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Clarion Partners LLC and Baranof Holdings Buy 677-Unit L.A. Area Self-Storage Asset

12/01/23

South Pasadena Storage, a 677-unit self-storage facility located in South Pasadena, was acquired by a joint venture between Clarion Partners LLC and Baranof Holdings out of Dallas, TX. It was sold by Gelt Ventures. The price was not disclosed.

Built in 1986 and situated on a 1.81-acre site at 919 Mission St, the six-building property includes 642 indoor storage units, 34 outdoor rental spaces, and a live/work unit, as well as a site office. The property is located in a residential neighborhood adjacent to the South Pasadena Metro Station, with high median household incomes and multi-million dollar homes nearby. It is within a 16-minute drive to downtown Los Angeles, a highly sought after storage market with high barriers to entry and limited supply.

“Gelt Ventures acquired South Pasadena Storage in 2018 in a time of compressed cap rates, and we sold this asset during a substantially elevated interest rate environment. Despite the timing, the investment delivered industry-leading returns to our investors as a result of the heavy NOI lift and substantive value-add during our hold period,” said Kartikeya Kejriwal (KK), Director of Self Storage at Gelt Ventures.

To streamline operations, Gelt worked with ExtraSpace Storage, one of the nation’s leading self-storage operators, for third party management of the property. According to Kejriwal, Gelt is targeting the acquisition of up to 1 msf of self-storage facilities over the next two years.

Adam Schlosser, Chico Le Claire and Keith Phillips of Marcus & Millichap represented the seller on the transaction. The buyer was self-represented.

With over 50,000 self-storage facilities across the country, this property sector has evolved into a mainstream commercial real estate asset class. Surprisingly, 9.4% of American households rent self-storage space and statistics show that there is seven square feet of self-storage space rented per capita in the U.S. Over recent years, equity and debt capital invested in this asset class has increased substantially, and self-storage has continued to outperform other real estate asset classes during and after recessions. Self-storage returns consistently lead the market and yet have amongst the lowest default rate of all real estate asset classes.




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