Go Store It, an affiliate of Madison Capital Group, has entered the California market with the opening of a 70,000-square-foot self storage facility in Monterey Park, Calif.
The project broke ground in November 2022. According to Yardi Matrix data, the property was subject to a $14 million construction loan, originated by Farmers and Merchants Bank of Long Beach.
The newly constructed facility is a three-story building that offers 802 climate-controlled units, ranging between 25 and 300 square feet. Amenities include video surveillance, moving supplies, dolly and flatbed carts, roll-up doors, elevator access, security lighting and electronic building access.
The property covers 3 acres at 505 Monterey Pass Road, some 7 miles east of downtown Los Angeles. The location provides easy access to Interstates 10 and 710, and U.S. Route 60.
As a result of restrictive zoning in the Monterey Park submarket, the area’s self storage market has been underserved, making the location prime for new development, according to a prepared statement by Adam Lentz, the firm’s West Coast development partner.
Go Store It Monterey Park serves an area that includes Cal State LA and East Los Angeles College. The facility is one of the 14 available within a 3-mile radius, offering residents 3.3 rentable square feet of self storage space per capita. As of January, the Los Angeles Eastern County market had 13 properties under construction, set to add 1.3 million square feet to the existing inventory, Yardi Matrix data shows.
Go Store It recently opened another facility in Florida. The 70,147-rentable-square-foot property will serve the Pensacola market.
