By Joshua Burd
Seeking to grow its development pipeline in the self-storage sector, Diversified Properties has formed a new partnership with a well-known consulting firm in the industry.
Under the exclusive agreement, the Montville-based builder and owner has tapped Coast-To-Coast Storage President RK Kliebenstein to help it identify favorable self-storage development sites throughout the New York metropolitan area. The partnership will augment Diversified Properties’ decade-long expansion into ground-up self-storage development, which includes new projects in northern New Jersey as part of a pipeline currently valued at more than $50 million.
“RK’s impressive, three-decade self-storage track record and deep understanding of the asset class on local, regional and global levels enables our firm to have an amazing edge as we continue to expand our self-storage business across the Northeast,” said Nicholas Minoia, founder and managing partner of Diversified Properties. “With several self-storage projects under our belt and several more in the pipeline, we are confident that this partnership will only enhance and accelerate our ability to deliver state-of-the-art self-storage facilities to underserved markets.”
Minoia said that Coast-To-Coast Storage, which Kliebenstein founded in 2000, employs a team of professionals that provide due diligence consulting, feasibility studies, site selection, brokerage, loan workouts, financing, consulting, marketing and technology repositioning of older, first-generation facilities, according to a news release. Kliebenstein has underwritten more than $3 billion dollars in self-storage transactions throughout his career.
Prior to founding the consulting firm, Kliebenstein served as the senior vice president of acquisitions and integration for Extra Space Storage, where he created and developed the systems used to integrate, analyze, acquire and develop properties that contributed to the success of the company going public in 2004, the news release said. Previously, he served as vice president of acquisitions for Metro Storage, director of acquisitions for Stor-All Systems Inc. and director of acquisitions for The Amsdell Cos., among other position.
A graduate of Arizona State University and a resident of Port St. Lucie, Florida, Kliebenstein is a recognized author, speaker and expert witness in the self-storage industry.
“It is a privilege to work with a company as solid as Diversified,” Kliebenstein said. “They have a great team of people, are well capitalized and excited about the asset class. Rarely does one find so much talent and ability in one firm. I am excited to find best-in-class sites for them.”