North Palisade Partners Secures $55M Refi for SoCal Self-Storage Facility
At more than 3,300 units, the property is one of the largest self-storage facilities in Southern California, according to the firm
By Nick Trombola May 7, 2025 12:55 pm
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The owner of a newly developed self-storage facility in Los Angeles County — claimed as one of the largest self-storage facilities in Southern California — has landed an eight-figure refinancing loan tied to the property.
L.A.-based North Palisade Partners secured the $55 million loan from a Goldman Sachs affiliate toward 1920 Randolph Street in Huntington Park, dubbed Palisade Randolph Storage. North Palisade developed the 213,835-square-foot, 3,309-unit property, which received its temporary certificate of occupancy in January and is currently managed by Extra Space Storage.
CBRE’s Tom Rugg, Tom Traynor, Mark Finian and Arman Samouk arranged the five-year bridge loan. Steve Cobbs, North Palisade Self Storage’s managing director, said that the refinancing replaces a construction loan tied to the facility.
“The completion of the Randolph facility marks a significant addition to our growing, institutional-grade self-storage portfolio,” Cobbs said in a statement. “We continue to believe that self-storage offers compelling, risk-adjusted investment opportunities.”
The company aims to build a stable of $400 million to $500 million worth of self-storage facilities under its wing nationwide. Alongside Palisade Randolph Storage, the firm in 2023 developed a roughly 133,000-square-foot self-storage facility in Huntington Park, at 2200 Nadeau Street, dubbed Palisade Nadeau Storage. That property, which is also managed by Extra Space Storage, reached 90 percent occupancy within 18 months of opening, according to the firm.
Cobbs, a 30-year veteran of the real estate industry with experience at companies such as Invesco, joined North Palisade in September to lead the firm’s self-storage strategy. The firm owned about 330,000 square feet of self-storage facilities at the time of Cobbs’ onboarding.
It’s no secret why North Palisade has diverted so much attention to self-storage. The industrial sub-class has delivered the highest annual average returns of any other sector since at least 2005, according to a November report by CBRE. Demand for self-storage is likely to remain high, as well as self-sustaining, per CBRE, due to drivers like folks downsizing their living situations, alongside homebuying and decluttering.
Nick Trombola can be reached at ntrombola@commercialobserver.com.
