Storage Depot, a five-property self-storage portfolio in Harrisburg, Pa., recently sold to an unnamed regional self-storage owner/operator. The portfolio includes 2,507 units, totaling 343,887 square feet. The buyer intends to maintain the Storage Depot brand within the market. No financial terms were disclosed.
The facilities were among the first self-storage properties developed in central Pennsylvania, with three in Harrisburg, one in Lemoyne and another in Mechanicsburg. The facilities are strategically located throughout the marketplace. All are single-story with a mix of climate- and non-climate-controlled units. Two of the facilities also offer outdoor boat and RV storage.
The transaction included the assumption of two existing commercial mortgage-backed security loans, as well as a new acquisition loan. John E. Barry and John H. Gilliland of Investment Real Estate LLC represented the seller and buyer in the transaction.
Investment Real Estate provides self-storage brokerage, construction, feasibility and consulting services in the Northeastern and Mid-Atlantic states.