Westport Properties Buys Land Parcel in East Los Angeles
Westport Properties has picked up a 2.2-acre land parcel in the Eastside submarket of Los Angeles. Irvine-based Westport plans to develop a three-story, 152k sf self-storage facility on the site, located at 4800-4830 Valley Blvd.
Ben Spinner with DAUM Commercial Real Estate Services represented the buyer in the deal. James Vu and Michael Collins, also with DAUM, repped the seller, who previously operated a metal and plumbing business at the location.
“This was a rare opportunity for the buyer to acquire more than 95k sf of developable land in close proximity Downtown Los Angeles and offering ease-of-access to major freeways,” explains Spinner. “Westport strategically recognized the value in bringing a large-scale self-storage development to the site due to the lack of storage facilities in the immediate area.”
According to a recent report, self-storage and moving service revenues in the United States are forecast to grow 2.7% yearly through 2022, indicating a growing demand for the product type.
Spinner also cites the land parcel’s prime location surrounded by residential neighborhoods, and in a submarket experiencing high levels of upcoming multifamily and commercial development, as strong demand drivers for self-storage.
Westport Properties recently completed a self-storage facility development at 2500 W. Hellman Ave in Alhambra and is currently underway on an additional development at 1901 W. El Segundo Blvd in Compton.