PHILADELPHIA, PA—HFF arranged a $29.25 million sale involving a three-property self-storage portfolio with 191,000 rentable square feet in suburban Philadelphia
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 seller has historically been a savvy investor- buying when it's time to buy and selling when it's time to sell,” HFF managing director Richard Schontz, who led the team representing the seller, tells GlobeSt.com exclusively. “It's a perfect storm for a seller right now with the current low interest rate environment, strong operating fundamentals, and aggressive capital chasing high quality self-storage product."
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 has 89,210 rentable square feet with a mix of climate controlled and non-climate controlled units across 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.
Also part of the HFF team were director Barbara Guffey and real estate analyst Matthew Weckesser.
“We are excited about the opportunity to work with Metro Self Storage to acquire the StorageWORKS! portfolio,” says 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.”
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
