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Public Storage Opens State-of-the-Art Self-Storage Facility in Silicon Valley’s Cupertino Market
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Very Positive)
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Rhea-AI Summary
Public Storage (NYSE:PSA) announced the reopening of a revamped facility in Cupertino, California, near Apple, Inc.'s offices. The new facility features two five-level buildings expanding from 51,000 to 195,000 square feet, boasting 2,593 climate-controlled units. Noteworthy enhancements include app-enabled digital access, energy-efficient solar panels, and LEED Silver® certification. The company’s development pipeline exceeds $1 billion, with over $500 million allocated to redevelopment projects. CEO Joe Russell highlighted the competitive advantage of redeveloping properties.
Positive
Expanded facility from 51,000 to 195,000 square feet.
Increased climate-controlled units from 585 to 2,593.
Features include app-enabled access and smart security.
Sustainability initiatives include solar panels and LED lighting.
Development pipeline is approximately $1 billion.
Negative
None.
GLENDALE, Calif.--(BUSINESS WIRE)--
Public Storage (NYSE:PSA), the nation’s leading owner, acquirer, developer, and operator of self-storage properties, announced today the reopening of a facility adjacent to Apple, Inc. offices in Cupertino, California.
State-of-the-Art Public Storage Facility in Cupertino, CA. (Photo: Business Wire)
The Public Storage, 20565 Valley Green Drive, Cupertino location now features two five-level state-of-the-art buildings that offer our industry-leading customer experience, including app-enabled digital property access and account management, eRental® capability, and smart security cameras.
We enhanced an existing, forty year old facility from 51,000 square feet to 195,000 square feet and built it with sustainability in mind—including energy-efficient solar panels, motion-sensor LED lighting, and sustainable landscaping improvements. The site previously housed 585 first generation storage units and has been expanded to 2,593 climate controlled units. The facility is also being certified to LEED Silver® standards.
“We are pleased to reopen our Cupertino facility and provide customers with a broad array of storage options,” said Joe Russell, Public Storage Chief Executive Officer. “This Cupertino location reflects one of Public Storage’s unique competitive advantages; specifically the ability to redevelop and expand properties driven by our experienced development team. This development exemplifies how we are enhancing our 200 million square foot portfolio across the country through acquisition, development, and redevelopment.”
The Company’s current total development pipeline of approximately $1 billion includes over $500 million in redevelopment opportunities with 20 projects totaling 3 million square feet of new space.
“We thank the City of Cupertino for its support in enhancing this tremendous location,” said Andres Friedman, Public Storage Senior Vice President of Development. “For nearly five years, numerous team members across Public Storage, the City of Cupertino, and vendors have been closely aligned in the redesign, approval, construction, and completion of this landmark storage facility.”
Public Storage, a member of the S&P 500 and FT Global 500, is a REIT that primarily acquires, develops, owns, and operates self-storage facilities. At September 30, 2022, we had: (i) interests in 2,836 self-storage facilities located in 40 states with approximately 202 million net rentable square feet in the United States and (ii) a 35% common equity interest in Shurgard Self-Storage SA (Euronext Brussels:SHUR), which owned 259 self-storage facilities located in seven Western European nations with approximately 14 million net rentable square feet operated under the Shurgard® brand. Our headquarters are located in Glendale, California.
Additional information about Public Storage is available on the Company’s website at PublicStorage.com.
