Intercontinental Real Estate Corp. and LaTerra Development have acquired EZ Access Self Storage, a 100,000-s.f. facility in Santa Clarita, Calif., from a local investor for $27M. The property, at 23715 Carl Court, marks Intercontinental’s entry into the self-storage sector.
Property: A 784-unit self-storage facility in Santa Clarita, Calif.
Price: $27M
Seller: Local investor
Buyer: Intercontinental Real Estate Corp. and LaTerra Development
Built in 2000 by the seller, EZ Access Self Storage sits on 4.18 acres and includes nine one-story buildings, a separate office and a residential unit used for on-site management. An average customer tenure of six years highlights the asset’s strong renter retention.
The buyers plan to enhance the property by modernizing the management office, upgrading hallway lighting, adding new landscaping and improving entry security. The property will also be rebranded as Public Storage after the owners hire the company to manage the facility — a move expected to improve operational efficiency.
“Self-storage has emerged as a compelling institutional alternative investment. This opportunity marks a strategic entry point for expanding our exposure to what we believe to be a high-performing asset class poised for continued growth,” said Jessica Levin, managing director for Intercontinental’s West Coast operations.
