PHILADELPHIA, PA—HFF arranged a $29.25 million sale involving a three-property self-storage portfolio with 191,000 rentable square feet in suburban Philadelphia
HFF marketed the portfolio on behalf of the seller, PFG Capital, LP. A partnership between Metro Self Storage and LaSalle Investment Management purchased the assets for $153 per rentable square foot.
"The seller has historically been a savvy investor- buying when it's time to buy and selling when it's time to sell,” HFF managing director Richard Schontz, who led the team representing the seller, tells GlobeSt.com exclusively. “It's a perfect storm for a seller right now with the current low interest rate environment, strong operating fundamentals, and aggressive capital chasing high quality self-storage product."
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