BOSTON – Intercontinental Real Estate Corporation, in partnership with LaTerra Development, has acquired EZ Access Self Storage, a 784-unit self-storage facility in Santa Clarita, CA, for $27 million.
The off-market deal marks Intercontinental’s official entry into the self-storage sector and underscores growing institutional interest in this high-performing asset class.
The facility, located at 23715 Carl Court, spans 100,000 square feet across 4.18 acres, and includes nine one-story storage buildings, a separate management office, and an on-site residential unit. Originally developed in 2000 by a local property investor, the property has demonstrated long-term stability with an average tenant retention of six years—a notable figure in the self-storage industry.
“Santa Clarita, the third-largest city in Los Angeles County, presents a compelling growth market for self-storage investment,” said Jessica Levin, Managing Director and Head of West Coast at Intercontinental. “With population growth at 2.7% annually and strong residential development, the demand fundamentals are clear.”
Strategic Improvements and Rebranding
The joint venture partners plan to implement a targeted capital improvement program, which includes:
- Modernizing the management office
- Upgrading hallway lighting
- Enhancing landscaping and curb appeal
- Improving site security and controlled entry systems.
In addition, the facility will be rebranded under the Public Storage name, following the engagement of the world’s largest self-storage operator to oversee day-to-day management. The partnership expects this transition to bring greater operational efficiencies and enhance tenant experience.
“This acquisition is not just about owning a stable asset—it’s about unlocking additional value through thoughtful improvements and world-class management,” said Bryan Miranda, Managing Director of Self Storage at LaTerra Development.
Riding the Wave of Surging Self-Storage Demand
Intercontinental’s move into the self-storage space is driven by the sector’s strong performance history and growing demand. National trends point to widespread adoption of self-storage across demographics. According to Storage Café, nearly one-third of Americans currently use self-storage, with an additional 18% planning to rent in the near future.
“Self-storage has outperformed all real estate asset classes over the past 25 years,” Miranda added. “It provides flexibility during major life transitions—whether it’s moving, downsizing, or simply needing more space.”
“With just five square feet of self-storage space per capita in the Los Angeles metro—compared to 10 to 13 square feet nationally—the market is significantly under-supplied,” noted Ross Karetsky, Associate Director of Acquisitions at Intercontinental. “That imbalance reinforces our belief in the asset’s long-term upside.”
The Santa Clarita acquisition complements LaTerra’s broader footprint in the self-storage sector. The firm currently owns or is developing over 1.5 million square feet of self-storage assets across California and Texas. For Intercontinental, a Boston-based real estate investment and development firm, this move signals a strategic expansion into alternative real estate sectors poised for continued institutional growth.
The transaction adds to the growing list of investments tapping into evolving consumer lifestyles and urban space constraints—factors expected to continue fueling the self-storage boom.
