Gelt Inc. has purchased a 55,025-square-foot self storage asset in La Crescenta, Calif., for $26 million. PNC Bank provided $14 million to finance the acquisition, Yardi Matrix data shows. US Storage Centers will manage the facility.
Completed in 1989 and located at 4441 Cloud Ave., the asset encompasses 578 indoor and drive-up units, ranging from 20 to 250 square feet. The property includes a manager’s office, keypad and gated entry, 24-hour video surveillance and individual door alarms.
Gelt plans to improve the security features, renovate the office and optimize the units, as the company continues to expand its portfolio now holding more than 5,800 storage units nationwide, mentioned Kartikeya Kejriwal, director of Gelt, in a prepared statement.
The property is one of the five self storage facilities within a 3-mile radius, offering residents of La Crescenta 4.8 net rentable square feet of storage space per capita, below the 6.9 national average, according to Yardi Matrix.
Due to high barriers to entry and limited opportunities for new development, Los Angeles remains an undersupplied market, with 4.9 net square feet per person, Yardi Matrix reported. As of December 2021, under construction and planned projects represented 9.7 percent of the metro’s existing inventory, down 10 basis points over November.
Nontheless, the market continues to expand. Last week, Westport Properties completed a 157,116-square-foot asset, adding 1,182 units to its growing portfolio in Greater Los Angeles.