The Magellan Group Acquires Los Angeles Storage Portfolio For $11.2 Million
$1 Million in Upgrades Planned, Company Pursuing More Southland Storage Acquisitions.
- Los Angeles-Long Beach, CA (1888PressRelease) April 12, 2012 - The Magellan Group, a leading Southern California real estate investment and development firm, has purchased two Los Angeles storage facilities for $11.2 million, adding to its portfolio of Magellan Storage properties located throughout the Southland. The Magellan Group is already underway with plans to rebrand both properties with its award-winning Magellan Storage brand and perform substantial improvements to the storage facilities.
"We identified two investment opportunities that meet the growth objectives for Magellan Storage and represent significant upside potential in densely populated, infill Los Angeles locations," said Kevin Staley, Principal and Co-founder of The Magellan Group. Combined, the two facilities are approximately 58% leased.
"This acquisition presents an excellent opportunity for Magellan Storage to add value through a renewed leasing effort, property upgrades and improved management operations," added Magellan Principal and Co-founder Martin Slusser.
The Magellan Group is actively pursuing additional Southern California storage investments and is, for the first time in several years, seeking development opportunities for storage properties in order to capitalize on improved market fundamentals and the strength of the Magellan Storage franchise.
The acquisition includes a three-story building at 801 E. Commercial Street, a 717-unit storage facility with outstanding visibility along the 101 Freeway in downtown Los Angeles. Converted to a storage facility in 2004, the property will undergo improvements consistent with the signature designs found in all Magellan Storage properties. Lobby improvements will feature a business center with work stations, a coffee bar and a retail area to serve the storage supply needs of both commercial tenants and downtown loft residents. Exterior improvements will include new paint, brick accents and signage that will make the most of the property's highly visible freeway location.
The portfolio acquisition also includes a 942-unit storage facility at 700 E. Slauson Street just south of downtown Los Angeles. The property, which was also converted to storage usage in 2004 and benefits from a densely populated infill location, will undergo surveillance system upgrades and improvements throughout the property that are thematically consistent with the Magellan Storage brand.
Doug McCarron of Holliday Fenoglio Fowler represented The Magellan Group in the transaction.
About The Magellan Group
The Magellan Group is a leading Southern California real estate investment and development firm with in-house acquisition, development, finance, leasing and property management expertise. Co-founded by Martin Slusser and Kevin Staley in 1990, The Magellan Group has acquired and developed more than 4 million square feet of industrial, self-storage and aviation properties with a total value in excess of $500 million. The Magellan Group utilizes its Magellan Industrial Fund to acquire properties that can benefit from the company's proven ability to add value through repositioning, renovation, leasing and improved management operations. The firm also operates Magellan Storage, a regional leader in self-storage facilities, and Magellan Aviation, one of the top providers of hangars and services at McClellan-Palomar Airport in Carlsbad, Calif. www.magellangrp.com.
About Magellan Storage
Magellan Storage operates a portfolio of premium self-storage facilities in Southern California that are distinguished for industry-leading tenant amenities and best-in-class service for businesses and residential customers. www.magellanstorage.com.
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