Andover Properties Sells Storage King Portfolio

Marcus & Millichap’s Tampa-based self-storage group facilitated the three-property investment deal. The new owner added 2,146 units to its holdings.
Storage King USA

The Mele Group of Marcus & Millichap has arranged the sale of the Storage King USA Philadelphia Portfolio, three self-storage properties totaling 152,596 square feet. Marcus & Millichap’s Tampa-based self-storage brokerage team represented the seller, Andover Properties, and secured the buyer, a limited liability company, Yardi Matrix data shows.

The facilities are situated approximately 8 miles from each other, at 5134 Lancaster Ave., 335 E. Price St. and 3100 C St. near downtown Philadelphia, and  provide access to interstates 76, 676 and 95 and freeways 30, 1 and 13. The buildings were built in 1990 and 1930 and have undergone major capital expenditures. Features of the assets, which total 2,146 units, include climate control, gate, drive-up access, security cameras and parking spaces. Additionally, each facility offers on-site management.

“This was a rare opportunity for the buyer to achieve scale in the City of Philadelphia,” said Michael Mele, who brokered the transaction along with the Mele Group’s Luke Elliott, in prepared remarks. “This will now allow them to expand their portfolio with single-asset purchases throughout the Delaware Valley.”

Earlier this month, The Mele Group arranged the sale of Hemet Self Storage, a 77,758-rentable-square-foot facility in Hemet, Calif.

Image courtesy of Yardi Matrix