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:
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- Expansion of Hi-Life Burgers: The iconic Hi-Life Burgers at 1326 Fair Oaks Avenue was remodeled and upgraded.
- 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.
- 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.