A Dallas-based self storage developer is planning to build its second complex in Los Angeles, which continues to see strong demand for properties in the sector.
Baranof Holdings is proposing a 142,000-square-foot self storage facility at 1810 Venice Boulevard in Pico Union, according to city planning documents.
The seven-story building will store household goods, according to the filing, and will include 1,527 storage units, as well as 24 parking units and 30 bicycle parking spots.
L.A. is the largest self storage market in the country, attracting $92 million in self storage investment last year. Between 2017 and 2021, L.A. also ranked third in self storage rates, with the third-highest average monthly rent at $193 for a 10-foot by 10-foot unit.
Baranof also owns a 633-unit, climate-controlled facility in Inglewood, which it completed in 2019. The Inglewood facility is operated by Extra Space Storage, as are many of the firm’s other properties in Orange County, San Francisco, Portland and Seattle.
A one-story, 17,000-square-foot building is now on the Pico Union property, which is owned by Howard Levinson at Hidden Properties, according to the planning documents. It was not clear whether Baranof was in escrow to purchase the parcel.
Baranof, co-founded by Andy Hendricks and Andrew Aiken, did not immediately respond to a request for comment.
