Platinum Storage Group, a privately held commercial real estate company that operates 51 self-storage facilities, is building a four-story property in Oakland, Calif. The new Storage Direct facility is expected to open next July, according to a press release.

Once complete, the project will comprise 155,000 square feet of storage space in 1,087 units. The site is adjacent to the airport and near Oakland Alameda Coliseum. Both areas are slated for redevelopment soon, the release stated.

“We see the growth that is happening in and around the Bay Area and have focused on entering neighborhoods that we perceive as solid markets for the long term,” said company president Genevieve Sigmund. “We believe that our entry into the Oakland market comes at a transformational time for the city, which has been characterized by unprecedented population growth and the development of major office and apartment projects.”

Platinum concentrates on entering markets with high barriers to entry, strong demographics, and healthy supply and demand metrics. The Oakland market boasts low vacancy and high rental rates, both indicative of a growing, yet underserved market, the release stated.

“The Oakland project aligns perfectly with Platinum's investment criteria and long-term vision of developing a portfolio of class-A self-storage facilities in major [Metropolitan Statistical Areas] throughout the country,” said Dane Elefante, vice president of operations. “Supply and demand metrics in the Oakland market far exceed the strict investment benchmarks of our acquisition team. We are proud to undertake this project and join this community.”

Established in 1999 and headquartered in Orange County, Calif., Platinum has 1 million square feet of storage space under development nationwide. Its portfolio comprises 2.5 million square feet of space, with a value of approximately $250 million. It also offers third-party management.

Source:
PR Newswire, Platinum Storage Group to Develop 1,087-Unit, 155,000-Square-Foot Self-Storage Facility in Oakland, California