Joint venture announces first development planned for prime Inglewood site
Leading developer of urban infill self-storage facilities Miami City Self Storage (MCSS) and major real estate investment firm Cypress Equity Investments (CEI) have announced the formation of Pacific Storage Partners. The joint venture is targeting urban infill development opportunities in Los Angeles and Northern California.
Pacific has unveiled the details of its first ground-up development, a planned Inglewood, Calif. facility with more than 120,000 square feet of net rentable self-storage space. The West Hyde Park Boulevard project is located less than two miles from Hollywood Park, the site of the new 70,000-seat Los Angeles Stadium that will be home to both the Los Angeles Chargers and Los Angeles Rams and serve as the opening and closing ceremony venue during the 2028 Summer Olympics.
“This strategic venture significantly expands our west coast urban storage development coverage” said MCSS Partner Jay Massirman.
“Over the past 15 years, our company has applied innovative strategies to real estate investments and developments,” said CEI Founder and CEO Michael Sorochinsky. “We see this venture with MCSS as another example of that approach. There is an untapped demand for vertical self-storage facilities in dense urban areas.”
The Inglewood project underscores Pacific’s plan to target high-traffic areas. The site is situated along the 405 Freeway with visibility to nearly 300,000 cars per day. It is also located near a brand-new Metro rail station.
Nearby big-box retailers servicing the area include Costco, Home Depot and Target. Hollywood Park is poised for substantial growth with a proposed basketball arena for the Los Angeles Clippers and a planned entertainment district with 2,500 residences, a performing arts venue, office, retail and hotel space and 25 acres of parks.
Construction of the Inglewood facility is expected to begin during the first quarter of 2019, with completion slated for mid-2020. Inglewood Self-Storage LLC is the development entity for the project.
Jernigan Capital Inc. has invested $28.7 million into the project.
About Pacific Storage Partners: The newly formed Pacific Self Storage is a joint venture between Cypress Equity Investments (CEI) and Miami City Self Storage (MCSS). Pacific’s objective is to develop urban infill self-storage facilities in major cities and areas including Los Angeles, Northern California and other select markets. Partners include Stephen Garchik, Stephen McBride and Jay Massirman of MCSS and Bruce Fairty and Michael Sorochinsky of CEI.
About Miami City Self Storage: Founded by industry veterans Stephen Garchik, Stephen McBride and Jay Massirman, Miami City Self Storage (MCSS) develops urban infill self-storage facilities in high-value locations in South Florida and other targeted growing cities. MCSS is the largest self-storage developer in South Florida, with more than 12 facilities completed or in development in the region. For more information, visit www.miamicityselfstorage.com.
About Cypress Equity Investments: Operating since 2001, Cypress Equity Investments (CEI) is a real estate investment company comprised of professionals who have been executing real estate investment strategies for the past three decades. Since its inception, CEI has been spearheading ground-up and value-add real estate projects in all asset classes, with a specialty in multifamily. The company continues to execute its Class A development and acquisition strategies in top-tier urban markets throughout the U.S. For more information, visit www.cypressequity.com.