InSite bought the property for $6.6 million in January. It was sold along with an adjacent lot at 111 Concord Street.”
Torrance-based firm InSite plans to convert a Glendale industrial site into a five-story self-storage facility.
The property, located at 127 Concord Street, currently contains a 22,000-square-foot structure leased to printing company Chromatic. InSite, which specializes in self-storage projects, is looking to replace the existing building with a five-story, 112,200-square-foot facility, according to documents filed with Glendale’s planning department. Plans for the site also include two levels for a subterranean parking garage.
InSite bought the property for $6.6 million in January. It was sold along with an adjacent lot at 111 Concord Street.
The developer, which also has offices in San Francisco, has a few ongoing projects in California. In January, InSite, along with joint venture partner Roem, filed a permit application to build 136 affordable apartment units and a self-storage facility in San Jose. In June of last year, the firm also filed plans for a four-story facility just south of Downtown Los Angeles.
InSite had a setback with one of its projects in Southern California. In October, a judge issued an order that halted construction on a self-storage development along the Los Angeles River in North Long Beach. The ruling came after environmental groups challenged the city’s approval of the project. The firm filed plans for a three-story, 152,700-square-foot facility with offices and a car wash. Environmental groups were pushing for the land to instead be used for a public park.
The firm’s planned facility will add to the stock of a cooling sector in Los Angeles. According to Yardi Matrix, the rate for a 10×10 unit dropped by one percent to $206 in December. The decrease aligns with nationwide figures. During the same period, the nationwide rate for a 10×10 unit dropped 1.5 percent to $132.
InSite did not respond to a request for comment.
