Jesse Gee
Phoenix, AZ (USA)
Role(s):
Founder/Owner/Principal
Concierge Storage
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Startup
Location:
Phoenix
Industry:
Retail/Clothing
Year Founded:
2007
Number Employees:
1-10 people
Description:
Concierge Storage is in the business of developing and operating for rent, self storage facilities with a focus on RV & Boat Storage. The primary offering is a storage product that will accommodate RV’s, Boats, Fifth Wheels, Custom & Exotic Cars, and a variety of other uses where the customer has a need for a secure storage combined with a suite of services making the use of our services easy and convenient.
We are seeking investments in Concierge Storage I, LLC. our flagship facility. The company’s targeted site is located in Mesa, Arizona near the intersection of Main St. & Gilbert Rd. This location is ideal due to its proximity to one of the largest clusters of RV dealers in the state of Arizona on Main Street in Mesa. In addition, the site is within close range to the US 202 and 60 freeways. This particular site’s previous use was an RV dealership consisting of approx. 10 acres of land, 20,000 sq ft of buildings including 8 service bays, wash and detailing area, a dump station and numerous other amenities particular to RV’s. We anticipate leasing a portion of the site to an RV Dealer and the balance to be used for Concierge’s operation. The site is currently zoned C3, which will permit our use. Estimated traffic counts are 27,000 cars per day.
In general, demand for this storage product has skyrocketed due to a variety of factors including restrictive parking in neighborhoods (HOA’s), city ordinances, retiring baby boomer’s in the Phoenix area, record breaking years of RV sales, and the fact that Arizona has the highest per capita of boat owners than any other state in the country. A recent feasibility study revealed that the average occupancy of RV & Boat storage facilities surveyed in the Phoenix area is greater than 98%.
We believe Concierge Storage’s offering is unique to other competitors in the market due to its focus on convenience and service such as door step delivery and pick up, wash and detailing service, fueling, valet, and level of professionalism and sophistication that we have not found within the existing competition.
Concierge Storage’s brand & marketing strategy, among other initiatives, is expected to include a presence at major events such as NASCAR, Barrett-Jackson, Car Expos, RV Shows, and other opportunities that allow us to bring the brand and product to our target market.
The RV & Boat Storage business is emerging as an asset class all its own. Many in the industry liken it to where the mini storage business was 20 years ago. During the infancy of mini storage, many viewed the business as rather obscure. Nowadays, many mini storage facilities are highly successful income producing real estate assets. According to McGraw Hill, Public Storage (PSA), the largest operator of self storage facilities by market capitalization, it had the highest valuation of any stock in the S&P 500 Financials Sector as of Q1 2008 with a forward P/E ratio of nearly 60. Although their success is not a predictor of value in our market, we believe the demand for our product is underserved at present.
The opportunity to be at the genesis of growth in this niche asset class, coupled with the recent shift to a buyer’s market in real estate and construction, we believe, make the timing right for a sophisticated operator to enter the market place and create a major brand presence.