|
|
6/04/19
|
Trojan Storage paid $9 mil for a 1.87-acre development site in Glendale. Trojan Storage, a Los Angeles-based self-storage company, operates 20 locations in California, Oregon, Washington, and Arizona.
The property represents Trojan Storage’s sixth facility in Los Angeles County and its first in Glendale. Trojan plans to demolish the existing building and begin construction on a 220k sf, self-storage facility.
Located at 620 W. Elk Ave, the property is a strategic acquisition for Trojan Storage, as the facility will serve the densely-populated surrounding areas. Located less than one mile from the I-5 Fwy, it sits in an area with a high volume of vehicle traffic that will garner strong exposure.
CBRE’s Emil Gurfinkel and Ken McLeod represented the buyer, Trojan Storage, in the deal. The seller, a private local owner, was also represented by Gurfinkel and McLeod in the transaction.
“Trojan Storage will now be able to service Glendale, a key Los Angeles market where demand is high for storage space,” said Gurfinkel. “This deal highlights the desire and forward thinking of self-storage players to meet the needs of residents moving into the newly constructed apartment buildings in the surrounding areas.”
The Los Angeles multifamily market remained healthy in the first quarter with a favorable vacancy rate and solid rent growth, according to a CBRE report. Construction activity was strong with completions totaling 13,600 units for the year ending March 31, up 65.7% from the preceding four quarters. Nevertheless, demand in Los Angeles exceeded new supply with 14,803 units absorbed over the same time period, driving rents up 3.7% from the prior year.
|
|
 Return to the Archive page
|
|
|
|
|
Printer-friendly Version
Email an Associate
