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6/02/17
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Life Storage Inc has acquired two self-storage facilities in north L.A. County totaling 1,390 units and 182 RV storage spaces in an off-market transaction.
The facilities are located at 2103 W Avenue J in Lancaster and 380 W Palmdale Blvd in Palmdale, in the Antelope Valley region of Los Angeles County. The properties contain 774 units and 60 RV storage spaces, and 616 units plus 122 RV spaces, respectively. The Palmdale facility includes land entitlements for another 36k sf of storage space. Both have excellent freeway visibility.
Buffalo, NY-based Life Storage Inc acquired the assets with a joint venture partners. They plan to re-brand and manage the newly acquired facilities on behalf of the venture. The company operates more than 675 storage facilities in 29 states.
John Battle, SIOR, with Lee & Associates-LA North/Ventura represented the seller, Martin Properties Inc, in the two transactions. The deal values were not disclosed.
Occupancy for self-storage facilities has been rising steadily and was just under 90% for facilities nationwide as of the close of 2016. Rent growth was in the range of 4.5% to 5% for the same period, outpacing all other property types with the exception of apartments.
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