Sunday, May 15, 2016

HFF closes $35 million sale of and secures $25.25 million financing for 5-property self storage portfolio in Harrisburg, PA

Barbara Guffey

PHILADELPHIA, PA –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the $35 million sale of and secured $25.25 million in acquisition financing for a five-property, Storage Depot-branded, self-storage portfolio totaling 310,257 rentable square feet in Harrisburg, Pennsylvania.

HFF marketed the portfolio on behalf of the seller, PFG Capital, LP.  Self Storage Capital Partners purchased the assets.  

Additionally, working on behalf of the new owner, HFF placed the 10-year, fixed-rate, 75-percent LTV acquisition loan with a CMBS lender.

The Storage Depot portfolio comprises properties at 6325 Allentown Boulevard, 32 Milroy Road, 4401 North 6th Street, 350 South 7th Street and 115 Cumberland Parkway.

Storage Depot Portfolio Property
 All the facilities are located within a 10-mile radius of the capitol building in Harrisburg.  The portfolio consists of 243 climate controlled units, 2,271 non-climate controlled units, 87 income-producing surface parking spaces and eight warehouse/commercial units totaling 14,054 square feet.  Additionally, there is an expansion area totaling 28,880 square feet.

The HFF team representing the seller was led by managing director Richard Schontz, director Barbara Guffey and associate director Matthew Weckesser.

The HFF debt placement team representing the borrower was led by managing director James Conley.

Storage Depot Portfolio Property

“This is the third transaction our team completed in the past 14 months for PFG Capital, totaling $70 million,” Schontz said.  “This portfolio is a great fit for Self Storage Capital Partners and is nearly doubling their holdings within the Mid-Atlantic Region. 

In addition, James Conley played a major role in this transaction by placing debt for the buyer in very choppy CMBS Market on the same terms as presented at the time of application.”

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

Olivia Hennessey
Public Relations Coordinator
HFF | 9 Greenway Plaza Suite 700 | Houston, Texas 77046
tel 713.852.3403 | fax 713.527.8725 |

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