A local storage company has leased a 52,800-square-foot industrial facility in Thousand Oaks at 1467 Lawrence Drive. Westlake Storage Solutions, a self-storage and moving facility, is relocating its operations from nearby Westlake Village to this site. Bram White, executive vice president in Daum’s Commercial Real Estate Services’ office in Camarillo, represented the lessee in the transaction. Patrick DuRoss of Newmark Knight Frank represented landlord PSIP Conejo Spectrum. “This transaction represents the strength of both the local industrial market and the national self-storage sector,” White said in a statement. “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 percent rent collections nationally, as well as increasing demand driven by life changes, which have been plentiful due to the pandemic.” The lease commences Aug. 1. However, Westlake Storage Solutions received early possession upon signing, so the move-in process will begin in July.
Storage Company to Relocate to 53,000-Square-Foot Site in Thousand Oaks
