MIAMI—Miami City Self Storage has partnered with Cypress Equity Investments on a joint venture to target urban infill development opportunities in Los Angeles and Northern California. The new company: Pacific Storage Partners.

Pacific unveiled the details of its first ground-up self-storage development, a planned Inglewood, CA facility with more than 120,000 square feet of net rentable 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.

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“There is an ongoing demand for vertical infill self-storage development in urban centers across many major metropolitan areas, as the broader population gravitates towards the urban lifestyle,” MCSS partner Jay Massirman tells GlobeSt.com. “The trade-off for people moving from suburban areas to cities is sacrificing living space in exchange for convenience and vibrance. Having amenitized self-storage product in close proximity to these growing urban areas is a solution for these individuals and families.”

The Inglewood project underscores Pacific's plan to target high-traffic areas. The site sits 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 invested $28.7 million into the project.

(What are Florida's safest investment bets? Here's one take.)

Instant Insights /

Joint Venture Births Urban-Infill Focused Development Firm

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