InSite Property Group Debuts Los Angeles Storage Facility
The company financed the 71,000-square-foot development with an $11.1 million loan originated by Valley National Bank.
722 W. 220th St. Image courtesy of InSite Property Group
InSite Property Group has debuted a Class A SecureSpace Self Storage property in Torrance, Calif. The facility provides 71,000 rentable square feet of climate-controlled space.
The developer acquired the site for $5.6 million from Wentworth Property Co. in December 2019. One month later, Valley National Bank originated an $11.1 million construction loan for the project, according to Los Angeles County records.
The property occupies a 2-acre parcel at 722 W. 220th St. The three-story facility provides all climate-controlled units ranging between 25 and 250 square feet, as well as 480-square-foot covered parking lots for RVs and boats. The store has an on-site manager, drive-up access, video monitoring and sells packing and moving supplies.
The site is a short distance from the Harbor-UCLA Medical Center. The facility is situated just off Interstate 110, which has a daily traffic count of 270,000 vehicles, according to SecureSpace. Additionally, there are at least 26 other self storage assets encompassing more than 2.1 million square feet within a 3-mile radius, Yardi Matrix data shows.
Last month, InSite Property Group entered the Washington, D.C. market with the acquisition of two self storage properties from Coakley Realty. The assets total 100,799 square feet and are located in Lanham, Md.
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