$5.4 million sale of suburban Philadelphia self storage property closed by HFF
PHILADELPHIA, PA – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $5.4 million sale of Riverline Self Storage, a 381-unit self storage facility located in the Philadelphia suburb of Cinnaminson, New Jersey.
HFF marketed the property on behalf of the seller, a local private investor. Prime Group purchased the asset free and clear of existing debt.
Riverline Self Storage’s two buildings total 63,539 rentable square feet. The property’s 381 climate-controlled units total 36,586 rentable square feet and occupy portions of both two-story buildings. The remaining 26,953 rentable square feet is occupied by a combination of office, retail and warehouse tenants. Situated on 4.5 acres at 1714 Bannard Street, the facility is in the northern part of Cinnaminson, a New Jersey community on the Delaware River approximately 12 miles from downtown Philadelphia. The property is located near the Tacony-Palmyra and Betsy Ross bridges and serves the communities of Cinnaminson, Delran, Riverton and Palmyra.
The HFF investment sales team representing the seller was led by managing director Richard Schontz and director Barbara Guffey.
“The property is well-located and has strong in-place occupancy,” Schontz said. “The purchaser will also have the ability to expand Riverline Self Storage’s net rentable square footage immediately, creating additional value. The property fits well into Prime Group’s growing Philadelphia-area portfolio and we were pleased to be able to facilitate the transaction.”
About Prime Group
Robert Moser is the founder and CEO of the Prime Group, headquartered in Saratoga Springs, New York. Prime Group, along with its affiliate companies including Rochester, New York-based Morgan Management, owns approximately $2.8 billion of commercial real estate. Its portfolio includes over 3,600,000 square feet of self storage facilities, about 25,000 apartment units and other real estate holdings.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.