Update 3/30/16 – Additional details have been released on the Philadelphia self-storage facility recently acquired by separate affiliates of Amsdell Group and Compass Self Storage. The Oregon Avenue facility near downtown was acquired for $11 million from Devon Self Storage. The two-story building was converted in 2002 and includes 1,142 heated units and 29 RV parking spaces, according to a press release by Marcus & Millichap, the commercial property-investment firm that represented the seller in the transaction.
The property is in a densely populated area with more than 640,000 people living within a five-mile radius, the release stated. The facility has visibility from Interstate 95 and is adjacent to retail developments. It includes a two-bedroom apartment for the onsite manager.
“This was an interesting transaction in that the buyer and seller had done a trade together on a similar facility in Philadelphia several years ago,” said Chico LeClaire, senior vice president of investments in the Marcus & Millichap Denver office, who represented the seller along with Adam Schlosser, vice president of investments. “In this sale, the buyer gets to enjoy the potential of increased occupancy, and the seller got a good price on their conversion.”
LeClaire and Schlosser also procured the buyer, the release stated.
Marcus & Millichap has more than 1,500 investment professionals in offices throughout the United States and Canada. The company closed more than 8,700 transactions in 2015 with a value of approximately $37.8 billion.
3/23/16 – Compass Self Storage LLC, a member of the Amsdell family of companies, has purchased a facility in Philadelphia that it will rebrand under its name. It’s the company’s third location in the greater Philly market and the seventh it has added to its portfolio this year. The property was purchased by separate affiliates of Amsdell Group LLC and Compass.
The drive-through facility at 12 Oregon Ave. comprises 104,000 net rentable square feet of storage space. It includes climate control, electronic gate access and vehicle storage. Other amenities include online billpay, truck rental, and a retail center offering moving and packing supplies. Customers will also be able to remotely enter the property via a smartphone app. Projects are underway to upgrade the property exterior and security system, according to a company press release.
“This acquisition of this self-storage center will allow us to further expand our service area in the Philadelphia market. The planned improvements for our newest Compass Self Storage location will deliver an upgraded customer experience to the residents and businesses of this area," said Todd Amsdell, president.
Headquartered in Cleveland, the Amsdell Cos. draws its roots from the family-owned construction company founded in 1928. Since its inception, the company has been active in several billions of dollars of real estate ventures, with a primary focus on self-storage. It has owned and operated more than 500 storage centers under various trade names in more than 27 states. It currently owns and operates self-storage properties in 13 states.
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