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| Ben Spinner |
Los Angeles, CA – DAUM Commercial Real Estate
Services has directed the acquisition of a 2.2-acre
land parcel in the Eastside submarket of Los Angeles, California, on behalf of
both the buyer and the seller.
The buyer, Irvine, California-based real estate investment company
Westport Properties, plans to develop a three-story, approximately 152,000
square-foot self-storage facility on the site, according to Ben Spinner,
Associate Vice President at DAUM’s Los Angeles office, who represented the
buyer.
The land parcel was sold for a total purchase price of $5.4
million and is located at 4800-4830 Valley Boulevard in Los Angeles,
California.
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| James Vu |
Westport Properties recently completed a self-storage
facility development at 2500 W. Hellman Ave, Alhambra, and is currently
underway on an additional development at 1901 W. El Segundo Blvd, Compton.
DAUM Commercial Vice President James Vu and Vice Chairman Michael
Collins represented the private seller, who previously operated a metal and
plumbing business at the location, in the transaction.
“This was a rare opportunity for the buyer to acquire more than 95,000
square feet of developable land in close proximity Downtown Los Angeles and
offering ease-of-access to major freeways,” explains Spinner.
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| Michael Collins |
“Westport strategically recognized the value in bringing a
large-scale self-storage development to the site due to the lack of storage
facilities in the immediate area.”
According to a recent industry report, self-storage and moving service
revenues in the United States are forecast to grow 2.7 percent yearly through
2022, indicating a growing demand for the product type.
Spinner also cites the land parcel’s prime location
surrounded by residential neighborhoods, and in a submarket experiencing high
levels of upcoming multifamily and commercial development, as strong demand
drivers for self-storage.
“After we identified this site as an excellent location for
Westport, DAUM participated in several complex negotiations to secure the land
amid several competing offers, including from other self-storage developers,”
says Spinner.
“Ultimately, we were able to help ensure that the
developer’s vision for the site was feasible, and complete a win-win
transaction for both the buyer and the seller.”
CONTACTS:
Micaela Fehrenbach / Elisabeth Manville
(949) 955-7940
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