emphasizes the complexities of management software, legal lease codifications, and the necessity of understanding both the broader commercial real estate market and the specific nuances of storage operations.

๐Ÿš€ ๐๐š๐ฏ๐ข๐ ๐š๐ญ๐ข๐ง๐  ๐‚๐ก๐š๐ฅ๐ฅ๐ž๐ง๐ ๐ž๐ฌ ๐š๐ง๐ ๐’๐ก๐š๐ซ๐ข๐ง๐  ๐€๐๐ฏ๐ข๐œ๐ž Mark sheds light on the difficulties of managing tenant payments and the transition to new software systems. He offers crucial advice on the importance of proper documentation for stored items like boats and RVs and introduces the concept of a storage launch package to facilitate smoother ownership transitions.

๐ŸŽ ๐Ÿ‘ ๐Ÿ๐จ๐ซ ๐…๐ซ๐ž๐ž - ๐”๐ฅ๐ญ๐ข๐ฆ๐š๐ญ๐ž ๐‘๐ž๐ง๐ญ๐š๐ฅ ๐๐จ๐จ๐ฌ๐ญ ๐๐ฎ๐ง๐๐ฅ๐ž Boost your rentals with our unique offer! ๐ŸŒŸ

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Don't forget to like, share, and subscribe for more expert interviews and discussions on the evolving world of self-storage! ๐ŸŒŸ๐ŸŽง

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The Self Storage ShowBy Jim Ross - 3 Mile Storage Management

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