Store Space Self Storage, which operates 13 facilities in four states, has acquired three Storage King USA properties in Philadelphia from Andover Properties LLC. The properties at 3100 C. St., 5134 Lancaster Ave. and 335 E. Price St. add 235,000 square feet of rental space and 2,146 units to the Store Space portfolio, according to a press release.
“The acquisition of these three properties gives us a foothold in the Philadelphia market,” said Rob Consalvo, chief operating officer and president for Store Space. “Through strategic capital expenditures and additional acquisitions, we'll position ourselves as a leader in the market.”
Store Space plans to upgrade the facilities. “The prior owner did a fantastic job rehabilitating these properties after purchasing them as [real estate owned] several years ago,” said Store Space CEO Chris Harris. “We will continue that rehabilitation to convert these properties to solid, class-A facilities and support the broader gentrification already starting in the surrounding neighborhoods.”
Both buyer and seller were represented in the transaction by Luke Elliott and Michael A. Mele, investment specialists for Marcus & Millichap, a commercial-property investment firm with more than 1,500 investment professionals in offices throughout Canada and the United States.
Launched by industry veterans Consalvo and Harris earlier this year, Store Space also provides third-party management services to other self-storage operators. The company is headquartered in Orlando, Fla.
Founded in 2003 and based in New York City, Andover owns and operates 29 self-storage facilities in 9 states. The firm focuses on the acquisition, development and management of industrial, retail and self-storage facilities, primarily in the North and Southeast.
The Virginian Pilot, Store Space Acquires Three Self-Storage Properties