InSite Property Group Opens LA-Area Storage Facility
- May 22, 2020
InSite Property Group, doing business as SecureSpace Self Storage, has opened a new property in Camarillo, Calif. The repurposed, two-story facility is a 150,000-net-rentable-square-foot office building that the company converted into self storage space.
The firm acquired the asset in November 2019 for $11 million from LBA Realty, according to public records. Fifth Third Bank provided $10.3 million in construction financing. The firm used the funds to transform 75,000 square feet of office into self storage space. The second floor still features 75,000 square feet of office space.
Located on 9 acres at 5300 Adolfo Road, the property was completed in 2000. The facility provides all climate-controlled units ranging from 25 to 375 square feet. Less than 15 percent of Camarillo’s self storage supply provides climate-controlled units, according to Insite Property Group Partner Paul Brown. The new facility is close to US Route 101 and roughly 12 miles east of downtown Oxnard.
The move comes a month after InSite hired Nathan McElmurry to serve as senior vice president & head of self storage acquisitions for SecureSpace Self Storage. The executive has closed 150 self storage transactions in his 16 years of experience in the industry.