A joint venture of Miami City Self Storage and Cypress Equity Investments will develop its first facility in Inglewood, Calif. Self-storage lending REIT Jernigan Capital has invested $28.7 million in the project.
Miami City Self Storage and Cypress Equity Investments have formed Pacific Storage Partners, a joint venture targeting urban infill development opportunities in Los Angeles and Northern California. The new entity’s first development, a 120,000-square-foot self-storage facility, will be located in Inglewood, Calif. Self-storage lending REIT Jernigan Capital has invested $28.7 million in the project.
Pacific Storage Partners has closed $61.7 million in transactions in the first part of the year, and it continues to invest in facilities across the country.
“This strategic venture significantly expands our West Coast urban storage development coverage,” said Jay Massirman, partner at Miami City Self Storage, in prepared remarks.
Located on West Hyde Park Boulevard, the facility will be under two miles from Hollywood Park, the site of the new 70,000-seat Los Angeles Stadium, a venue for the 2028 Summer Olympics. Additionally, the development, situated along the 405 Freeway, will be visible to approximately 300,000 vehicles per day.
“Over the past 15 years, our company has applied innovative strategies to real estate investments and developments,” said Michael Sorochinsky, founder & CEO of Cypress Equity Investments. “We see this venture with Miami City Self Storage as another example of that approach. There is an untapped demand for vertical self-storage facilities in dense urban areas.”
According to the plans, construction of the Inglewood facility will begin in the first quarter of 2019 and it is expected to end by mid-2020.