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08.11.2013 admin
After Public Storage bought Shurgard Storage Centers in 2006, a handful of Shurgard employees decided to set out on their own.
More than eight years later, the business founded by those former Shurgard employees—West Coast Self-Storage—has grown to 28 locations in Washington, Oregon and California. On the development side, we are aggressively going to turn over lots of rocks before we find the one gold nugget. This month, the company opened a 58,000-square-foot facility in Redmond, WA, and is gearing up to open a facility in Lake Oswego, OR. The other principals of West Coast Self-Storage are Jim McNamee, Mike Spaulding and Steve Tangney. Your company has grown through development during the last few years when self-storage construction was mostly at a standstill. We are still able to close, but there are a lot more people sitting at the table when we buy a piece of land, and not just storage folks.
Unlike REITs that want to brand facilities with their identity, with us you can name your facility West Coast Self-Storage if you like or you can name it XYZ Storage, and we will build your brand. When you compete directly against a storage REIT, is it because you built near the REIT or the REIT built or bought near where you already had a location?
Welcome.The Storage Facilitator is the modern self-storage professional's destination for useful education, intriguing news, diverse expert perspectives, technology updates, and beyond.

Get our free white paperThe Four Pillars of Profitable Self-Storage Management is an in-depth resource that empowers facility owners and managers to get more out of your business and stay ahead. The information contained herein has been obtained from third parties and we cannot guarantee the accuracy or completeness of the information. Most are managed for independent operators, but the company has developed eight facilities on its own and continues to build.
The Storage Facilitator spoke with him about how West Coast Self-Storage is navigating the current development cycle and competitive environment. We make decisions in the trenches—by size, by category and by customer—for a specific trade area that a store is in versus looking at a region or a big territory and making one decision for all. Over the past eight years, it has been us going into markets they are already in since we are new. This white paper identifies major trends and best practices in rate management, occupancy analysis, rental contracts and profit management. We are looking at them every day, knowing we are going to turn over a bunch just to find one.
We look at the store market, region and industry overall, but also take a very granular view of a specific market or trade area.
We have a fun and uncommon culture, incredible team members, extensive training and years of experience in the industry, and allow our owners to keep their independence if they prefer.

We have been building and developing on the West Coast, and they have not been active here.
Having access to private capital and having the market conditions as they were allowed us to do that. An example would be a facility that is undermanaged or one that we could add features and amenities, allowing us to get a lift on the current revenue.
Now, with some of the REITs shifting to development again, they will come in after us and we will be competing in the same trade areas to get there first. I am confident with our real estate team, strategy and experience that we will be successful in securing the better location. We have been doing it for many years before West Coast and aggressively over the past eight years, and we haven’t stopped. Someone paying well below the board rate should get a greater increase than someone currently paying closer to the board rate.
We feel our hands-on approach allows us to maximize the revenues, giving the investor the highest return on their investment.

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