WAIPAHU, Hawaii, Oct. 07, 2021 (GLOBE NEWSWIRE) -- InSite Property Group - the vertically integrated self-storage acquisition, development, and management company - has acquired an Extra Space-managed facility in the Waipahu neighborhood of Oahu, Hawaii.
Located at 94-130 Leokane Street, the property offers 44,390 square feet of climate-controlled, non-climate and drive-up units. The store is in an undersupplied market with very high barriers to entry and will benefit from the strong rent growth taking place across Oahu. In tandem with SecureSpace Mililani, a complementary store under construction seven miles north, the Waipahu location will expand the brand and presence in the Hawaii self-storage market. The facility will be operated by InSite's wholly-owned management firm and rebranded as SecureSpace Waipahu.
SecureSpace Waipahu was converted to storage in 2017 by the former owner, is currently 99.4% occupied, and has averaged 96.0% occupancy over the last 12 months. SecureSpace will build upon the groundwork laid by Extra Space and round out the economic stabilization by bringing rents up to market.
Exterior cosmetic updates will enhance the curb appeal and the leasing office will be upgraded to SecureSpace's signature contemporary style. As with all SecureSpace properties, free Wi-Fi will be provided throughout and a contactless rental process will be implemented immediately.
InSite's Head of Self Storage Acquisitions, Nathan McElmurry, notes, "Waipahu has 100,000+ people within three miles, a median income of $97k, and a supply of 0.9 SF per person. There is virtually no availability in the market. The only other pending supply is a store we are building several miles north in an adjacent trade area. These dynamics speak to our high expectations for Waipahu, and we are excited to continue our expansion into the Islands."
SecureSpace Waipahu is open for business and customers can reserve their own secure space by visiting https://SecureSpace.com or calling (877) 399-0319.
About InSite Property Group
Based in Torrance, California, InSite Property Group is the parent corporation of SecureSpace Self Storage.
As a vertically integrated self-storage developer, operator, and manager, InSite Property Group currently has 48 stores operating and under construction. Please visit https://www.InsitePG.com to learn more.
About SecureSpace Self Storage
Relax. It's safe at SecureSpace.
Based in Torrance, California, the SecureSpace team is dedicated to providing you with a hassle-free self-storage experience. All of our facilities provide the latest amenities for securing your belongings.
We look forward to serving you and satisfying your storage needs - please visit https://www.SecureSpace.com to make a reservation or learn more today.
Jake McMillan
(866) 521-8292
press@insitepg.com
https://insitepg.com
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