Renting a back lot for commercial storage

[Sarah Martin]

I am in escrow on a commercial/industrial complex with 3 fully rented warehouse buildings and a dirt lot in the back corner.  Currently the tenants are storing construction equipment and personal RVs in the lot for free.  The seller is a long distance owner and has not raised rents, charged a CAM or any rental fees for the dirt lot.  We are wanting to raise the value of the property and are taking a hard look at the lot.   The plan is to subdivide it, charge the tenant who is using part of it, and find new renters for the other segments. 

Any recommendations for how to market space like this?  When I search for outdoor storage lots for equipment/supplies to look for comps, nothing comes up except for indoor storage units.  Where is the best place to find and market to possible tenants?

[Ronald Rohde]

Insurance for storage should not be prohibitive. Be sure to have an ability to monitor to ensure that no repairs, oil changes, are being conducted. Do you need a leasing agreement?