SecureSpace Self Storage has opened a storage facility in downtown Los Angeles. InSite developed the 130,188-square-foot property, according to Yardi Matrix data.
Construction on SecureSpace Downtown Los Angeles began in September 2021. The property is subject to two permanent loans, held by KKR and Delphi Financial Group, both originated in June 2023, same source shows.
The Class A facility is one of only three storage facilities located within one mile of downtown L.A., which is experiencing a supply shortage. The area has 2.3 square feet of storage space per capita within a 3-mile radius, well below the national average of 7 square feet.
SecureSpace Downtown Los Angeles is located at 1535 Essex St. and comprises four stories totaling 99,009 rentable square feet. The facility offers units ranging from 25 to 300 square feet, with climate control and easy elevator access. The property also has a leasing office with Wi-Fi, open-concept workspace and a monitored security system.
The 1-acre property is close to interstates 10 and 110, in proximity to the downtown area’s skyscrapers. This location allows the facility to serve a wide variety of customers in a dense area, according to Paul Brown, partner at SecureSpace. Marina Del Rey is also some 17 miles west.
SecureSpace Downtown Los Angeles marks InSite’s second self storage facility in metro Los Angeles. In 2020, the company delivered a similar project in Torrance, Calif., and has three additional developments underway in the market, according to Yardi Matrix. InSite also developed the first SecureSpace Self Storage facility in Philadelphia, which opened earlier this fall.
