HFF Arranges Sale, Financing for 5-Property Self-Storage Portfolio
- Apr 25, 2016
Philadelphia–Self Storage Capital Partners paid $35 million for the purchase of five Storage Depot-branded facilities in Harrisburg, Pa. HFF brokered the sale and secured $25.3 million in acquisition financing for the self-storage properties, which combined offer 310,257 rentable square feet.
HFF marketed the portfolio on behalf of the seller, PFG Capital LP. The firm also worked on behalf of the Philadelphia-based buyer to place the 10-year, fixed-rate, 75-percent LTV acquisition loan with a CMBS lender.
The facilities included in the disposition are located at 325 Allentown Blvd., 32 Milroy Road, 4401 North 6th St., 350 South 7th St. and 115 Cumberland Parkway. All these properties are situated within a 10-mile radius of the capitol building in Harrisburg. The portfolio consists of 243 climate-controlled units, 2,271 non-climate-controlled units, 87 income-producing surface parking spaces and eight warehouse/commercial units totaling 14,054 square feet. There is also an expansion area totaling 28,880 square feet.
HFF Managing Director Richard Schontz, Director Barbara Guffey and Associate Director Matthew Weckesser led the HFF team representing the seller. Meanwhile, James Conley, managing director, led the HFF debt placement team representing the borrower.
“This is the third transaction our team completed in the past 14 months for PFG Capital, totaling $70 million,” Schontz said in prepared remarks. “This portfolio is a great fit for Self Storage Capital Partners and is nearly doubling their holdings within the Mid-Atlantic Region. In addition, James Conley played a major role in this transaction by placing debt for the buyer in a very choppy CMBS market on the same terms as presented at the time of application.”
Image courtesy of Storage Depot Self Storage