U-Haul Acquires Self-Storage Location in Maplewood to Meet Demand

Rhea-AI Summary

On June 18, 2024, U-Haul acquired the former Able Mini Storage property in Maplewood, Minnesota. The site, now known as U-Haul Storage of Maplewood, spans 1.84 acres and offers 262 drive-up self-storage units. This acquisition aims to meet the high demand for self-storage in Ramsey County. The facility is managed remotely by U-Haul Moving & Storage of Maplewood, located less than a mile away. U-Haul plans to hire several new team members locally, including veterans, to support this expansion. The facility operates under extended hours throughout the week.

Positive

• Acquisition of a new property to meet high self-storage demand in Maplewood.
• The facility features 262 drive-up units, expanding U-Haul's service capacity.
• Hiring new team members locally, promoting job growth in Maplewood.
• Veterans given hiring preference, enhancing U-Haul's reputation as a veteran-friendly employer.

Negative

• Potential financial strain due to the acquisition cost of the new property.
• Challenges in integrating the new facility with existing operations.

Insights

Market Research Analyst

U-Haul's acquisition of the self-storage facility in Maplewood is a strategic move to capitalize on the rising demand for storage solutions in the area. By expanding capacity, U-Haul not only addresses the immediate requirements of the market but also solidifies its position in the local self-storage industry. This move is indicative of a broader trend where companies are optimizing their assets to meet consumer needs more effectively.

From an investment perspective, the acquisition highlights U-Haul's proactive approach to growth. The fact that the facility was already designated for self-storage means minimal transition costs and disruptions, which is a smart financial decision. Additionally, hiring locally, especially with a preference for veterans, can enhance the company's reputation and foster community goodwill.

For a retail investor, this indicates that U-Haul is keen on expanding its footprint in areas with high demand, potentially leading to increased revenue streams. It is important to monitor how this expansion impacts the company's overall financial health in the coming quarters.

Financial Analyst

Analyzing the financial aspects, this acquisition of a new facility demonstrates U-Haul's commitment to scaling its operations. The immediate benefits include tapping into an existing customer base with minimal onboarding costs since the property was previously a storage facility. This can lead to higher margins as the company leverages existing infrastructure.

In the short term, the financial outlay for the acquisition will be a capital expenditure for U-Haul, but the swift operational commencement suggests that revenue generation can start almost immediately. Long-term implications include potential job creation and community investment, which can yield indirect financial benefits through enhanced brand loyalty and market presence.

Investors should look at U-Haul's debt levels and cash flow statements to understand the financial impact fully. If U-Haul maintains a healthy balance sheet while expanding, it can be a positive growth signal for stakeholders.

MAPLEWOOD, Minn., June 26, 2024 /PRNewswire/ -- U-Haul^® acquired and is now serving customers at the former Able Mini Storage property at 1810 Gervais Court in Maplewood to better meet the self-storage needs of its customers in Ramsey County.

The property, now U-Haul Storage of Maplewood, was purchased on June 18. It is being operated remotely by U-Haul Moving & Storage of Maplewood, less than one mile away. It is the third U-Haul-owned facility in Maplewood.

U-Haul Storage of Maplewood is nested on 1.84 acres and features 262 drive-up self-storage units at affordable price points that are available for rent.

Normal business hours are 7 a.m.-7 p.m. Monday-Thursday and Saturday; 7 a.m.-8 p.m. Friday; and 9 a.m.-5 p.m. Sunday. Reserve self-storage or moving equipment on the U-Haul app or call U-Haul at Maplewood at (651) 770-3601.

"We are excited for the opportunity to grow in Maplewood and further invest in the future of this city," said Christopher Bohlman, U-Haul Company of Southern Minnesota president.

"Both of our full-service stores in Maplewood are often at self-storage capacity, so we are thrilled to have a third facility to accommodate demand. Because this site was already a self-storage property, it makes for an easy transition."

U-Haul intends to hire several new Team Members at the parent store to support the remote facility. U-Haul will look to hire locally to promote job growth in the Maplewood community. Honored as a Best for Vets leading veteran-friendly employer by The Military Times, U-Haul actively recruits veterans and gives them preference in the hiring process. Find careers at uhauljobs.com.

About U-HAUL 

Founded in 1945, U-Haul is the No. 1 choice of do-it-yourself movers with more than 23,000 rental locations across all 50 states and 10 Canadian provinces. The U-Haul app makes it easy for customers to use U-Haul Truck Share 24/7 to access trucks anytime through the self-dispatch and -return options on their smartphones with our patented Live Verify technology. Our customers' patronage has enabled the U-Haul fleet to grow to 188,700 trucks, 139,400 trailers and 43,700 towing devices. U-Haul is the third largest self-storage operator in North America with 1,004,000 rentable units and 86.8 million square feet of self-storage space at Company-owned and -managed facilities. U-Haul is the top retailer of propane in the U.S. and the largest installer of permanent trailer hitches in the automotive aftermarket industry. Get the U-Haul app from the App Store or Google Play.

Contact: 

Yasmine Esparza
Jeff Lockridge
E-mail: publicrelations@uhaul.com
Phone: 602-263-6194
Website: uhaul.com 

View original content to download multimedia:https://www.prnewswire.com/news-releases/u-haul-acquires-self-storage-location-in-maplewood-to-meet-demand-302183644.html

SOURCE U-Haul

FAQ

What is the purpose of U-Haul's recent acquisition in Maplewood?

U-Haul acquired the former Able Mini Storage property to meet the high self-storage demand in Ramsey County.

When did U-Haul acquire the new self-storage location in Maplewood?

U-Haul acquired the property on June 18, 2024.

How many self-storage units does the new U-Haul facility in Maplewood have?

The new facility offers 262 drive-up self-storage units.

Where is the new U-Haul Storage of Maplewood located?

The new facility is located at 1810 Gervais Court, Maplewood, Minnesota.

Is U-Haul hiring for the new Maplewood storage location?

Yes, U-Haul plans to hire several new team members locally to support the new facility.

What are the operating hours for the U-Haul Storage of Maplewood?

The facility operates from 7 a.m. to 7 p.m. Monday-Thursday and Saturday, 7 a.m. to 8 p.m. on Friday, and 9 a.m. to 5 p.m. on Sunday.