The Cushman & Wakefield Self Storage Advisory Group has been retained to offer for sale Extra Space Storage (managed) in Philadelphia, PA.

This exclusive opportunity allows investors to acquire a Class-A, institutional-quality self-storage asset in a high-growth, urban infill location. The offering consists of two mid-rise buildings totaling 196,689 rentable square feet (RSF) of climate-controlled self-storage, professionally managed by Extra Space. 40 Spring Garden Street (or Unit C), delivered in 2021, comprises 109,049 RSF across nine stories on approximately 0.45 acres and is currently 88.7% occupied. Unit A, located at 510 N Christopher Columbus Boulevard, is scheduled for delivery in July 2025 and will add 87,640 RSF of storage and 6,907 SF of ground floor retail across eight stories on a 0.43-acre condo unit. Both buildings are of brick construction and represent the adaptive reuse of the historic Philadelphia Warehousing and Cold Storage facility—repositioned as a modern self-storage facility with adjacent condo units planned for residential development in the coming years.

The property is strategically located at the intersection of Spring Garden Street and North Columbus Boulevard, a gateway location to Center City and also near the center of Northern Liberties, one of Philadelphia’s most popular urban submarkets. Once a legacy industrial corridor, the area has evolved into a high-density, walkable residential and lifestyle destination, supported by over 3,000 new residential units delivered or planned within a half-mile radius. The assets are surrounded by major developments, including The Piazza Alta, Dwell, and the Rivermark waterfront project. Directly behind Unit A, Unit B is entitled for redevelopment into a 111-unit multifamily building, while Units E and F are in various stages of planning for future residential use. This clustering of high-end development activity is reshaping the neighborhood’s demographic profile and creating sustained demand for secure and accessible self-storage. Both sites benefit from exceptional visibility, direct access to I-95 and I-676, and walkability to the Spring Garden SEPTA Station, offering easy connectivity to Center City and the broader Philadelphia metro.

This offering presents a compelling core-plus investment profile, with one physically stabilized asset and another nearing certificate of occupancy. Unit C is generating strong cash flow with actual rents averaging $1.32 per occupied SF—well below market rents in the $1.90 to $2.00 range—providing a clear path to revenue growth through ECRIs. The delivery of Unit A and its retail component will further enhance income potential and street-level activation. This is a rare opportunity to acquire a large-scale, well-positioned transitional asset in a core location.

Access Deal Landing Page Here: Historic Northern Liberties, Class-A Self-Storage Opportunity