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