HFF Closes Three-Property Self-Storage Deal in Philadephia

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.”