Chatsworth, CA, December 10, 2024 – Ron Feder, President of RJ Feder & Associates and Senior Managing Director at Peak Commercial, has successfully completed a 99-year ground lease for a high-value property located at 9143 De Soto Ave, Chatsworth, CA 91311. The transaction marks the culmination of nearly 1.5 years of negotiations and planning.
The property, formerly home to an LA Fitness facility, was left as an uncompleted shell during the pandemic after the intended $8 million renovation was halted. The structure was ultimately demolished, and the site was prepared for future development by filling in the pool and clearing the remaining structures. In response to growing interest from potential developers, ownership decided to offer the land for lease.
“We are excited to announce this key partnership with Homestead Capital Group, a well-established player in the area with a proven track record of successful developments,” said Ron Feder. “The ground lease will enable Homestead to transform this property into a state-of-the-art self-storage facility, adding approximately 110,000 square feet of new space across four buildings.”
Homestead Capital Group, known for their recent development of a 7-11 and self-storage project across the street, will spearhead the development, which is expected to bring substantial growth to the surrounding area. With the project’s scope and the potential for future expansion, this agreement represents a significant step forward in revitalizing the site.
“This ground lease will not only drive economic development but also increase the value of the surrounding properties,” added Feder. “We look forward to watching the project unfold and contributing to the continued growth of this thriving community.”
For more information on this transaction or upcoming projects by RJ Feder & Associates, please contact rfeder@rjfeder.com.
