Metro Storage LLC, which operates more than 90 self-storage facilities in 11 states, has purchased Limerick Self Storage in Limerick, Pa. Built in 2008, the facility comprises 78,878 rentable square feet in 851 units. The asset has been rebranded as Metro Self Storage and is the company’s fourth location in the Philadelphia market.
“This is a great store in a fantastic location,” said Matt Nagel, chairman of Metro Storage. “We’re excited to expand our presence in the Philadelphia market.”
The facility offers climate control, security features, and RV and truck parking. “It’s in a high-growth area with good visibility, and effectively supports our growth strategy,” said Blair Nagel, Metro Storage CEO.
Investment Real Estate LLC (IRE), a York-Pa.-based brokerage firm that specializes in the self-storage industry, brokered the transaction. “This sale was a win-win for both the buyer and seller,” said John Gilliland, IRE CEO. “At 71 percent occupancy, the seller received a value based upon the trailing six months cash flow, while the property has occupancy upside along with the benefits of tenant insurance. We continue to see strong pricing on well-located facilities in desirable markets.”
Founded in 1998, IRE also provides construction, management, consulting and development services to self-storage facility owners and investors.
Headquartered in Lake Forest, Ill., Metro Storage is a privately owned, fully integrated real estate operating company specializing in the development, acquisition and management of self-storage facilities nationwide.