Thursday, April 21, 2016

PFG Capital Sells Self Storage Portfolio for $35M in Harrisburg

Self Storage Capital Partners has acquired a five-property self storage portfolio in Harrisburg, PA from PFG Capital LP for $35 million. The sales price equates to roughly $13,000 per unit, or about $113 per square foot.

Debt placement team arranged $25.25 million in acquisition funding on behalf of the buyer, placing the loan with a CMBS lender. The financing carries a 10-year, fixed-rate term and a 75 percent LTV.

The Storage Depot-branded portfolio totals 310,257 square feet and encompasses 243 climate-controlled units, 2,271 non climate-controlled units, 87 income-producing surface parking spaces and eight warehouse units totaling 14,054 square feet, in addition to an expansion area totaling 28,880 square feet.

The properties included in the sale are located at: 6325 Allentown Blvd., 32 Milroy Rd., 4401 N. 6th St., 350 S. 7th St., and 115 Cumberland Pky in the Dauphin County submarket of Philadelphia.

"This is the third transaction our team completed in the past 14 months for PFG Capital, totaling $70 million," noted Schontz. "This portfolio is a great fit for Self Storage Capital Partners and is nearly doubling their holdings within the Mid-Atlantic Region.
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