Suburban Philadelphia Self Storage Asset Trades for $13M
After an expansion in 2016, the facility changed hands for nearly four times the price it had sold for in 2013.
Dahn Corp. has purchased Chester Heights Self Storage, a 79,705-square-foot facility in Glen Mills, Pa., for $12.8 million, according to public records. Gorman & Co. sold the property, Yardi Matrix shows. Cushman & Wakefield assisted the seller and procured the buyer. The asset had last traded in 2013 for $3.5 million.
Built in 2009 and expanded in 2016, the 713-unit property is located on 5 acres at 15 Stoney Bank Road. The facility provides 520 climate-controlled and 182 drive-up units. Amenities include on-site management, security cameras, gated access and keypad locks. At the time of sale, Chester Heights Self Storage was 89.3 percent occupied.
Dahn Corp. owns self storage assets under the Mini U Storage brand in Texas and Colorado. Yardi Matrix shows that, in the suburban Philadelphia market, the company owns two other such facilities, which total more than 95,000 square feet.
The Cushman & Wakefield team included Vice Chairman Mike Mele, Executive Managing Director Luke Elliot, Senior Director Robert Bloch and Senior Associate Noah Obuchowski. Earlier this month, another brokerage team lead by Mele negotiated the $12.2 million sale of Upland Self Storage, a 70,570-square-foot facility in Upland, Calif.