PHILADELPHIA—Self Storage Capital Partners has acquired a two-property self storage portfolio totaling 1,106 units in Pennsylvania.
Holliday Fenoglio Fowler arranged financing and joint venture equity totaling $19.2 million for the transactions, and closed the $11.65 million sale of one of the properties.
HFF arranged the $5 million joint venture equity partnership between Self Storage Capital Partners and a private equity firm and, on behalf of the partnership, placed the $14.2 million, fixed-rate acquisition financing with a CMBS lender for Penns Trail Self Storage and Lanco Mini Storage Center. Additionally, working on behalf of the seller, All-Time Self Storage, HFF closed the sale of Penns Trail Self Storage. Self Storage Capital Partners purchased the asset free and clear of existing debt.
Penns Trail Self Storage is a class A, multi-story facility built in 2010. The stabilized, 495-unit property was more than 95 percent occupied at the time of sale. Located at 104 Penns Trail in the eastern part of the Philadelphia suburb of Newtown, Penns Trail Self Storage is situated in an affluent area with more than 127,000 residents with a household income averaging more than $130,000 annually living within a five-mile radius of the property. The facility has easy access to Interstate 95.
Completed in 2006, the 611-unit Lanco Mini Storage Center is 88 percent leased. The property is located at 1813 Old Philadelphia Pike (Route 340) in Lancaster, PA. Situated within a large population center of more than 150,000 residents living within a five-mile radius, Lanco Mini Storage Center has visibility from an average of 15,970 vehicles per day along Route 340 and is just off US 30, which has direct access into Harrisburg.
The HFF team was led by managing director Richard Schontz as well as managing directors James Conley and Scott Aiese, director Barbara Guffey and associate director Matthew Weckesser.
“The purchase of Penns Trail Self Storage represents a suburban Philadelphia record-setting price per square foot of $234,” Schontz says. “Pricing on this transaction was driven by limited supply, historically strong sector performance and the execution on the sale, debt and equity placement by the HFF team.”
“The financing market for this transaction was very competitive, yielding 12 quotes from an array of financing sources,” Conley says. “The strong lender interest for this assignment helped drive maximum leverage, I/O and pricing for the borrower.”
“We are pleased to acquire these high-quality assets in what was a very smooth transaction,” said Matt Lang, head of operations for Self Storage Capital Partners. “We look forward to continuing to work with the HFF team as we execute our aggressive growth plan.”
PHILADELPHIA—Self Storage Capital Partners has acquired a two-property self storage portfolio totaling 1,106 units in Pennsylvania.
Holliday Fenoglio Fowler arranged financing and joint venture equity totaling $19.2 million for the transactions, and closed the $11.65 million sale of one of the properties.
HFF arranged the $5 million joint venture equity partnership between Self Storage Capital Partners and a private equity firm and, on behalf of the partnership, placed the $14.2 million, fixed-rate acquisition financing with a CMBS lender for Penns Trail Self Storage and Lanco Mini Storage Center. Additionally, working on behalf of the seller, All-Time Self Storage, HFF closed the sale of Penns Trail Self Storage. Self Storage Capital Partners purchased the asset free and clear of existing debt.
Penns Trail Self Storage is a class A, multi-story facility built in 2010. The stabilized, 495-unit property was more than 95 percent occupied at the time of sale. Located at 104 Penns Trail in the eastern part of the Philadelphia suburb of Newtown, Penns Trail Self Storage is situated in an affluent area with more than 127,000 residents with a household income averaging more than $130,000 annually living within a five-mile radius of the property. The facility has easy access to Interstate 95.
Completed in 2006, the 611-unit Lanco Mini Storage Center is 88 percent leased. The property is located at 1813 Old Philadelphia Pike (Route 340) in Lancaster, PA. Situated within a large population center of more than 150,000 residents living within a five-mile radius, Lanco Mini Storage Center has visibility from an average of 15,970 vehicles per day along Route 340 and is just off US 30, which has direct access into Harrisburg.
The HFF team was led by managing director Richard Schontz as well as managing directors James Conley and Scott Aiese, director Barbara Guffey and associate director Matthew Weckesser.
“The purchase of Penns Trail Self Storage represents a suburban Philadelphia record-setting price per square foot of $234,” Schontz says. “Pricing on this transaction was driven by limited supply, historically strong sector performance and the execution on the sale, debt and equity placement by the HFF team.”
“The financing market for this transaction was very competitive, yielding 12 quotes from an array of financing sources,” Conley says. “The strong lender interest for this assignment helped drive maximum leverage, I/O and pricing for the borrower.”
“We are pleased to acquire these high-quality assets in what was a very smooth transaction,” said Matt Lang, head of operations for Self Storage Capital Partners. “We look forward to continuing to work with the HFF team as we execute our aggressive growth plan.”
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
