PHILADELPHIA, Pa., September 24, 2018 - Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Storage King USA Philadelphia Portfolio, a three-facility self-storage portfolio located in Philadelphia, Pa., according to Ari Ravi, regional manager of the firm's Tampa office.
Michael A. Mele and Luke Elliott, investment specialists in Marcus & Millichap's Tampa office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a limited liability company, was also secured and represented by Mele and Elliott. Mark Taylor, broker, assisted in closing this transaction. This transaction marked the 32nd self-storage transaction this year by The Mele Group of Marcus & Millichap.
Mele says, "Both sides benefited from the disposition and acquisition of the three self-storage assets."
The portfolio consists of 2,146 total units across 152,586 rentable square feet; each facility has multiple stories and fully-heated units with expansion potential. The assets have all undergone major capital expenditures to ensure strong presences within this market, perfectly poised in areas that grant both strong visibility and an ideal demographic profile for self-storage, including heavily-populated areas dominated by high rations of renter-occupied housing units. The facilities are conveniently located at a maximum distance of 7.8 miles, allowing for efficient management of the three properties.
"This was a rare opportunity for the buyer to achieve scale in the City of Philadelphia," adds Mele. "This will now allow them to expand their portfolio with single-asset purchases throughout the Delaware Valley."