A Storage Place – Van Buren
An Owned and Operated Property
- Property Address: 21999 Van Buren Street, Grand Terrace, CA 92313
- Square Footage: 36,000 SF of storage, 6 retail suites and 250 RV parking spaces on a 7-acre site
- Number of Units: 350 storage units
Frontera purchased this asset as a value-add play in September 2020 in an off-market transaction. At the time of acquisition, the facility’s in-place rents were well below market, in addition to having several non-functional vehicles and a substantial amount of deferred maintenance. Although there were challenges present, Frontera focused on the opportunistic components of the project; they owned the only other storage facility in Grand Terrace and worked with the City on defining the adjacent specific plan that will bring several hundred multi-family units to the immediate vicinity.
Since acquiring the asset, Frontera has renovated/expanded the facility and organized the unit mix, leading to significant growth in revenue.