SBOA: The Magazine Fall 2015 Edition | Page 9

The Nagels – One of the Self-Storage Industry’s Founding Families for expansion. They modernized the brand logo and image, introducing the new Metro Self Storage logo and re-imaged the stores with green doors and awnings. Early on, they split up responsibilities for running the company based upon each brother’s strengths. Matt was the deal-maker and Blair enjoyed the development and operations side of the business. “We have been so fortunate in that both Blair and I share the same objectives and vision for the company,” Matt says. He and his brother virtually “never disagree,” he adds. remain the same: 1) we are in the self-storage business to deliver a first-class experience to our storage customers; 2) we surround ourselves with the most talented employees and outside advisors that we can find and we seek long-term relationships with them; and finally, 3) we adapt our strategy to navigate all types of economic conditions. We have always done that and it is a real strength.” Blair notes that the ability to make strategy adjustments has been a key to Metro’s financial success. “We seek to match the opportunities we see in each market cycle, and have weathered all types of economic conditions over the years with this core approach. We come out stronger and smarter each time,” he says. development/construction Joint Venture to build 30 class A self-storage facilities in select markets throughout the US. International growth will be accomplished via Metro Storage International LLC (MSI), a subsidiary company formed in 2012, focused on finding and executing attractive relationship-driven self-storage opportunities in emerging global markets. “MetroFit Self Storage” is MSI’s first international brand and joint venture in Sao Paulo, Brazil, which in so many ways mirrors our original pioneering spirit,” Matt says. Business Model Has Been Fine Tuned Today, both brothers share the deal-making and strategic direction of the company. “We are supported by a core group of very talented executives averaging 14 years of tenure who share in the running of the firm,” notes Blair. Building on Core Strengths Growth since 1997 has been impressive, growing from 42 stores to 67 by 2004. In 2004, the company sold 42 stores to a publicly traded REIT for $184 million, the largest private self-storage transaction at the time, which reduced the portfolio down to 25 stores. In 2007, the company moved into a new corporate headquarters which it designed and built for itself in Lake Forest, Illinois. Matt notes that “the company has raised capital through many different structures over the years, but at the end of the day traditional joint ventures with quality institutional capital is Metro’s specialty. Our REIT type organizational model allows us to only operate facilities in which we have an ownership interest.” Growth Prospects Metro Storage is achieving domestic growth by acquiring stabilized core assets and through the development and construction of new stores with Metro’s stable of top-notch institutional partners. Over the last two years Metro has acquired ov