Westport Properties Inc. (WPI), which operates 122 self storage facilities under the US Storage Centers brand, has purchased Magellan Storage in Commerce, Calif., a suburb of Los Angeles. The company now owns and operates 16 locations in the area, according to a press release.
The 4-acre property at 5415 E. Olympic Blvd. is just off Interstates 5 and 710, and within 15 minutes of downtown Los Angeles. Built in 1964, the six-building facility comprises 140,048 square feet of storage space in 1,347 units. Property features include climate control, gated access, vehicle storage, video cameras and a retail store that sells moving and packing supplies.
The buyer and the seller were represented in the transaction by Greg Wells, senior director of brokerage services for Cushman & Wakefield Self Storage Industry Group.
“Southern California is a very strategic region for our firm, with its density and continued population growth,” said Charles Byerly, CEO and president. “We will continue to grow our presence in Los Angeles, Orange County and other key regions of the state.”
WPI recently opened a new site in North Miami, Fla. The five-story facility comprises 122,605 square feet of storage space in 931 climate-controlled and drive-up units.
Founded in 1985 and based in Irvine, Calif., WPI is a real estate investment company that acquires, develops and operates self storage facilities as well as provides third-party management services. Its portfolio comprises 8 million rentable square feet in 15 states.