Sovran Self Storage Inc., a real estate investment trust that operates the Uncle Bob's Self Storage brand, has acquired Glenolden Self Storage in Glenolden, Pa., a suburb of Philadelphia, in an all-cash transaction. The property at 407 Chester Pike was a former lumberyard that was converted to self-storage in 2008. It comprises 37,700 rentable square feet of storage space in 383 interior units, some of which are climate-controlled. The facility also has covered parking spaces.
Real estate firm Holliday Fenoglio Fowler L.P. (HFF) represented the seller, Morris Realty & Investment LLC, a commercial real estate and property-management firm. Richard Schontz, managing director, and Barbara Guffey, director, led the HFF team in the closing.
“The density in the market, along with the solid rental rates, made this deal attractive despite the size of the property being less than 40,000 square feet,” Schontz said. “This was a highly contested deal, with several bidders using both private and institutional equity. In the end, Sovran stepped up to the plate with an attractive offer and terms, as this property fits in well with Sovran’s existing holdings in the region.”
Based in Buffalo, N.Y., Sovran operates more than 500 facilities in 26 states. Its portfolio of owned and managed facilities comprises more than 36 million square feet.
HFF and its affiliate, HFF Securities LP, are owned by HFF Inc. The firm operates out of 22 offices nationwide and specializes in advisory services, commercial-loan servicing, debt and equity placement, and investment and loan sales.