Sunday, February 21, 2016

HFF closes sale of Philadelphia, PA self storage property

Glenolden Self Storage, 407 South Chester Pike (Route 13), Glenolden, PA

Barbara Guffey

PHILADELPHIA, PA –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of Glenolden Self Storage, a 383-unit self storage facility located in the Philadelphia suburb of Glenolden, Pennsylvania.  

HFF marketed the property on behalf of the seller, Morris Realty and Investment LLC.  Sovran Self Storage, Inc. (Sovran) purchased the asset free and clear of existing debt in an all-cash transaction.

Glenolden Self Storage, a former lumberyard, was renovated and converted into a self storage facility by the seller in 2008.  The 37,700-rentable-square-foot storage center features a mix of climate controlled and non-climate controlled units along with covered surface parking spaces. 

Richard Schontz
The property is located at 407 South Chester Pike (Route 13), a heavily-trafficked thoroughfare in Glenolden.  Sovran, a publicly traded REIT, will rebrand the facility as Uncle Bob's Self Storage®.

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

“The density in the market, along with the solid rental rates, made this deal attractive despite the size of the property being less than 40,000 square feet,” Schontz said. 

“This was a highly-contested deal with several bidders using both private and institutional equity.  In the end, Sovran stepped up to the plate with an attractive offer and terms, as this property fits in well with Sovran’s existing holdings in the region.”

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

Kristen M. Murphy
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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