1. You can block the storage location of a material without affecting the rest of the location using the same material.
    Create a Physical Inventory document for the storage location with transaction MI01

    Select the Posting Block checkbox.
    This would prevent transactions from occuring until you either post or delete the physical inventory document.
    (There are no impact, unless you do a post difference for the physical inventory document.)

2. Another method is to rename the storage location name.

    Go to transaction OX09
    Edit -> Copy as (copy the original storage location to a new name, replacing the first character e.g. ZXXX)
    Edit -> Delete    (delete the original storage location)

Do the reverse if you want back the original storage location.

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