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| Riverline Self Storage, 1714 Bannard Street, Cinnaminson, NJ |
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| 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.
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| 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 | www.hfflp.com
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