Monday, April 20, 2015

HFF closes $29.25 million sale of 3-property suburban Philadelphia self-storage portfolio


Storage Works! in Suburban Philadelphia

 PHILADELPHIA, PA, April 20, 2015 – HFF announced today that it has closed the $29.25 million sale of a three-property self-storage portfolio totaling 191,000 rentable square feet in suburban Philadelphia.

Barbara Guffey
HFF marketed the portfolio on behalf of the seller, PFG Capital, LP.  A partnership between Metro Self Storage and LaSalle Investment Management purchased the assets for $153 per rentable square foot. 

The 89-percent occupied portfolio consists of Newtown Storage, StorageWORKs! Warminster and StorageWORKs! North Wales.  

Newtown Storage features 26,568 square feet throughout two two-story buildings and is located in Newtown, a suburb 30 miles northeast of Philadelphia.

 Set in a suburban location 28 miles north of Philadelphia, StorageWORKs! Warminster encompasses 89,210 rentable square feet with a mix of climate controlled and non-climate controlled units across its 15 buildings.

 Located on Sumneytown Pike in North Wales, 28 miles north of Philadelphia, eight single-story buildings comprise StorageWORKs! North Wales’s 75,120 square feet.

  The facility consists of both climate controlled and non-climate controlled units.  Each of the three properties are equipped with multiple security surveillance cameras, have moving trucks for tenant use and offer moving and packing supplies and tenant insurance.

Richard Schontz

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

“The aggressive pricing of this portfolio was dictated by the strong fundamentals of the self-storage industry combined with the abundance of institutional equity chasing quality self-storage properties,” Schontz said. 

“The seller recognized the timing of the market and moved forward with an aggressive marketing campaign. 

"The buyer pool for a portfolio of this size is extremely deep, and, ultimately, Metro Self Storage offered the best price and terms and demonstrated the ability to close. 

" The portfolio adds to their scale in the Philadelphia market and makes economic sense given their capital structure.”

“We are excited about the opportunity to work with Metro Self Storage to acquire the StorageWORKS! Portfolio,” said Jim Garvey, managing director for LaSalle. 

  “We believe there will be significant opportunities, over time, to capitalize on the strengths of these well-positioned properties.”  
 
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 | www.hfflp.com

No comments:

Post a Comment