PA Self Storage Asset Trades for $13M
- Jun 12, 2019
Vertical Fields has sold an 82,116-square-foot facility in Clifton Heights, Pa., for $12.5 million, according to Delaware County public records. The new owner is a private investor, while CubeSmart will be responsible for property management.
Located at 500 Mildred Ave. in a dense residential area, the property is close to several retail establishments and is 14 miles from downtown Philadelphia. Additionally, the asset is within a three-mile radius of more than 200,000 residents with an average household income of more than $80,000. The facility was completed in 2017 on a 5.4-acre site and comprises 590 climate-controlled units and 128 non-climate-controlled units. Asset features include an on-site management office, gated access and video surveillance. Mike Mele, Robert Bloch and Noah Obuchowski from Cushman & Wakefield worked on behalf of the seller.
Recently, Hines began construction of two Arizona self storage facilities. CubeSmart was selected as the property management company for the 83,110-square-foot asset in Tempe, Ariz., and a 96,000-square-foot asset in Litchfield Park, Ariz.