PHILADELPHIA—Cleveland-based Amsdell Companies, which owns Compass Self-Storage, has acquired Devon Self Storage, a 104,580-net-rentable-square-foot facility located near downtown Philadelphia, for $11 million, or approximately $105 per rentable square foot.
Chico LeClaire, senior vice president-investments and Adam Schlosser, vice president-investments, both in Marcus & Millichap's Denver office, represented Devon Self Storage. The pair also procured the buyer.
“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,” says 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.”
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