Self Storage Station, which operates eight self-storage facilities in Northeast Pennsylvania, has purchased Parkway Storage in Wilkes-Barre, Pa., for $1.36 million. The 3.5-acre property at 1266 Sans Souci Parkway comprises 10 single-story buildings containing more than 230 climate-controlled and drive-up units. The site also includes rentable warehouse space, two retail offices and an after-hours customer lounge.
The property had been in the seller’s family for more than 50 years, according to a press release from Investment Real Estate LLC (IRE), the York, Pa.-based real estate firm that brokered the transaction. The storage facility was built in 1995, and several phases have been added since. The business was 95 percent occupied at the time of sale.
Established in 2008 by four friends, Self Storage Station is owned and operated by a Pennsylvania-based investment group. The company’s facilities offer traditional self-storage as well as indoor and outdoor vehicle storage. Its additional facilities are in Duryea, Edwardsville, Exeter, Luzerne and Pittston, Pa.