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| Penns Trail Self Storage, 104 Penns Trail, Newtown, PA |
PHILADELPHIA, PA ––
Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged financing and
joint venture equity totaling $19.2 million for a two-property self storage
portfolio totaling 1,106 units in Pennsylvania and closed the $11.65 million
sale of one of the properties.
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| Barbara Guffey |
HFF arranged the $5
million joint venture equity partnership between Self Storage Capital Partners
and a private equity firm and, on behalf of the partnership, placed the $14.2
million, fixed-rate acquisition financing with a CMBS lender for Penns Trail
Self Storage and Lanco Mini Storage Center.
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| Richard Schontz |
Additionally, working on behalf of the seller,
JEB Group, LLC (d/b/a) All-Time Self Storage, HFF closed the sale of Penns
Trail Self Storage. Self Storage Capital
Partners purchased the asset free and clear of existing debt.
Penns Trail Self Storage
is a Class A, multi-story facility built in 2010. The stabilized, 495-unit property was more
than 95 percent occupied at the time of sale.
Located at 104 Penns Trail in the eastern part of the Philadelphia suburb of
Newtown, Penns Trail Self Storage is situated in an affluent area with more
than 127,000 residents with a household income averaging more than $130,000
annually living within a five-mile radius of the property. The facility has easy access to Interstate
95.
Completed in 2006, the
611-unit Lanco Mini Storage Center is 88 percent leased. The property is located at 1813 Old
Philadelphia Pike (Route 340) in Lancaster, a central Pennsylvania suburb near
Harrisburg.
Situated within a large
population center of more than 150,000 residents living within a five-mile
radius, Lanco Mini Storage Center has visibility from an average of 15,970
vehicles per day along Route 340 and is just off U.S. 30, which has direct
access into Harrisburg.
The HFF team was led by
managing director Richard Schontz as
well as managing directors James Conley and Scott Aiese, director Barbara
Guffey and associate director Matthew
Weckesser.
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| James Conley |
”The purchase of Penns
Trail Self Storage represents a suburban Philadelphia record-setting price per
square foot of $234,” Schontz said.
“Pricing on this transaction was driven by limited supply, historically
strong sector performance and the execution on the sale, debt and equity
placement by the HFF team.”
“The financing market for
this transaction was very competitive, yielding 12 quotes from an array of
financing sources,” Conley added. “The
strong lender interest for this assignment helped drive maximum leverage, I/O
and pricing for the borrower.”
“We are pleased to acquire
these high-quality assets in what was a very smooth transaction,” said Matt Lang, Head of Operations for Self
Storage Capital Partners. “We look
forward to continuing to work with the HFF team as we execute our aggressive
growth plan.”
For a complete copy of the company’s news release,
please contact:
Kristen Murphy
Director, Marketing
HFF | One Post Office
Square, Suite 3500 | Boston, MA 02109
tel 617.848.1572 | fax
617.338.2150 | www.hfflp.com
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