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Philly Self Storage Portfolio-Philadelphia, PA
Published: Friday, April 13, 2007
The Sperry Van Ness National Self Storage Team Completes the Sale of Philly Self Storage for $30.5 Million
The Sperry Van Ness National Self Storage Team, an elite group of investment brokers specializing in the marketing, sale, disposition and acquisition of self storage properties throughout the U.S., has announced the completion of a portfolio sale of four self storage properties for $30.5 million. The properties are located in the Philadelphia market.
Nick Malagisi, national director of self storage for Sperry Van Ness and managing director of Sperry Van Ness/Storage Realty in Williamsville, NY, and Jeffrey Supnick, Supnick Real Estate in Mount Laurel, NJ, represented both the buyer, Orlando, FL-based OB Companies, the largest privately held developer and operator of self storage facilities in the U.S., and the seller, Philadelphia, PA-based Philly Self Storage, Inc. The portfolio closed at a price of $131.47 per square foot net rentable.
“This acquisition gives OB Companies (Simply Self Storage) a foothold in the nation’s fourth largest market on the east coast,” said Malagisi.
The sale included locations in Allegheny, Germantown, Oregon Avenue, and Overbrook, with a combined 231,997 net rentable square feet and 2,995 rental units. The Germantown and Overbrook facilities have approvals for expansion. The overall portfolio closed with an approximate 68 percent occupancy with three of the properties still in rent-up.
Formed in 2005, the Sperry Van Ness National Self Storage Team consists of senior investment advisors specializing in the marketing, sale, disposition and acquisition of self storage properties nationwide. The team utilizes local market expertise to provide clients with the most critical information in a specific market to strengthen the transaction process. By leveraging an appropriate advisor in each market, the team creates an unprecedented synergy for its clients. Sperry Van Ness is the only national firm that in addition to marketing to self storage investors and outside investors, implements an immediate proactive strategy to market all listings to the entire brokerage community. Collectively, the team has brokered the sale of over $400 million in self storage real estate based on total transaction volume. For more information, or to find a representative in your market, please call (800) 304-0442 or visit www.svn.com.