Self Storage Capital Partners Acquires Five-Property Self Storage Portfolio in Harrisburg, PA

Properties in the Storage Depot Portfolio, Harrisburg, PA

HARRISBURG, PA— Self Storage Capital Partners has acquired a five-property, Storage Depot-branded, self-storage portfolio from PFG Capital for $35 million. The portfolio totals 310,257 rentable square feet in Harrisburg, PA. Holliday Fenoglio Fowler brokered the transaction on behalf of PFG Capital , and secured $25.25 million in acquisition financing for the deal.  HFF placed the 10-year, fixed-rate, 75-percent LTV acquisition loan with a CMBS lender. The Storage Depot portfolio comprises properties at 6325 Allentown Boulevard, 32 Milroy Road, 4401 North 6th Street, 350 South 7th Street and 115 Cumberland Parkway .  All the facilities are located within a 10-mile radius of the Capitol building in Harrisburg.  The portfolio consists of 243 climate controlled units, 2,271 non-climate controlled units, 87 income-producing surface parking spaces and eight warehouse/commercial units totaling 14,054 square feet.  Additionally, there is an expansion area totaling 28,880 square feet. Managing director Richard Schontz , director Barbara Guffey and associate director Matthew Weckesser  led the HFF team representing the seller. Managing director James Conley led the debt placement team representing the borrower. “This is the third transaction our team completed in the past 14 months for PFG Capital, totaling $70 million,” says Schontz .  “This portfolio is a great fit for Self Storage Capital Partners and is nearly doubling their holdings within the Mid-Atlantic Region.  In addition, James Conley played a major role in this transaction by placing debt for the buyer in a very choppy CMBS market on the same terms as presented at the time of application.”