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7/23/20
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Westlake Storage Solutions will be relocating its operations from Westlake Village to neighboring Thousand Oaks. The firm, a self-storage and moving facility, just signed a 10-year lease for a 52.8k sf facility at 1467 Lawrence Dr, north of the 101 Fwy off Rancho Conejo Blvd.
The new lease commences on August 1, 2020. Westlake Storage Solutions was granted early possession upon lease execution, allowing them to begin their move-in process in July.
Bram White, SIOR, with DAUM Commercial Real Estate Services represented the lessee in the transaction. Patrick DuRoss, SIOR, with Newmark Knight Frank repped the lessor, PSIP Conejo Spectrum L.P., in the transaction.
“This transaction represents the strength of both the local industrial market and the national self-storage sector,” says White. “As the COVID-19 pandemic continues, industrial product has emerged as a stable asset class benefitting from rising demand. Self-storage in particular continues to grow in popularity, with strong fundamentals including 95% rent collections nationally, as well as increasing demand driven by life changes, which have been plentiful due to the pandemic.”
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