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Tuesday, Mar 5, 2024

Self-Storage Facility Opens in Camarillo

SecureSpace Self Storage has announced the grand opening of a new self storage facility in Camarillo. The property, developed by InSite Property Group and located at 5300 Adolfo Road, has 75,000 square feet of climate-controlled, ground-level self-storage units. The second floor consists of 75,000 square feet of office space available for lease. Unit sizes range from 5 feet square to 15 by 25 feet. “As a Southern California-based developer, we know and love the Camarillo area – there are 300 days of sunshine a year and it’s a thriving city close to everything with friendly residents, so we built this location to provide a unique storage option for this market,” InSite Partner Paul Brown said in a statement. “Less than 15 percent of the supply in Camarillo currently offers climate-controlled storage.” SecureSpace is headquartered in Redondo Beach. Calabasas-based Marcus & Millichap recently released a study of the self-storage industry in the Los Angeles market. According to the real estate brokerage’s findings, the self-storage sector has become increasingly secure in Los Angeles, with construction of such facilities making a notable jump in 2019 to 1 million square feet completed. This total is comparable to the previous five years combined, and a cluster of these self-storage projects are located near LAX. Analysts observing the industry expected roughly 40,000 more jobs in Los Angeles related to self storage. They also anticipated a rise in self-storage usage due to a combination of events: the population of Los Angeles setting to expand in 2020 by 19,000 people; and increasing home sales and apartment rentals, in addition to a statewide housing shortage, leading more people to storage their stuff. Note that the survey was based on 2019 data and prefigured the coronavirus outbreak, which has forced many users of self storage to defer rents, but could create more demand as people relocate or downsize. The study also expected the average self-storage rent to uptick by 2.3 percent.

Michael Aushenker
Michael Aushenker
A graduate of Cornell University, Michael covers commercial real estate for the San Fernando Valley Business Journal. Prior to the Business Journal, Michael covered the community and entertainment beats as a staff writer for various newspapers, including the Jewish Journal of Greater Los Angeles, The Palisadian-Post, The Argonaut and Acorn Newspapers. He has also freelanced for the Santa Barbara Independent, VC Reporter, Malibu Times and Los Feliz Ledger.

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