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What happens to self-storage fundamentals when residential homebuyer demand falls below its 2008 Great Financial Crisis low ? I am your host, Thaddeus Campbell (Director of Business Development and Strategic Branding at S3 Partners), and on this episode of Storage Unlocked, I sit down with Chris Berg (Abernathy Holdings, host of The Self Storage Report) to break down the cracks widening across the housing and commercial real estate landscape . We unpack the shareholder lawsuit against Lennar spinoff Millrose Properties, which alleges Millrose improperly bought over 700 homes, including 356 in the final week of a quarter, to prop up Lennar's earnings. We discuss why housing demand has hit 1995 lows, how 7.22% mortgage rates are locking up mobility, and what a stalled housing market means for self-storage rental rates and construction debt . In this episode, I cover: The Millrose Spinoff Allegations: Why shareholders are suing over claims Millrose overpaid for 700 to 1,096 homes to help Lennar hit quarterly revenue numbers . The Executive Stock Overlap: The conflict of interest behind Lennar's CEO owning 43% of Millrose stock while Millrose absorbs negative-cash-flow inventory . Demand Worse Than 2008: Data showing U.S. homebuyer demand falling to 30-year lows while unsold home supply reaches a 10-year high . The Moving Deficit: Why self-storage operators face discounted street rates when residential relocations—historically 40% of storage demand—freeze up . Pro Forma Reality: How $40/month introductory move-in promotions are causing lenders to reject regional construction pro formas . Institutional Technology Shifts: Public Storage's move to map 10 million U.S. micro-markets and the expansion of AI-native remote management . Brought to you by our title sponsor, MLCO Construction (mlcoconstruction.com)

What happens to your underwriting when borrowing costs move faster than cap rates ? I am your host, Thaddeus Campbell (Director of Development at S3 Partners), and on this episode of Storage Unlocked, I am joined by Lauren Feeney, Director of Acquisitions at Trojan Storage . Lauren lives in the underwriting trenches every single day . In this episode, we break down why capital costs are eating returns, the emerging wave of below-basis asset sales, and how conservative operators structure capital to survive macro downturns . In this episode, I cover: The Cost-of-Capital Reality: Why a 5.3% 10-year Treasury is compressing buyer spreads, and why macro energy and AI data center debt competition keep yields under pressure. The Sensitivity Test: A direct breakdown of how 7% debt slashes cash-on-cash yield from roughly 7% to 4% on an identical $10M acquisition . Below-Basis Sales: Why 50% of broker transactions over the last four months closed at or below original basis, alongside a 20% to 30% drop from initial price guidance . The Maturing Debt Wall: How multi-year extensions on 2021–2022 loans are setting the stage for forced exits . The Reserve Requirement: Trojan's rule requiring construction reserves equal to two times the annual debt service ($2.5M+ on a $30M loan) plus operating reserves . AI Market Underwriting: Integrating Claude with TractIQ to cross-reference 5-year unit rate histories against new supply deliveries Connect with Thaddeus Campbell (S3 Partners): Email: [email protected] LinkedIn: https://www.linkedin.com/in/itsthadcampbell/ Connect with Lauren Feeney Email: [email protected] LinkedIn: https://www.linkedin.com/in/lauren-feeney-98b3a992/ Brought to you by our official partners, MLCO Construction and TractIQ. https://mlcoconstruction.com/ https://tractiq.com/tssr

Why are commercial real estate operators pivoting away from big-box industrial and traditional storage toward 1,500- to 5,000-sq-ft multi-tenant bays ? I am your host, Thaddeus Campbell (Business Development Director at S3 Partners), and in this episode of Storage Unlocked, I sit down with Will Skillman, President and CEO of Trowbridge Development and founder of Small Bay Industrial Base Camp . Will shares how he leveraged his background as a former general contractor and mobile home park operator to build one of the fastest-growing communities in commercial real estate, scaling to 550+ members in under four months . In this episode, I cover: The Missing Industrial Middle: Institutional logistics funds and traditional storage operators bypass the 1,500–5,000 sq ft bay, creating an enormous supply-demand imbalance for local tradesmen . Low-TI Tenant Economics: Structuring leases with minimal upfront buildouts protects cash flow while incubating high-growth small business tenants . Base Camp Community Growth: By focusing on adding genuine value through weekly Friday expert sessions and interactive networking, built an active group where 10% of members have completed 10+ deals . Underwriting in a 5.1% Treasury Climate: Elevated debt yields and high replacement costs are slowing speculative ground-up builds and pushing capital toward value-add multi-tenant conversions . The Decades-Long Horizon: Small business workforce growth provides small-bay flex industrial with an estimated 10- to 20-year runway before institutional consolidation takes hold . Join the Small Bay Industrial Basecamp here: https://www.skool.com/small-bay-basecamp Connect with Thaddeus Campbell (S3 Partners):
 Email: [email protected]
 LinkedIn: https://www.linkedin.com/in/itsthadcampbell/
  Connect with Will Skillman (Trowbridge Development) Email:
[email protected] LinkedIn: https://www.linkedin.com/in/willskillman/ This Episode was brought to you by:
 https://www.s3.partners

Can an independent self-storage operator survive the wave of institutional consolidation while still relying on a five-dollar padlock and an angle grinder ? In this edition of Storage Unlocked, I am joined by Rob Kopp, founder of KISS Locks and owner of American Storage South . Drawing from more than two decades of developing, owning, and operating facilities, Rob shares a hard-hitting look at the operational, financial, and technological hurdles facing storage owners in 2026 . In this episode, I cover: The New Operational Reality: Why the historic post-COVID tailwinds have fully faded and how the 10-year Treasury breaking 5% is exposing operators with approaching debt maturities . The Reality of Trade Show Choice Paralysis: Navigating the sheer flood of new AI voice agents, FMS platforms, and access control vendors without locking up your business workflows . The 48% Independent Footprint: What it means for mid-tier and mom-and-pop operators as institutional players steadily chip away at national square footage . Why NFC Beats Bluetooth: The physics behind using Near Field Communication (the same tech powering NFL ticket entry and passport chips) to secure units within a 20 mm range. Battery-Free Electronic Locking: How harvesting energy directly from the customer's smartphone eliminates battery maintenance, dead circuits, and failed lock cutoffs . The One Lock Hybrid: A look at hardware built to handle standard disc locks for legacy tenants, remote tap-to-clear overlocks, and a $5/month digital access revenue stream. Connect with Thaddeus Campbell (S3 Partners): Email: [email protected] LinkedIn: https://www.linkedin.com/in/itsthadcampbell/ Connect with Rob Kapp (KISS lock) Email: [email protected] LinkedIn: https://www.linkedin.com/in/robert-kapp-7a543210/ This Episode was brought to you by: https://pbbrown.com/

Can you justify building small-bay flex at $15 to $16 NNN when vintage local inventory sits at $12 NNN ? On this episode of Storage Unlocked, I sit down with Cody Payne, partner at FlexParks USA and founder of Small Bay Feasibility . Cody brings two decades of transaction and feasibility data to show developers how to separate viable flex dirt from costly mistakes . In this episode, I cover: Cross-Asset Capital Flows: How post-2023 rate pressure in storage, office, and multifamily is driving investors toward low-TI small bay industrial assets . The Sideline Bottleneck: Why conference attendance is surging, but first-time developers often struggle to take dirt vertical—leading to a spike in shovel-ready land sales . The 3X Radius Rule: Why population and business counts must expand by at least 3X from a 2-mile to a 5-mile ring to support steady tenant absorption . The Spending per Capita Metric: Why areas with under $10,000 to $10,500 in per capita spending struggle to achieve rates above $12/sq ft . Size vs. Absorption Speed: Why 1,000–1,500 sq ft bays lease in 30 to 60 days, while larger 2,000+ sq ft spaces linger for 3+ months . Bank Underwriting Strategy: How to prove to lenders that a new flex park will capture a 20% premium over older 1980s stock . Connect with Thaddeus Campbell (S3 Partners):
 Email: [email protected]
  LinkedIn: https://www.linkedin.com/in/itsthadcampbell/ Connect with Cody Payne (Flex Parks USA): Website:
smallbayflex.com Email:
[email protected] LinkedIn:
https://www.linkedin.com/in/codypayne/  This episode was brought to you by: https://pbbrown.com/

Can an industry event be engineered to deliver genuine operational ROI rather than the same recycled panels ? On this episode of Storage Unlocked, I sit down with Travis Morrow, President of National Self Storage and publisher of Modern Storage Media . Travis pulls back the curtain on the design, economics, and vision behind MSM's The Show, taking place November 4–6, 2026, in Atlanta at the Georgia World Congress Center and Signia Hotel . In this episode, I cover: The Return to Normal: Why operating at sea level requires expanding education, refining operational systems, and increasing marketing visibility rather than cutting budgets . The Exhibitor-Operator Balance: Engineering a trade show environment strictly focused on the ratio of owner-operators to vendors . Floor Plan Architecture: Placing networking cafes directly in the center of the exhibition hall and eliminating competing breakout sessions during trade show hours . Deep-Dive Tracks: Advanced 200-level sessions built around Operations, Development, Investment, and Data . Live Deal Analysis: The Tracked IQ Deal Room, where real acquisitions and feasibility studies are analyzed live on stage . Store Manager Development: The Manager's Office track, crafted to give on-site store managers immediate tools to improve property-level execution . Main-Stage Production: Bringing outside production standards to self-storage with keynotes from Chipper Jones, storage-owning members of Congress, CNN's Scott Jennings, and an opening reception at the Georgia Aquarium . Head to msmtheshow.com and use code unlocked to save $100 on registration . Connect with Thaddeus Campbell (S3 Partners): Email: [email protected] LinkedIn: https://www.linkedin.com/in/itsthadcampbell/ Connect with Travis Morrow: Email: [email protected] LinkedIn: https://www.linkedin.com/in/storageoperator/ Brought to you by our title sponsor, PB Brown General Contractors - https://pbbrown.com/

Can monetizing dead pavement and underutilized expansion land protect your facility's net operating income in today's rate environment ? On this episode of Storage Unlocked, I sit down with Sydnie Wilda, Vice President of Property, Self Storage at Truck Parking Club . Sydnie brings years of hands-on property management experience to break down how self-storage operators are generating new revenue by providing secure spaces for commercial truck drivers . In this episode, I cover: The Daily Turnover Yield: How generating $15 to $20 per night on daily truck parking can outpace flat month-to-month vehicle rentals . The National Parking Crisis: Addressing the reality that 70% of truck drivers lack access to safe overnight parking, with 2.4 million drivers competing for only 697,000 legal spots . Security & Verification: How automated email and SMS alerts give facility owners full visibility over incoming drivers, vehicle types, and stay durations . Why Independent 3PMs Move Faster: How smaller third-party operators implement ancillary revenue streams and adapt tech without the delays of corporate REIT committees . The 6-to-8-Month Rule: Why facility owners must set realistic operational horizons for search engine indexing, unit cleanup, and revenue management to show meaningful gains . Executive Leadership Moves: Breaking down Noah Springer's appointment as CEO of Extra Space and what it signals for industry competition . You can vote for Estelle Rose to be Baby of the Year here: https://babyoftheyear.org/2026/estelle-9d58 Connect with Thaddeus Campbell (S3 Partners):
 Email: [email protected]
 LinkedIn: https://www.linkedin.com/in/itsthadcampbell/
  Connect with Syndie Wilda (Truck Parking Club) 
 Email:
[email protected] LinkedIn: https://www.linkedin.com/in/sydnie-wilda-swsj96/ This Episode was brought to you by:
 https://pbbrown.com/

Is the frozen housing market actually protecting self-storage operations from a severe downturn? I am your host, Thaddeus Campbell, and on this edition of Storage Unlocked, I am joined by Noah Starr, CEO of Tracked IQ (TractIQ), the market intelligence platform monitoring over 72,000 facilities nationwide. Every quarter, the self-storage REITs release their numbers—and Noah joins me to cut through the corporate spin and examine what the underlying metrics mean for private owners, developers, and syndicators. In this episode, I cover: The Length-of-Stay Metric: How customer retention increased by an average of 1.5 months year-over-year, keeping move-out churn low and preserving net operating income. The Mortgage Lock-In Dynamic: Why homeowners and renters stuck in sub-4% mortgages are staying put and relying on self-storage units longer, giving operators room to execute rate increase strategies. Extra Space's Margin Strength: Analyzing Extra Space's negative expense growth (-0.5%) and broad guidance lift across same-store pools. The $10.5B PSA / NSA Integration: What happens when Public Storage expands into tertiary markets, unlocks 14,000 offline units, and applies institutional pricing power to 1,100 acquired properties. Pipeline Intelligence: How tracking validated municipal permits prevents developers from overbuilding into saturated submarkets. Tune in for an unfiltered, data-driven look at where self-storage fundamentals stand today. Connect with Thaddeus Campbell (S3 Partners): Email: [email protected] LinkedIn: https://www.linkedin.com/in/itsthadcampbell/ Connect with Noah Starr (TractIQ) Email: [email protected] LinkedIn: https://www.linkedin.com/in/noah-starr/ Join the TractIQ webinar here: https://tractiq.com/self-storage-webinar/ Brought to you by our title sponsor, PB Brown General Contractors: https://pbbrown.com/

In this episode of Storage Unlocked, I am joined by Maurice Pogoda, founder and president of National Storage. Starting in 1987 with a map and a Rolodex, Maurice has built a 70+ facility Midwestern footprint that has stood the test of every major economic cycle over the last four decades. In this episode, I cover: The Cycle Playbook: Why post-COVID peaks were an anomaly and how a conservative "tortoise" approach consistently outlasts speculative boom-and-bust developers. The Supply Dilemma: Maurice reflects on refusing to build at 2 sq ft per capita in the '90s versus managing through today's 7+ sq ft national average. The Deconstruction of PSA/NSA: What Public Storage's acquisition of National Storage Affiliates reveals about brand consistency, operational economies of scale, and tertiary market validation. The Mid-Tier Tech Filter: How National Storage integrates AI chatbots and revenue management tools without getting lost in vendor hype or losing the essential human, local touch. Disciplined Capital: Why underwriting to realistic 7% prefs protects your equity, while double-digit recapitalization promises signal desperation. Tune in for an unfiltered, four-decade masterclass on disciplined real estate operations and sustainable portfolio growth! Connect with Thaddeus Campbell (S3 Partners): Email: [email protected] LinkedIn: https://www.linkedin.com/in/itsthadcampbell/ Connect with Maurice Pogoda (National Storage Management): Email: [email protected] LinkedIn: https://www.linkedin.com/in/maurice-pogoda-7ba4326/ Our Title Sponsor: PB Brown General Contractors: The trusted GC for your multi-million-dollar storage and small-bay flex legacy developments from Manhattan to Miami. Visit pbbrown.com.

Welcome back to Storage Unlocked! I am your host, Thaddeus Campbell, and in this episode, I am joined by Zach Sette, co-founder and CEO of Outbidd. Drawing from a lifetime in commercial construction and development, Zach shares a unique multi-asset perspective on the macro forces reshaping commercial real estate. We unpack the looming $900+ billion debt refinancing wall hitting the market in the second half of 2026, evaluate why rising construction costs are driving developers away from ground-up builds toward acquisitions, and explore how AI software is bringing total transparency to owner project management. In this episode, I cover: The Refinancing Wall: Navigating balloon payments as 2021–2022 loans locked in at 4% face refinancing at 6%+. Build vs. Buy: Why 25% higher construction costs make asset acquisition more attractive than new builds. CRE Sector Heat Check: Why small bay flex and data centers are thriving while office conversions and localized multifamily struggle. Outbidd AI Technology: How Zach and his team built an AI-powered owner's rep tool to digitize RFPs and level contractor bids side-by-side. Connect with Thaddeus Campbell (S3 Partners): Email: [email protected] LinkedIn: https://www.linkedin.com/in/itsthadcampbell/ Connect with Zach Sette (Outbidd): Email: [email protected] Website: https://www.outbidd.com/ This Episode was brought to you by: https://pbbrown.com/

What happens when you combine the leading 3PL business storage network with the premier 24/7 call center in self-storage? I am your host, Thaddeus Campbell, and in this episode of Storage Unlocked, I am joined by Laura Holmes (CEO of Warehouse Anywhere) and Shannon Charbonneau (VP of XPS Solutions) to pull back the curtain on their landmark acquisition. Together, we explore how integrating 24/7 live call support with enterprise logistics technology creates an unbeatable end-to-end management solution for storage operators and corporate clients alike. In this episode, I cover: The 24/7 Scale Upgrade: Why expanding call center operations to 168 hours a week directly addresses the urgent needs of corporate field technicians visiting units at 2:00 AM. The Economics of Business Storage: Why commercial tenants provide higher lifetime value, longer average stays (2+ years), and zero seasonal churn compared to traditional residential renters. Spotting Market Gaps: Laura shares the strategic vision behind acquiring Warehouse Anywhere out of Life Storage and building a high-growth platform that traditional REITs overlooked. Preserving Human Connection: Shannon explains why live, high-empathy call answering remains essential for resolving complex tenant issues alongside modern tech stacks. Cultural Integration: How two customer-first organizations successfully aligned their teams within 30 days of closing the deal. Tune in to discover how this powerful acquisition is reshaping tenant support and driving new revenue streams for storage operators! Connect with Me LinkedIn: linkedin.com/in/itsthadcampbell Our Sponsor: PB Brown General Contractors: Our Title Sponsor and premier commercial builders specializing in multi-million dollar storage and small-bay flex developments. Get them involved early at pbbrown.com.

In this episode of Storage Unlocked, I am joined by two top-tier operators attacking small-bay from opposite sides of the country: Shane Decker (President of Decker Capital) and Andrew Dunn (Co-Founder of VAC Development, "The Value Add Cowboys"). Together, we break down the operational, development, and capital market realities of one of commercial real estate's most talked-about asset classes. In this episode, we cover: The Buyer Profile & Spec Differences: The contrast between acquiring existing 1,000–10,000 sq ft tradesman bays versus building 15,000–20,000 sq ft modern logistics spaces with heavy power and dock loading. The 1-to-2-Year Sourcing Pipeline: Why finding mismanaged, off-market mom-and-pop assets through direct relationships beats fighting 15 to 25 bidders on marketed deals. Operational Value-Add Mechanics: How converting modified gross leases to Triple Net (NNN), pushing 6% annual rent bumps, and right-sizing office footprints yielded a $20M value pop on an Orlando asset in 30 months. Ground-Up Execution: Andrew shares how VAC locks in Guaranteed Maximum Price (GMP) construction contracts to build in 10 to 12 months, achieving up to 40% pre-leasing prior to Certificate of Occupancy. Tenant Velocity: Why 1,000 to 3,000 sq ft units see the highest demand velocity as small business owners transition out of residential garages and self-storage units. Tune in to discover how to navigate cap rate compression, structure NNN leases for local contractors, and execute disciplined underwriting in today's small bay landscape. Connect with Thaddeus Campbell (S3 Partners): Email: [email protected] LinkedIn: https://www.linkedin.com/in/itsthadcampbell/ Connect with Shane Decker (Decker Capital): Email: [email protected] LinkedIn: https://www.linkedin.com/in/shane-decker-255b6988/ Connect with Andrew Dunn (VAC Development): Email: [email protected] LinkedIn: https://www.linkedin.com/in/andrewmdunn41/ This Episode was brought to you by: https://pbbrown.com

Can an independent regional operator genuinely beat the monolithic REITs when their same-store revenue flatlines at a mere 0.1%? In this episode of Storage Unlocked, I sit down with Andrew Jones, the Senior Vice President of Third Party at GoStore It, to lay out the definitive operational blueprint for surviving the institutional aggregation wave in July 2026. Andrew brings an elite pedigree straight from Yardi and Extra Space to explain how independent owners can easily escape the asphyxiation of corporate scale without being forced to sell out at a loss. In this episode, I cover: The 8% Anomaly: How GoStore It managed to secure a massive 8% same-store growth rate in Q1 while the public REITs hit a total revenue standstill. Declaring War on Complacency: Andrew outlines his mission to destroy the "set it and forget it" standard of third-party management, shifting the narrative away from corporate acquisition funnels back to baseline family asset protection. The 6.7% Mortgage Barrier: Why the current 30-year fixed housing environment demands that operators break out of monolithic self-storage thinking and deploy holistic land layers, blending mini-storage with truck parking and small-bay flex industrial. The Human Capital Edge: Why building a highly motivated, nimble internal workforce, like GoStore It specialized corporate auction squad, outperforms billions of dollars in faceless corporate data algorithms. Ellie AI and Corporate Benchmarks: A raw look at Public Storage's newly unveiled automated voice metrics, resolving 74% of 60,000 inbound inquiries completely in the background. Tune in to discover how to inject raw nimbleness, rapid execution, and authentic relationship-driven management back into your commercial real estate footprint. Connect with Thaddeus Campbell (S3 Partners): Email: [email protected] LinkedIn: https://www.linkedin.com/in/itsthadcampbell/ PB Brown General Contractors: Our premier Title Sponsor and legacy builders for multimillion-dollar storage and small-bay flex developments. Get Guy Sacento and Hado Montoya involved early at https://pbbrown.com/

In this highly tactical episode of Storage Unlocked, I am sitting down with Kusiima Boswell, co-founder of Terrakotta, to uncover why the real alpha in July 2026 commercial real estate is about processing speed and data validation. We move beyond the basic chatbot surface layers to evaluate how independent operators use advanced Model Context Protocol (MCP) integrations to bypass expensive third-party list data entirely. In this episode, I cover: The Architecture of Terrakotta: How Kusiima built an AI-driven data and cold outreach engine that scrapes pristine tenant footprints, owner cells, and structural data before feeding them into a souped-up phone-dialer asset loop. The 3-Minute Inbox Sweep: I outline how I personally deploy advanced Codex workflows to synthesize and break down over 820 unread emails without ever clicking through an absolute mountain of inbox noise. The Code Inversion Matrix: Why software development has completely inverted from writing code blocks to running deep automated iterations and forcing engineers to act as system critics. The Design Alpha Over Tech: Why the true winners of the next decade won't be monolithic tech platforms, but hyper-focused niche operators who design superior human experiences—like local audio-scraping app Granola. IPOs and Token Economics: A raw look at the massive wave of public-market AI lab IPOs arriving next week and how shifts in public capital will impact your localized pricing models. Tune in to discover how to use deep commercial real estate domain structures to build an aggressive, high-margin pipeline that easily out-maneuvers legacy funds. Connect with Thaddeus Campbell (S3 Partners): Email: [email protected] LinkedIn: https://www.linkedin.com/in/itsthadcampbell/ Connect with Kusiima Boswell (Terrakotta AI): Website: https://www.terrakotta.ai/ LinkedIn: https://www.linkedin.com/in/kusiimaboswell/ Brought to you by our title sponsors, PB Brown General Contractors. https://pbbrown.com/

Is your facility a real estate business or a technology platform that happens to sell a storage product? I am your host, Thaddeus Campbell, and in this episode of Storage Unlocked, I am joined by Jessica Johnson (The Storage Group) to pull back the curtain on the rapid, hyper-localized evolution of operational AI in July 2026. Fresh off winning the inaugural ISS Best in Business Award for their Aiden Chat engine, Jessica shares hard, absolute metrics on how automated intelligence is insulating independent operations against rising labor, tax, and insurance costs. In this episode, I cover: The $$1,440 Savings Matrix: A deep dive into concrete property data where AI handled 300 baseline inquiries, protecting 79 hours of staff time and boosting property margins. An Urgent Community Request: I share an important message regarding a humanitarian crisis hitting our producer, Erick Falck, whose family was heavily impacted by the devastating earthquakes in La Guaira, Venezuela. The Death of the IVR Maze: Why modern conversational phone and text interfaces are replacing old "press 1 for gate codes" mazes with seamless customer journeys. The Inbound Search Flip: How consumers shift away from Google's traditional search lines toward conversational models like ChatGPT changes exactly how you must structure your website metadata. Operational Pivots: Jessica opens up about her personal portfolio shift away from traditional mini-storage into boat/RV and flex-industrial developments. Tune in to discover how to use automated workflows to protect your local footprint against corporate REIT consolidation. Support the Venezuelan earthquake relief fund in Erick's name by donating here: https://www.gofundme.com/f/emergency-relief-for-venezuela-earthquake-victims Connect with Thaddeus Campbell (S3 Partners): Email: [email protected] LinkedIn: https://www.linkedin.com/in/itsthadcampbell/ Connect with Jessica Johnson (The Storage Group) Email: [email protected] Website: https://www.storageinternetmarketing.com/   Our Title Sponsor: PB Brown General Contractors: The premier builders specializing in high-rise, legacy self-storage developments from Manhattan to Hawaii. Get them involved early at: https://pbbrown.com/