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