Pacific Highway Storage
- Property Address:
- 4350 Pacific Highway
- San Diego, CA 92109
- Property Type:
- Self Storage, Wine Storage, & Vault Storage
- Property Size:
- 89,650 Rentable SF
- 1131 Storage units
- 1.92 Acre Lot
Year Constructed: 2009
Southwest Self Storage took over management of Pacific Highway Storage in April of 2010. The property was constructed in 2009 and at the time of takeover was roughly 18% occupied. The property suffered from a negative reputation in the market, a problem with homeless tenants and well below market rents. There were also a number of un-rentable units due to construction defaults and no inventory control system in place.
Upon takeover, Southwest did an analysis of the major issues and quickly moved to get the property back on track. We performed a full lease audit and initiated the use of an improved contract. The capital concerns were addressed to bring units back to a rentable condition, and much of the tenant mix was turned over to bring the property into compliance with local ordinances.
In the first year, in a down economy, Southwest was able to increase occupancy by 34 percentage points while also raising rents by $.07/SF. This continued through the second year under management as the occupancy increased by another 30 percentage points.
Southwest has stabilized the asset and continued to push the rents and occupancy. We have added additional services including shredding services, eWaste recycling, and shipping services to accommodate the needs of this specific area. We have also overseen additional capital improvements including an LED lighting retrofit, improved landscaping, and installation of insulation to make the property more energy efficient.
This property is now a market leader in both occupancy and rental rates.