Saturday, December 12, 2015

HFF closes $5.4 million sale of suburban Philadelphia, PA self storage property

Riverline Self Storage, 1714 Bannard Street, Cinnaminson, NJ

Barbara Guffey
 PHILADELPHIA, PA –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the $5.4 million sale of Riverline Self Storage, a 381-unit self storage facility located in the Philadelphia suburb of Cinnaminson, New Jersey.   

HFF marketed the property on behalf of the seller, a local private investor.  Prime Group purchased the asset free and clear of existing debt.

Riverline Self Storage’s two buildings total 63,539 rentable square feet.  The property’s 381 climate-controlled units total 36,586 rentable square feet and occupy portions of both two-story buildings. 

The remaining 26,953 rentable square feet is occupied by a combination of office, retail and warehouse tenants.  

Situated on 4.5 acres at 1714 Bannard Street, the facility is in the northern part of Cinnaminson, a New Jersey community on the Delaware River approximately 12 miles from downtown Philadelphia. 

Richard Schontz
The property is located near the Tacony-Palmyra and Betsy Ross bridges and serves the communities of Cinnaminson, Delran, Riverton and Palmyra.

The HFF investment sales team representing the seller was led by managing director Richard Schontz and director Barbara Guffey.

“The property is well-located and has strong in-place occupancy,” Schontz said.  “The purchaser will also have the ability to expand Riverline Self Storage’s net rentable square footage immediately, creating additional value.  

"The property fits well into Prime Group’s growing Philadelphia-area portfolio and we were pleased to be able to facilitate the transaction.”

For a complete copy of the company’s news release, please contact:

Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 |

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