City Storage has obtained a conditional use permit for the project, which will rise at 7346 Sepulveda Blvd. The community has reacted favorably to the proposed facility because it is a low impact project, according to Bert Abel, a Grubb & Ellis broker who worked on the deal. Construction is slated to begin in July 2000 and completion is targeted for February 2001.
Joseph Gabbaian of Grubb & Ellis' West Los Angeles office and Abel of the firm's North Los Angeles office represented the seller, LA-based Shaffer Family Trust, and the buyer in the transaction.
"There seems to be a major need for self-storage facilities right now," Abel says. "Developers of self-storage facilities are stretching to pay the high prices for retail land because it is becoming a very competitive segment," he adds.
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