Friday, April 8, 2016

Oregon Avenue Storage Facility Sells For $11 Million

by Steve Lubetkin,
Cleveland-based Amsdell Companies, which owns Compass Self-Storage, has acquired Devon Self Storage, a 104,580-net-rentable-square-foot facility located near downtown Philadelphia, for $11 million, or approximately $105 per rentable square foot.

“This was an interesting transaction in that the buyer and seller had done a trade together on a similar facility in Philadelphia several years ago. In this sale, the buyer gets to enjoy the potential of increased occupancy and the seller got a good price on their conversion.”

Converted to self-storage in 2002, the two-story building consists of 1,142 heated units and 29 recreational vehicle parking spaces. The facility has numerous amenities, including covered drive-through access, 24-hour video surveillance, digital gate access, an institutional- quality leasing office with a retail display, and a two-bedroom apartment for an onsite manager.

The property sits in a densely populated area of Philadelphia with more than 640,000 people within a five-mile radius. It is strategically located on Oregon Avenue with excellent visibility from Interstate 95. The facility also sits adjacent to a number of retail developments anchored by big box tenants such as IKEA and Best Buy.

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