El Monte Storage

El Monte, CA
A Value-Add Managed Property
A Case Study

• Property Address: 11310 Stewart St. El Monte, CA 91731
• Square Footage: 121,000 Rentable square feet on a 2.1 acre lot
• Number of Units: 1213 storage units

The Principals of Frontera Real Estate took over management of 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 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 under our management, the property’s income increased by over 50%, and occupancy was up by over 28 percentage points.

Upon takeover, our team immediately recognized a need for a stronger online presence. The property also suffered from high delinquency and an inefficient unit mix. Many units were reconfigured to make a more desirable unit mix and help to boost both revenue and occupancy. Our management team also cracked down on delinquent units and reduced the properties delinquency by well over 50%.

Our team identified, recommended, and oversaw several capital improvements including an updated security system, a complete LED retrofit, a change to draught resistant landscaping, and a general cleanup of the office. This has led to a more secure property, reduced operating costs, and a better customer experience which has in turn led to increased merchandise sales.

This property is now maintaining stabilized occupancy rates and continuing to push rents with strong year over year revenue growth.

A Storage Place – Anita Street

Chula Vista, CA
An Entitlement & New Development

• Property Address: 575 Anita Street, San Diego, CA 91911
• Square Footage: 66,000 SF on a 1-acre site
• Number of Units: 500 storage units

The owner retained Frontera Real Estate to entitle, permit, and build a 20,000 square foot addition to an existing facility. The current building is an early generation facility that is approximately 30 years old. 

After construction documents were complete on the 20,000 SF expansion, we identified additional demand in the market and decided to reprocess entitlements/permits for a larger, 3-story project.  

The new addition will capture a more prominent corner with excellent drive-by visibility that the current site lacks. The “Class A” steel design will have a tower element with signage to a nearby busy intersection.

Frontera hired the architect, engineers, and consultants to process the entitlements and bring this project to fruition. We ran all communication with the City of Chula Vista and neighboring property owners throughout the entitlement and building permit process.

The asset was delivered in late 2021.

A Storage Place – Whittier

Value-Add Opportunity
An Owned and Operated Property

• Property Address: 12212 Bailey Street, Whittier, CA 90601
• Square Footage: 43,000 SF of storage on a 1.2-acre site
• Number of Units: 480 storage units

Frontera purchased this asset as a value-add play in May 2021 in an off-market transaction. At acquisition, the property’s in-place rents were 30% below market and was still being operated by the original owner. Since acquiring the asset, Frontera has brought in professional management to oversee day-to-day operations, introducing tenant insurance and addressing site needs. 

This asset is positioned within a densely populated Los Angeles submarket with on-going residential and retail development projects within walking distance. 

A Storage Place – Grand Terrace

Grand Terrace, CA
A Value-Add Acquisition
An Owned and Operated Property

• Property Address: 21971 De Berry St. Grand Terrace, CA 92313
• Property Size: 50,000 sf of storage and 75 RV spaces on a 4.5 acre site
• Number of Units: 480 total units

This property was purchased in March of 2017. It had significant deferred maintenance and an inefficient layout. Frontera purchased the property with a plan to substantially improve the existing asset and take advantage of significant growth in the surrounding community.

We worked with the city to increase the allowed FAR for the property and improve the property with better curb appeal, new asphalt and paint to improve overall aesthetics. We also added new security and improved the office to provide better customer experience. This has led to significant increase in revenue and tenant satisfaction.

Frontera currently owns the property and manages it under the “A Storage Place” brand.

A Storage Place – Del Sol

San Diego, CA
A New Development
An Owned and Operated Property

• Property Address: 3070 Del Sol Blvd, San Diego, CA 92154
• Square Footage: 66,000 sf on 2.5 acre site
• Number of Units: 586 storage units

The site was purchased the vacant land with approved plans in place in November 2016. Frontera reworked the plans to ensure a more efficient layout and higher gross revenue potential. Frontera broke ground on construction shortly over acquisition and delivered the project in approximately eleven months. The facility opened in October 2017.

This is a Class A facility with 66,000 square feet of rentable storage space. It is made up of a 2-story climate-controlled building and a single-story, fortress style, perimeter building. The facility offers 50% drive up units which are in high demand in this market.

The property has experienced significant lease-up activity and leased up ahead of projections. Frontera was able to take out the construction financing shortly after certificate of occupancy was achieved, and placed life company debt and a fixed rate for a 10 year term.

Frontera currently owns the property and manages it under the “A Storage Place” brand.

Self Storage & RV Storage – Grand Terrace, CA

Value-Add Opportunity
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. 

A Storage Place – Palm Avenue

A New Development
An Owned and Operated Property

• Property Address: 6289 Palm Avenue, CA 92506
• Square Footage: 100,000 on a 3-acre site
• Number of Units: 750 storage units

The site was purchased the vacant land with approved plans in place in November 2016. Frontera reworked the plans to ensure a more efficient layout and higher gross revenue potential. Frontera broke ground on construction shortly over acquisition and delivered the project in approximately eleven months. The facility opened in October 2017.

Frontera Real Estate purchased the entitled land in November 2019 and broke ground on the development in March of 2020. The site was previously an unutilized vacant lot in a residential neighborhood adjacent to a railroad. Frontera recognized the site’s potential and teamed up with trusted consultants to bring the project to life. Development was completed in February 2021.

This project is a multi-level, climate-controlled facility with a state-of-the-art security system. Since beginning operations, the property has experienced significant demand and has surpassed pro forma assumptions.

A Storage Place – Rancho San Diego

Rancho San Diego, CA
An Entitlement & New Development

• Property Address: 11902 Campo Road, Spring Valley, CA 91978
• Square Footage: 110,000 sf on 6.4 acre site
• Number of Units: 800 storage units

Frontera Real Estate purchased the unentitled land in the County of San Diego in early 2018. The site was previously used as a County service station and had several challenges, including contaminated soils and environmentally sensitive habitat. Our team worked with the County to develop a soils management plan for the contaminated soil and protect the sensitive habitat on the site.

The property was entitled for a 110,000 square foot self-storage facility with additional space on the site for future expansion. The entitlement required working with the local community group and several County and regulatory agencies.

The facility boasts significant drive-by traffic in a growing community of San Diego County. It will offer large drive-up units as well as interior climate-controlled storage.

Frontera partnered with a nationally recognized equity partner to fund the acquisition and development of the site. Construction started in July 2018, with completion anticipated in August 2019. 

The project experienced a strong lease-up and was sold in November 2020.