Moove In Self Storage, which operates 19 facilities in Maryland, New Jersey and Pennsylvania, has acquired the two-property Spare Room Self Storage portfolio in Lancaster, Pa., for $5.2 million. The sites were purchased from Phil Wolgemuth and his wife, Carol, owners of Lampeter Properties LLC and Southwest Real Estate LLC.
The properties at 3630 Columbia Ave. and 551 Longfellow Drive weren’t for sale, but the Wolgemuths had received multiple purchase offers, according to the source. “This got us thinking about slowing down the pace of our lives, and so we decided to sell,” said Phil Wolgemuth, whose family had been in the self-storage business for 15 years,
Built in 2003, the Columbia Avenue site contains a two-story building comprising 23,000 square feet of storage space in 235 climate-controlled units. The Longfellow Drive property was constructed in 2006 and includes seven single-story buildings. It contains 20,000 square feet of storage space in 147 climate-controlled and drive-up units. Security at both sites includes keypad entry, perimeter fencing and video cameras.
“We’re excited to expand our Lancaster County footprint with two new stores. Both were managed well and in excellent physical condition with high occupancies, making the transition to Moove In a smooth one. It was obvious from day one that the prior owner took great care of these properties,” said Jason Carl, director of operations for Investment Real Estate Management LLC (IREM), which oversees the Moove In portfolio. “We’re also thrilled to serve the southeastern part of Lancaster County, where we previously had no stores, and to continue providing the best storage experience for the entire Lancaster County community and beyond.”
Founded in 1997, Moove In operates facilities in Baltimore County in Maryland; Huntingdon, Lancaster and York Counties in Pennsylvania; and Sussex County in New Jersey. IREM is a branch of York, Pa.-based Investment Real Estate LLC, a property-management and consulting firm specializing in the self-storage industry. Since its inception in 1998, the company has provided brokerage, construction, development and management services to facility owners and investors.
- Lancaster Online: 2 Spare Room Self-Storage Sites in Lancaster Sold for $5.2M