Monday, February 29, 2016

Morris Realty Sells Glenolden Self Storage To Sovran

by Steve Lubetkin,
Morris Realty and Investment has sold Glenolden Self Storage, a 383-unit self-storage facility located in the Philadelphia suburb of Glenolden, PA, to Sovran Self Storage. Sovran purchased the asset free and clear of existing debt in an all-cash transaction.

Glenolden Self Storage, a former lumberyard, was renovated and converted into a self-storage facility by the seller in 2008.  The 37,700-rentable-square-foot storage center features a mix of climate controlled and non-climate controlled units along with covered surface parking spaces.  The property is located at 407 South Chester Pike (Route 13), a heavily-trafficked thoroughfare in Glenolden.  Sovran, a publicly traded REIT, will rebrand the facility as Uncle Bob’s Self Storage.

“The density in the market, along with the solid rental rates, made this deal attractive despite the size of the property being less than 40,000 square feet,” Schontz says.  “This was a highly-contested deal with several bidders using both private and institutional equity.  In the end, Sovran stepped up to the plate with an attractive offer and terms, as this property fits in well with Sovran’s existing holdings in the region.”

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