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HFF Closes a Self Storage Portfolio Sale of Almost $30 Million in Philadelphia

Tuesday, April 21, 2015

HFF recently closed the $29.25 million sale of a three-property self storage portfolio totaling 191,000 rentable square feet in suburban Philadelphia. Self Storage Portfolio PhiladelphiaHFF marketed the portfolio on behalf of the seller, PFG Capital, LP. A partnership between Metro Self Storage and LaSalle Investment Management purchased the assets for $153 per rentable square foot.

Each of the three properties are equipped with multiple security surveillance cameras, have moving trucks for tenant use and offer moving and packing supplies and tenant insurance. The 89-percent occupied portfolio consists of Newtown Storage, StorageWORKs! Warminster and StorageWORKs! North Wales.

  • Newtown Storage: 26,568 square feet, two two-story buildings, located 30 miles northeast of Philadelphia
  • StorageWORKs! Warminster: 89,210 rentable square feet, climate controlled and non-climate controlled units across 15 buildings, located 28 miles north of Philadelphia
  • StorageWORKs! North Wales: 75,120 square feet, eight single-story buildings, climate controlled and non-climate controlled units, 28 miles north of Philadelphia

The HFF team representing the seller was led by managing director Richard Schontz, director Barbara Guffey and real estate analyst Matthew Weckesser.

HFF Philadelphia was established in December 2013 with a veteran team of professionals coming from varied backgrounds and disciplines in the commercial real estate industry. In its short history, the Philadelphia team is recognized as a CoStar Power Broker 2014. HFF Philadelphia delivers innovative results for its growing list of client in the greater Philadelphia region, Pennsylvania, Maryland and Delaware.

About PFG Capital, LP

PFG Capital, LP is a partnership of individuals with decades of real estate, insurance, finance, accounting and entrepreneurial experience. Its history of real estate and business investment, development and syndication dates back over 20 years to the mid-1980s. Learn more at www.pfgcapital.com.

About Metro Self Storage®

Metro Self Storage® (Metro), a leader in the self storage industry, has been in the business of self storage since 1973. They built and operated the first self storage location in the state of Illinois. From this beginning, the Metro brand has grown to be one of the most consistently respected and recognized in the industry, gaining a reputation for value and excellent customer service. Metro’s dedication to quality has led to more than 35 years of success. For more information, visit www.metrostorage.com.

About LaSalle Investment Management

LaSalle Investment Management (LaSalle) is one of the world’s leading real estate investment managers with approximately $55 billion of assets under management (as of Q4 2014) of private and public real estate property and debt investments. LaSalle’s diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. Managing capital for institutions and private investors all over the world, LaSalle sponsors a complete range of investment vehicles including separate accounts, open- and closed-end funds, public securities and entity-level investments. LaSalle is an independent subsidiary of JLL (NYSE: JLL), one of the world’s largest real estate companies. For more information, please visit www.lasalle.com.

 






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