Glendale Site Slated for Self-Storage

CBRE Group announced the sale of a 1.87-acre development site in Glendale to Trojan Storage for $9 million. CBRE’s Emil Gurfinkel and Ken McLeod represented the buyer, Trojan Storage, in the transaction, as well as the seller, identified by CoStar Group as California Offset Printers Inc. Trojan Storage, a Los Angeles-based self-storage company, operates 20 locations in California, Oregon, Washington, and Arizona. Located at 620 W. Elk Ave., the Glendale property becomes Trojan’s sixth facility in Los Angeles County and its first in the Tri-Cities sector. Located less than one mile from the I-5 freeway, the property sits in an area with a high volume of vehicle traffic that will garner strong exposure. Trojan plans to demolish the existing building, which sits on 1.87 acres of land, in order to construct a 220,000 square-foot self-storage facility. “Trojan Storage will now be able to service Glendale, a key Los Angeles market where demand is high for storage space,” Gurfinkel said in a statement. “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.” California Offset Printers had purchased the property from John Hedlund in Aug. 1998 for $3,000,000, according to CoStar. The Los Angeles multifamily market remained healthy in the first quarter of 2019 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 percent 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 percent year-over-year.