Marcus & Millichap Brokers Self-Storage Property Sale in Philly
- Mar 30, 2016
By Adriana Pop, Associate Editor
Philadelphia–Marcus & Millichap has closed the sale of Devon Self Storage, a 104,580-net-rentable-square-foot facility located near downtown Philadelphia. The self-storage property on Oregon Avenue sold for $11 million, or approximately $105 per rentable square foot.
The seller, Devon Self Storage, was represented in the transaction by Chico LeClaire, senior vice president of investments and Adam Schlosser, vice president of investments, both in Marcus & Millichap’s Denver office.
LeClaire and Schlosser also procured the buyer, Amsdell Cos. of Cleveland, Ohio, which owns and operates the Compass Self Storage brand. Marcus & Millichap’s broker of record in Pennsylvania is Brenton Baskin.
“This was an interesting transaction in that the buyer and seller had done a trade together on a similar facility in Philadelphia several years ago,” stated LeClaire, who was the broker on that transaction as well. “In this sale, the buyer gets to enjoy the potential of increased occupancy and the seller got a good price on their conversion.”
The property is a two-story building that was converted to self-storage in 2002. The facility offers 1,142 heated units and 29 recreational vehicle parking spaces, along with a variety of amenities, including covered drive-through access, 24-hour video surveillance, digital gate access, an institutional-quality leasing office with a retail display, and a two-bedroom apartment for an onsite manager.
Location is another advantage of the asset, which is situated in a densely populated area of Philadelphia with more than 640,000 people within a 5-mile radius. The store has excellent visibility from Interstate 95 and also sits adjacent to a number of retail developments anchored by big-box tenants such as IKEA and Best Buy.
Image courtesy of Marcus & Millichap