We recognized the viability of the 30k SF self storage facility in Rincoln Hill - the highest grossing submarket in San Francisco. This is a prime location in close proximity to transit, bridge access, and beautiful waterfront views.
In 2014, we acquired the facility consisting of 303 storage units and took the opportunity to develop 140 residential units. Similar to 777 Brannan, we applied a hands-on approach to the facility management by leveraging the expertise of StoragePRO.
We re-leased the office space in the building to a high-quality creative tenant at market rent which allows us to create significant value relative to the previous below market lease. We pursued the entitlement and development of a 130 residential apartment unit project on site.