GLENDALE, Calif.--(BUSINESS WIRE)--Public Storage (NYSE:PSA) construction crews are busy this week adding final details to the company’s newest location, opening for hundreds of eager customers May 6.
Because Public Storage spaces are often used as affordable warehouses for companies large and small, the new building will support the local economy and provide employers a way to maximize revenue with more retail and other space.
“It takes an under-utilized, vacant piece of property and develops it into a resource for local businesses,” said Philip Lanzafame, director of economic development for the city of Glendale.
Like many other self-storage facilities, this location with its fiery orange siding changes the view along a major highway. Public Storage at 5500 San Fernando Rd, Glendale is so close to the freeway, in fact, that you can almost see commuters sipping their morning java from its fourth-floor windows.
“The market is basically about being close to where people live,” said Jim Fitzpatrick, an executive vice president with the Glendale, Calif. company’s real estate group. “Being along a high-profile highway like the 134 is going to draw from an even larger radius.”
His team’s strategy to conveniently locate where people live has fueled acquisitions and construction for decades and brought the company’s total number of locations up to 2,259 with this opening, including four in Glendale and Burbank. It has also made Public Storage the largest self-storage company in the country.
The company employs more than 5,000 people nationwide. As an S&P 500 firm with stock prices that have more than doubled in five years, it has also helped retirees and other investors realize their financial dreams for decades.
The project employs a crew of 40 to construct 1,400 storage spaces in a neighborhood that includes many small condos and apartments with limited closet space. The new facility also brings stability to a tired vacant lot that has changed uses since the 1920’s, from a feed mill, to an auto salvage yard and eventually an aircraft parts store, according to company research.
Building storage near a freeway onramp also benefits the community by reducing traffic compared to alternate uses. Because Public Storage locations offer the daily flexibility of extended hours for storage unit access 365 days a year, the business will generate an average of just 23 cars visits throughout an average day versus 422 for a retail store.
Company Information
We help customers in their time of need, whether moving, downsizing or storing for business. Public Storage (NYSE:PSA) was founded in 1972 with a single Southern California self-storage building. We’ve grown a bit since then, to more than 2,250 locations around the country, making us the largest in the business today and a member of the S&P 500. We offer self-storage options of all shapes and sizes and the same personal attention from on-site managers that we’ve been giving from day one. For stockholders, we are a real estate investment trust, meaning we reinvest more of our revenue back into the business and distribute a large portion to public investors in the form of dividends. Learn more about Public Storage at http://www.publicstorage.com.