Dallas-based Baranof Holdings, a developer and asset manager of self-storage facilities, has purchased a 1.29-acre industrial land site in Hollywood for $28 million in order to pave way for a new Los Angeles self-storage facility.
The transaction marks the largest land sale in Hollywood during the first quarter of the year.
Baranof Holdings acquired the site at 956 Seward St., which previously operated as a parking lot and film storage vault, in March and received entitlements for a new seven-story, 168,000-square-foot Class A self-storage and temperature-controlled film and media storage facility during a 21-month escrow period, which began in June 2023, according to a release.
Focus on self-storage
The company exclusively manages self-storage properties and boasts over $1.5 billion in asset value to date, since its inception in 2015.
“This is a great day for Los Angeles, which is greatly underserved with quality storage space compared to other cities in America,” Martin McDermott, cofounder and managing director of Westwood-based commercial real estate brokerage Method Commercial, said in a statement. “Self-storage is critically important support infrastructure for multifamily development and the modern film and media storage will preserve Hollywood’s rich tradition.”
McDermott represented the seller, an unnamed private family office, in the sale. According to him, the escrow period was characterized by significant shifts in interest rates, debt availability and zoning, resulting in a complex transaction.
