Self-storage developer M4 Management Inc. has completed construction on a 53,000-square-foot facility in Waipahu, Hawaii, on the island of Oahu, west of Honolulu. The property at 94-130 Leokane St. opened this month and is managed by Extra Space Storage Inc., a real estate investment trust and third-party management firm. It was converted from an office/warehouse building, according to the source.
The project was one of the first self-storage conversions on the island, according to Stephen Grossman, president of Self Storage Investment Services Inc. (SSIS), a brokerage that specializes in properties in California and Hawaii. “Most industrial properties on the island are small [for conversion], just 5,000 to 10,000 square feet,” Grossman told the source.
By comparison, the Waipahu structure had 75,000 square feet of gross area and featured high ceilings and a loading dock. It also had the appropriate zoning. It was previously occupied by Zippy’s, a local restaurant chain.
Based in Laguna Beach, Calif., SSIS specializes in the sale, acquisition and development of self-storage properties. It’s sold nearly 4 million square feet of existing self-storage and closed more than 1 million buildable square feet of entitled self-storage land.
M4 is a Beverly Hills, Calif.-based real estate development, investment and management firm, with emphasis on self storage facilities and shopping centers, primarily in Southern California.
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