SOLD OFF 1.8 Acre Property on Mission Street in South Pasadena

 

The commercial real estate property that is currently occupied by ExtraSpace Storage (formerly Southmark Storage) has been sold.

Gelt Ventures has recently completed the sale of South Pasadena Storage, a self-storage facility located at 919 Mission St. in South Pasadena. This 677-unit asset, comprising 642 indoor storage units, 34 outdoor rental spaces, and a live/work unit, was acquired by an institutional buyer. The sale was facilitated by representatives from Marcus & Millichap, with the buyer self-represented in the transaction​​.

The sale of the South Pasadena Storage facility is part of a larger trend of significant property development and real estate movement in South Pasadena. Several major projects are underway or planned, significantly changing the local, small-town landscape:

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1. Development at Fremont Avenue and Mission Street: The site currently occupied by Carrows restaurant is set to be transformed into residential units with a retail component. This development has been controversial​​​​.
2. Mission Bell Project: Located at Fairview Avenue and Mission Street, this project will feature 33 residential units, including underground parking and storefronts, centered around a courtyard with a park and restaurant. The development has stalled for various reasons.
3. Citizen Business Bank Property: The Kutzer Company purchased this property at the corner of Mission Street and Fair Oaks Avenue, re-adapted its interior into four independent retail units, enhancing the corner’s visual appeal and utility​​.  Most have welcomed the upgrade to that particular corner of Fair Oaks & Mission Street, which features The Habit Burger and Chipotle restaurants.
4. Mamma’s Brick Oven Pizza Relocation: This popular eatery moved to a larger location at 1005-1007 Fair Oaks, and has provided an improved dining experience for its patrons​​.
5. Senior Housing Development at 625 Fair Oaks Avenue: The plans have moved forward to develop the back parking lot of this building into senior housing units, with potential for a restaurant on the Fair Oaks side of the building​​.
6. Reconstruction of the Pavilions Store: The Pavilions store at Monterey Road and Fair Oaks Avenue finally received a significant makeover, including retail components, however the plans for underground public parking​​ were not executed.  Also, the VONS grocery store across the street has been vacated and closed.
7. Expansion of Hi-Life Burgers: The iconic Hi-Life Burgers at 1326 Fair Oaks Avenue was remodeled and upgraded​​.
8. Arrival of Jones Coffee Roasters: The introduction of JONES Coffee has been a very popular addition to the community​​.  Keeping and adding to the charm and South Pasadena vibe, they’ve added music and Ice cream: becoming a significant ‘go-to’ spot for locals and visitors.
9. Notably Up for Sale: The South Pasadenan News headquarters at 1127 Mission Street, along with Santa Fe Crafts, The South Pasadena Chamber of Commerce, & Hotbox Vintage property went up for sale in October.  This adds to the commercial market turnover.

The sale of South Pasadena Storage site is significant, and a part of a much broader context of dynamic property sales and overall development in South Pasadena.

More details about the 1.8 acre property:

• Location and Size: The facility is located at 919 Mission St. in South Pasadena. It was built on a 1.8-acre site, making it a substantial piece of real estate within the area.
• Facility Composition: The property consists of six buildings. It includes 642 indoor storage units, which cater to a variety of storage needs, from personal belongings to larger items. Additionally, there are 34 outdoor rental spaces, providing options for vehicle storage or larger equipment.
• Unique Features: One notable aspect of this facility is the inclusion of a live/work unit. This unique feature indicates a blend of commercial and residential utility, which is relatively uncommon in storage facility designs.
• Management: ExtraSpace Storage, a well-known name in the storage facility industry, provides third-party management for the property. Their involvement ensures professional and efficient operation, leveraging their expertise in the self-storage sector.
• Recent Sale: The property was sold to an institutional buyer for an undisclosed price. The sale was facilitated by Adam Schlosser, Chico Le Claire, and Keith Phillips of Marcus & Millichap, indicating a high level of professional brokerage service.
• Year of Construction: The facility was built in 1986, suggesting that it has been a staple in the community for several decades. Over this time, it would have served countless local residents and businesses, contributing to the storage needs of the South Pasadena community.
• Impact on the Community: The sale of such a significant property could signal further development and investment interest in the South Pasadena area. It also reflects the dynamic nature of the local real estate market, where commercial properties play a crucial role.

The South Pasadena Storage facility at 919 Mission Street is more than just a storage location; it represents a key piece of commercial real estate in the South Pasadena area.

The impact to our small city in the way of potential new high-density development is a major issue.