Storm Properties Inc., a real estate company specializing in residential, industrial, and commercial properties, recently purchased a self-storage and retail property in Escondido. The property was bought for $10.5 million and is situated at 510-520 W. Valley Pkwy. It boasts 37,125 square feet of storage buildings as well as a 7,000-square-foot retail strip building with an additional 5,900-square-foot pad designated for future retail development.
The self-storage portion of the property includes 262 units while the retail section consists of four suites within one building along with another single-tenant structure. One of the suites serves as on-site management for the self-storage facility. Currently, all four retail spaces are fully occupied while almost all (97%) of the storage units are rented out.
According to Jay Ahluwalia – president of Storm Properties – this acquisition was appealing due to various factors but primarily because it is located in an area that shows potential for growth.” He also stated that Storm Properties plans to further expand their presence in this market by acquiring more assets within Escondido throughout next year (2025).
