PHILADELPHIA, PA | Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Devon Self Storage, a 104,580-net-rentable-square-foot facility located near downtown Philadelphia. The property sold for $11 million, or approximately $105 per rentable square foot.
Chico LeClaire, senior vice president investments and Adam Schlosser, vice president investments, both in Marcus & Millichap’s Denver office, represented the seller, Devon Self Storage. The pair also procured the buyer, Amsdell Companies of Cleveland, Ohio, which owns and operates the Compass Self Storage brand. Marcus & Millichap’s broker of record in Pennsylvania is Brenton Baskin.
“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,” says LeClaire, who was the broker on that transaction as well. “In this sale, the buyer gets to enjoy the potential of increased occupancy and the seller got a good price on their conversion.”
Converted to self-storage in 2002, the two-story building consists of 1,142 heated units and 29 recreational vehicle parking spaces. The facility has numerous amenities, including covered drive through access, 24-hour video surveillance, digital gate access, an institutional- quality leasing office with a retail display, and a two-bedroom apartment for an onsite manager.
The property sits in a densely populated area of Philadelphia with over 640,000 people within a five-mile radius. It is strategically located on Oregon Avenue with excellent visibility from Interstate 95. The facility also sits adjacent to a number of retail developments anchored by big box tenants such as IKEA and Best Buy.