Go Store It Opens Metro Los Angeles Facility
Farmers and Merchants Bank of Long Beach backed the project with a construction loan.
Go Store It Self Storage, an affiliate of Madison Capital Group, has opened a storage facility in Pico Rivera, Calif. Farmers and Merchants Bank of Long Beach provided $10 million in construction financing last year, Yardi Matrix data shows.
Despite a historical track record of Pico Rivera prohibiting the development of new storage facilities, Go Store It managed to collaborate with city officials and sway them toward granting the firm the needed permits, Go Store It Development Partner Adam Lentz said in prepared remarks.
The property provides 48,000 square feet of rentable space, encompassing units ranging from 25 to 200 square feet across four stories. Amenities include climate control throughout all 600 units and code-secured access, as well as video surveillance, among others.
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Located at 6605 Rosemead Blvd., the facility is adjacent to a 264,000-square-foot shopping center. Interstates 605 and 5 are some 3 and 4 miles away, respectively, while downtown Los Angeles is roughly 12 miles northwest.
Yardi Matrix data reveals 18 other self storage properties within a 3-mile radius, providing residents 6.7 square feet of rentable space per capita.
Metro Los Angeles had nearly 1.7 million rentable square feet of under-construction self storage space as of May, Yardi Matrix data shows. Developers delivered more than 480,000 square feet of storage space in 2024’s first quarter—a 48.1 percent surge compared to last year’s same period, when 249,000 square feet came online.
