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.
El Monte Storage
- Property Address:
- 11310 Stewart St
- El Monte, CA 91731
- Property Type:
- Self Storage
- Property Size:
- 120,946 Rentable SF
- 1213 Storage units
- 2.13 Acre Lot
Year Constructed: 2007
Southwest Self Storage took over management for El Monte Storage in May of 2013. The property had
struggled for occupancy since it was built in 2007 and never operated above 60% occupancy where it
had been stagnant for over 12 months. The property was in foreclosure and the market was
considered “maxed out” by many industry professionals.
In the first 2 years of management under Southwest Self Storage, the property’s income increased by
over 50%, and occupancy was up by over 28 percentage points. This property is now maintaining one
of the highest occupancies in the submarket and continues to push rents.
Upon takeover, Southwest immediately recognized an additional need for an online presence. The
property also suffered from high delinquency and a poor unit mix. Southwest worked to crack down on
delinquent units and reconfigured several units to make a more desirable unit mix that helped boost
the revenue.
Southwest recognized issues with the security system and was able to add additional
security as well as highlight the security that was already in place to make the systems more effective.
The office was also cleaned up with minimal expense to improve the experience of our customers. This
has also led to a significant increase of merchandise sales. Southwest has also implemented a number
of cost saving measures to improve the expenses. This includes an LED lighting retrofit and reduction in
landscaping.
Spring Valley Storage Center
- Property Address:
- 10786 US Elevator Rd
- Spring Valley, CA 91978
- Property Type:
- Self Storage and RV parking facility
- Property Size:
- 63,408 Leaseable SF
- 524 Storage units
- 4.41 Acre Lot
Year Constructed: 1990
Southwest Self Storage took over management of the Spring Valley Storage
Center in 2014. The property was made up primarily of old shipping containers
converted into storage units. It had been neglected by prior management and had
significant deferred maintenance.
Within 12 months of management, Southwest was able to clean up the property
and increase revenue by over 50%. The occupancy is up 15 percentage points to a
stabilized level, and rents have increased by over $.12 per square foot.
Upon takeover, Southwest worked to improve the property aesthetics and security
to make the entrance more convenient and inviting. The team also improved the
web presence and marketing campaign to bring in new customers.
Southwest has not only been able to push the rents, but filled the property to
capacity and is working with the ownership group to expand the property, adding
an additional 2,000 rentable square feet and exploring further expansion.
Through the institution of a professional management, and taking a creative
approach to a difficult property, Southwest Self Storage has helped the ownership
achieve exponential returns on their investment over a short investment horizon.
