OB Pays $31M for Four Self-Storage Assets

PHILADELPHIA-Philly Self Storage Inc. has sold its entire four-property portfolio to Orlando-based OB Cos., which is the largest privately held developer and operator of self storage facilities in the US. The properties currently aggregate 231,997 net rentable sf in 2,995 rental units, and two of them have room for expansion.

The price is $30.5 million or $131.47 per rentable sf. The properties are at Allegheny and 3100 C St., in Germantown at 335 E. Price St., the intersection of Oregon Avenue and 23rd Street, and 5134 Lancaster Ave. in Overbrook. All are former industrial buildings that were converted to self storage within the past five to six years, according to Nick Malagisi, national director of self storage for Irvine, CA-based Sperry Van Ness and managing director of Sperry Van Ness/Storage Realty in Williamsville, NY.

Malagisi and Jeffrey Supnick of Mount Laurel, NJ-based Supnick Real Estate represented the buyer and seller in the transaction. OB operates the Simply Self Storage brand with an aggregate of more than 10.8 million sf of storage space in more than 180 self storage facilities in 18 states and Puerto Rico. An OB spokeswoman tells GlobeSt.com it may expand two of the Philadelphia properties in the future, but declined to disclose the expansion capacity.