The facility, which is located in Bellflower, consists of 574 storage units and 127 spaces for recreational vehicles. It stands on an eight-acre parcel at 10326 Foster Rd. The land for the Bellflower Storage Outlet was purchased last year and was developed at a cost of $3.9 million, including land.
The Bellflower site was built as part of the Storage Outlet program, which is being financed through CT Realty's own investment fund. Known as CT Self-Storage Fund LLC, it was established in 2000 to buy, develop and operate self-storage facilities. It was fully subscribed for $3.8 million, which was used to finance the first four Storage Outlet facilities.
A second fund for $10 million is currently being formed to finance the next four to five projects. CT Realty has already announced that it will open two additional facilities by May 2002, one in Huntington Beach and the other in the Inland Empire.
Construction on the Huntington Beach facility will begin later this year. It will rise at 8620 Hamilton Ave., adjacent to an existing Allspace Self-Storage facility that is fully occupied. CT Realty and the Allspace facility owners will enter into an agreement to jointly operate the new location, according to a CT Realty spokesperson. The completed facility will offer 325 self-storage units. It is being built on Southern California Edison land. CT Realty has signed a 35-year, $4.2-million lease with the utility for use of the property.
The Inland Empire facility, which is slated to break ground in October, will rise at 313 S. Riverside Ave. in Rialto.
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