Self Storage Capital Partners, with a joint venture partner, purchased Penns Trail Self Storage and Lanco Mini Storage Center in Pennsylvania for approximately $19.2 million.
Penns Trail Self Storage (pictured at top) is located at 104 Penns Trail in Newtown, PA and offers 495 units. The facility sold for $11.65 million. Lanco Storage Center is located at 1813 Old Philadelphia Pike in Lancaster, PA and offers 611 units. Both facilities were sold by JEB Group LLC operating under the name All-Time Self Storage.
HFF arranged financing for both transactions, and closed the sale of the Penns Trail Self Storage facility. The HFF team includes Richard Schontz, James Conley, Scott Aiese, Barbara Guffey and Matthew Weckesser.
”The purchase of Penns Trail Self Storage represents a suburban Philadelphia record-setting price per square foot of $234,” Schontz said. “Pricing on this transaction was driven by limited supply, historically strong sector performance and the execution on the sale, debt and equity placement by the HFF team.”
Trojan Storage of Florin LLC purchased the facility at 7250 55th Street in Sacramento, CA for $5.1 million. Sentry Storage Florin LLC was the seller of the 96,955-square-foot facility, which previously operated under the name Load N Lock.
U-Haul purchased the 30,800-square-foot self-storage facility at 201 4th Street in Bakersfield, CA for $1.14 million. The facility previously operated as AAA Mini Storage.
A California-based LLC purchased the 254-unit self-storage facility at 1964 Northpark Drive in Houston. Purchase price was not disclosed. Dave Knobler and Justin Miller of Marcus & Millichap’s Houston office arranged the transaction.