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| 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.
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| 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.
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| 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
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