By Ryan Mulligan – Reporter, Philadelphia Business Journal
A four-story, 152,720-square-foot self storage facility is being proposed in Northeast Philadelphia at the corner of State Road and Cottman Avenue.
Brooklyn-based Asset Realty and Construction Group is planning the project at 7240 State Road, according to documents filed with the city. In total, the project would span 152,720 square feet and have 77 parking spaces, catering to both commercial and residential customers, documents show. The project is slated to go in front of Philadelphia's Civic Design Review Committee on July 2.
An entity tied to Asset Realty and Construction Group purchased the nearly 3-acre site for $3.35 million last July, according to Philadelphia property records. The company could not be reached for comment.
At the corner of State Road and Cottman Avenue, the parcel sits between I-95 and railroad tracks in the Tacony neighborhood. The parcel is surrounded by other industrial sites, including an EZ Storage Philadelphia about a block north.
The self-storage facility "seeks to support local businesses, homeowners, and tenants," according to the documents filed with the city.
The project would mark Asset Realty and Construction Group's foray into the Philadelphia market. In its portfolio, the company has multifamily developments in several New York neighborhoods, and a number of industrial storage projects in North Jersey.
The company's CEO, Dino Tomassetti Jr., built a portfolio of self-storage facilities in the New York metro area, ultimately creating the Storage Fox brand. The latter sold for $152 million to Southern California-based Clutter in 2019. In 2020, Tomassetti founded Asset Realty and Construction Group.
Full story: https://tinyurl.com/w3mutdvp
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