Self-storage operator Metro Self Storage has expanded its presence in the Philadelphia, PA, market with the purchase of three self-storage facilities for $29.25 million, or $153 per rentable square foot.
Metro bought the 191,000-square-foot portfolio in partnership with LaSalle Investment Management, a subsidiary of JLL. Real estate advisory firm HFF represented the seller, York, PA-based PFG Capital.
The latest acquisitions bring Metro’s store count in the Philadelphia metro area to 10. Last year, the company bought four locations in the market: Limerick Self Storage for $9.9 million and three facilities from Storage King USA.
“The addition of these three stores rounds out our ability to better serve the storage needs of the surrounding community and positions Metro for continued success in the Philadelphia area,” said Blair Nagel, CEO of Metro Storage.
The facilities acquired from PFG comprise 1,589 units. The facilities were 89 percent occupied at the time of sale.
“The aggressive pricing of this portfolio was dictated by the strong fundamentals of the self-storage industry combined with the abundance of institutional equity chasing quality self-storage properties,” said Richard Schontz, managing director of HFF.
Barbara Guffey, director, and Matthew Weckesser, real estate analyst, were part of the HFF team representing the seller.
Here are the three acquired facilities:
- 418 N. Sumneytown Pike, North Wales, PA, Formerly StorageWORKs! North Wales. 75,120 square feet, 600 units.
- 1634 Mearns Road, Warminster, PA. Formerly StorageWORKs! Warminster. 89,210 square feet, 751 units.
- 100 Upper Silver Lake Road, Newtown, PA. Formerly Newtown Storage. 26,568 square feet, 238 units.