Self storage real estate investment trust Life Storage Inc. and its joint-venture partner have acquired two Storage Express facilities in Lancaster and Palmdale, Calif., in an off-market transaction. Together, the properties contain 1,390 storage units and 182 vehicle-parking spaces.
The Lancaster facility at 2103 W. Ave. J includes 774 units and 60 parking spaces. The Palmdale site at 380 W. Palmdale Blvd., in the Antelope Valley region of Los Angeles County, has 616 units and 122 parking spaces. It also includes land entitlements to build another 36,000 square feet of storage space. Both properties are visible from freeways.
The seller, Martin Properties Inc., was represented in the transaction by John Battle, a principal and managing director for Lee & Associates-LA North/Ventura Inc., the real estate firm that brokered the deal.
Based in Buffalo, N.Y., Life Storage operates 675 self storage facilities in 29 states under the Life Storage and Uncle Bob’s brands. Its portfolio of owned and managed facilities comprises more than 45 million square feet.
Lee & Associates-LA North/Ventura offers brokerage services to the industrial, office, retail, self storage and multi-family industries throughout Ventura County. Its services include sales and leasing, real estate investment consulting, property acquisition, and more. The firm is a division of Lee & Associates, a broker-owned firm with locations across Canada and the United States.