A reputation for doing the impossible
It takes a strong hand, but a delicate touch. A heightened degree of expertise cultivated over decades; and the instincts to make those impact decisions that resonate across time. With everything in our “toolbox,” we’ve charged through obstacles to help our investors enjoy achievements and returns that are considered extraordinary.
CASE HISTORY #1: MARINA DEL REY
The tranquility of the completed structure belies the immensity of the challenge that was.
Forty days. That was all the time we had - from opportunity awareness... to having the project fully underwritten and $7.5 million in equity raised. And that wasn’t even the challenge.
The timing was two weeks after the 9/11 tragedy; we would have to face down a sealed bid process, with no contingencies permitted, and we would carry entitlement risk. Forty days was all we had - and it was plenty.
With community tensions high, facing down one denial after another and a horde of negative publicity enflamed by a competitor across the street, we succeeded in transforming this Board of Regents laundry facility into one of the most sophisticated, state-of-the-art storage facilities in the nation.
But even more gratifying, we developed it in a manner that it became not only accepted as a member of this exclusive community, but also recognized as an enhancement to it.
CASE HISTORY #2: SAN DIEGO
Fifty-five thousand square feet of subterranean parking... Transformed into a storage phenomenon and investor’s dream.
The developers of Campus Point Center had a quandary. What would they do with the two-level parking structure underlying their retail center? The answer was provided in the form of a highly creative deal struck with Westport Properties: Convert it into self-storage with a lease hold interest.
Other “experts” saw only formidable obstacles - major structural and ventilation upgrades, waterproofing the structure, designing above-grade customer friendly loading and unloading, and the fact that it would not be visible to passers-by as the entire facility is underground.
Westport’s vision - bolstered by our market expertise - was different. We saw the rarest of opportunities: an ideal location just east of San Diego State University with no competition within 3 miles in any direction, and no real prospects of there ever being any due to near impossible barriers to entry - no available land, zoning constraints, and a high density of residential around the area. We saw striking attributes such as an entire facility that would be naturally climate controlled and would remain clean and relatively dust free, unlike traditional facilities.
The result: This unique quality facility was just what the community needed. Occupancy thrived as we served the student and military communities, plus the residential and commercial customer base. |
