After just over a year of development, a Beverly Hills, CA-based developer has completed work on Hawaii’s newest self-storage development.
Not only is it the newest, but the 53,000-rentable-square-foot facility at 94-130 Leokane Street in Waipahu is also one of the first conversions of an existing property to self-storage on the island, according to broker Stephen Grossman of Self Storage Investment Services.
The project was developed by M4 Management Inc., helmed by Michael Wiener—who previously developed several projects in California during the mid-2000s under the America’s Storage name. Grossman. The new facility, located west of Honolulu, opened this month and is managed by Extra Space Storage.
One of a kind
The vacant office/warehouse building offered a rare opportunity on the island of Oahu.
“Most industrial properties on the island are small [for conversion], just 5,000 to 10,000 square feet,” Grossman said.
But the site he presented to his client just over a year ago was just right with its 75,000 square feet of gross area, high ceilings, loading docks—not to mention requisite zoning.
The property was formerly a warehouse and administrative office for Zippy’s, a popular island restaurant chain.
“They moved and this thing became available,” Grossman said, “It is very, very hard to find anything that is convertible in Hawaii.”
And it certainly isn’t for lack of trying. Grossman said their is a lot of pent up storage demand in Hawaii.
“Everyone is well above 90 percent occupied,” Grossman said.