Thursday, May 14, 2015

Suburban Philadelphia Storage Sales War

Chicago-based Metro Self Storage, which operates more than 100 self-storage facilities in 11 states, just purchased a portfolio of three self-storage facilities in suburban Philadelphia from PFG Capital of York, PA. The portfolio was purchased for $29.25 million, or about $153 per square foot.

The aggressive pricing was based on the strong fundamentals of the self-storage industry. HFF, which brokered the sale, says there is an abundance of institutional money chasing quality self-storage properties.

At sale closing the properties were at about 89 percent occupancy. Included in the sale was 1600-1634 Mearns Rd. in Warminster, PA; 418 N. Sumneytown Pike in North Wales, PA; and 100 Upper Silver Lake Rd. in Newtown, PA.

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