Los Angeles, California, May 6, 2025 – North Palisade Partners, a real estate development and investment firm specializing in logistics, industrial outdoor storage (IOS), and self-storage, has secured $55 million in refinancing for its newly delivered 3,039-unit self-storage facility in Los Angeles. The loan, provided by Goldman Sachs Alternatives, ranks among the largest single-asset self-storage financing packages in Southern California.
Located at 1920 Randolph Street in Huntington Park, the 214,000-net-rentable square-foot facility received its Certificate of Occupancy in March 2025 and is currently being managed by Extra Space Storage. It is one of the largest self-storage developments in the region and is strategically positioned in a dense, supply-constrained submarket along the heavily trafficked Alameda Corridor, which sees approximately 37,000 vehicles daily.
North Palisade sees strong growth potential at the Randolph facility, citing the area’s low self-storage supply per capita, high population density, and the success of its nearby facility at 2200 Nadeau Street. That property, also managed by Extra Space Storage, reached 90% occupancy within 19 months of opening—exceeding lease-up projections by 39%.
“We secured this refinancing to replace the construction loan on a facility that delivered in Q1 2025,” said Steve Cobbs, Managing Director of North Palisade Self Storage. “The completion of the Randolph facility marks a significant addition to our growing, institutional-grade self-storage portfolio. We continue to believe that self-storage offers compelling, risk-adjusted investment opportunities.”
The five-year bridge loan was arranged by CBRE’s Tom Rugg, Tom Traynor, Mark Finan, and Arman Samouk. Proceeds will retire the construction financing and provide North Palisade with extended runway to execute its strategic business plan for the asset.
“We remain focused on expanding our footprint in the high-demand self-storage sector, which continues to be a key component of our broader real estate investment strategy,” said Joe Mishurda, Managing Partner of North Palisade Partners.
This milestone supports North Palisade’s long-term goal of aggregating $400–$500 million in self-storage assets. The firm is actively pursuing core-plus, value-add, and development opportunities in both primary and secondary markets nationwide. Amid current market dislocation, North Palisade views this as an opportune time to deploy capital.