US Storage Centers. Image courtesy of US Storage Centers

US Storage Centers, in a partnership with Invesco Real Estate, has completed the development of a 142,000-square-foot facility located in Compton, Calif. The joint venture received $13.7 million construction financing from Farmers & Merchants Bank of Long Beach in September 2018, according to Yardi Matrix.

Located at 1901 W. El Segundo Blvd., the storage property occupies 3 acres near interstates 105 and 110, around 12 miles from downtown Los Angeles. The facility is also situated close to residential neighborhoods, such as Rosewood and Athens. Additionally, there are more than 9,400 rental units within a 3-mile radius.

The Class A storage comprises 1,440 units ranging from 25 to 30 square feet. Property characteristics include climate control, drive-up access, passenger elevators, security system, moving supplies and moving carts. Further services provided include on-site management and retail option.

Restricted market conditions 

Due to limited opportunity for development, self storage markets in the west struggle to keep up with demand. Among the Californian markets, the new supply pipeline was one of the lowest in Los Angeles in September. Projects under construction or in the planning stages accounted for 5.7 percent of total inventory, according to the latest Yardi Matrix report. Asking rates, however, were among the highest in Los Angeles, at $184.