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PHILADELPHIA-The local office of Marcus & Millichap here is marketing a portfolio of 10 self-storage assets that are owned by Storage Bin Self Storage Centers. The real estate services firm is asking $93 million for the properties, which contain 7,570 units at 883,113 square feet.

Two of the facilities are located in Pennsylvania, while the remaining eight are in southern New Jersey. Robert Gentile is handling the portfolio locally, while Michael Mele, a vice president investments and senior director of Marcus & Millichap’sNational Self-Storage Group in Tampa, FL, is also assisting.

The portfolio consists of all of Storage Bin’s locations. In Pennsylvania they are in Aston and Ephrata and in New Jersey the facilities are in Blackwood, Mullica Hill, Sewell, Thorofare, Rio Grande, Galloway, Howell and Burlington.

According to a Marcus & Millichap report on the self-storage sector that was released last month, occupancy at these facilities which are situated in well-trafficked industrial or commercial areas has increased 10% to the mid-80%-range in the last year. The spike is due to increased foreclosures, it says.

Cap rates in the Northeast are averaging 8.8%, up 20 basis points during last year’s fourth quarter from the same year-ago period. The report says: “Investor activity has declined 29% year over year, with the median price falling 32% as of the third quarter to $50 persquare foot.”

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