September 9, 2004
San Diego, California

JK Investment Properties, Inc. announced the acquisition of Grand Avenue Self-Storage in Surprise, Arizona for $3.6 million. M&I Bank of Las Vegas provided the financing. The facility has 69,000 square feet including an office and manager’s apartment. The seller completed construction on the project in June of this year. There are 544 units ranging in size from 25 square feet to 400 square feet.

Ken Weiner and Jeff Quinn, the principals of JK Investment Properties, formed JK Grand Avenue Properties, LLC to take title to the property. Weiner and Quinn are the Managing Members of the LLC. JK Investment Properties will manage the property in conjunction with StorageOne Properties, the largest operator and manager of self-storage in the Las Vegas area. Grand Avenue Self-Storage will be converted into a StorageOne facility, the first of the brand’s stores outside of Las Vegas.

Weiner, President of JK Investment Properties, said that Surprise, “is one the Phoenix area’s fastest growing communities. We are confident in that this property will lease quickly.”

JK Investment Properties specializes in the acquisition and management of self-storage facilities, mobile home parks, and RV parks. The firm now has eight self-storage facilities either open, under development, or under construction.

JK Investment Properties is located in the Kearny Mesa area of San Diego. Weiner and Quinn have formed more than twenty real estate partnerships over the last twenty years to purchase mobile home parks, RV parks, apartments, and property for residential development.