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Avison Young announces $2.68 million sale of land parcel for development of a 90,000-sf self-storage facility in Los Angeles
Los Angeles, CA – Avison Young announces today the $2.68 million sale of a 1.41-acre industrial outdoor storage (IOS) property that was purchased for the future development of an approximately 90,000-square-foot self-storage facility. Located at 943 N. Marianna Avenue in Los Angeles, the site is just east of downtown Los Angeles and provides immediate access to the 10, 710, and 60 freeways.
Avison Young Principal Patrick Barnes and Senior Associate Paul Clark represented the seller, a family trust. The buyer, Los Angeles-based Cypress Equity Investments represented itself.
“Our team focused our marketing strategy and outreach to the self-storage industry as we knew would garner the strongest land value for our client,” said Barnes. “Cypress’ relevant construction experience was the key to this transaction as it is situated on a difficult site to develop.”
The property was previously used an outdoor industrial storage facility with 22 parking spaces and a 1,000-square-foot building.
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