{"id":1004140707,"date":"2016-03-30T07:52:43","date_gmt":"2016-03-30T15:52:43","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004140707"},"modified":"2021-05-15T08:12:19","modified_gmt":"2021-05-15T16:12:19","slug":"marcus-millichap-brokers-self-storage-property-sale-in-philly","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/marcus-millichap-brokers-self-storage-property-sale-in-philly\/","title":{"rendered":"Marcus & Millichap Brokers Self-Storage Property Sale in Philly"},"content":{"rendered":"

By Adriana Pop, Associate Editor <\/em><\/p>\n

Philadelphia<\/strong>\u2013Marcus & Millichap<\/a> has closed the sale of Devon Self Storage, a 104,580-net-rentable-square-foot facility located near downtown Philadelphia. The self-storage property<\/a> on Oregon Avenue sold for $11 million, or approximately $105 per rentable square foot.<\/p>\n

\"Devon<\/a>

Devon Self Storage in Philadelphia<\/p><\/div>\n

The seller, Devon Self Storage<\/a>, was represented in the transaction by Chico LeClaire, senior vice president of investments and Adam Schlosser, vice president of investments, both in Marcus & Millichap\u2019s Denver office.<\/p>\n

LeClaire and Schlosser also procured the buyer, Amsdell Cos<\/a>. of Cleveland, Ohio, which owns and operates the Compass Self Storage<\/a> brand. Marcus & Millichap\u2019s broker of record in Pennsylvania is Brenton Baskin.<\/p>\n

\u201cThis was an interesting transaction in that the buyer and seller had done a trade together on a similar facility in Philadelphia several years ago,\u201d stated LeClaire, who was the broker on that transaction as well. \u201cIn this sale, the buyer gets to enjoy the potential of increased occupancy and the seller got a good price on their conversion.\u201d<\/p>\n

The property is a two-story building that was converted to self-storage in 2002. The facility offers 1,142 heated units and 29 recreational vehicle parking spaces, along with a variety of amenities, including covered drive-through access, 24-hour video surveillance, digital gate access, an institutional-quality leasing office with a retail display, and a two-bedroom apartment for an onsite manager.<\/p>\n

Location is another advantage of the asset, which is situated in a densely populated area of Philadelphia with more than 640,000 people within a 5-mile radius. The store has excellent visibility from Interstate 95 and also sits adjacent to a number of retail developments anchored by big-box tenants such as IKEA and Best Buy.<\/p>\n

Image courtesy of Marcus & Millichap<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Amsdell Cos. purchased Devon Self Storage, a more than 104,000-net-rentable-square-foot facility in Philadelphia, for $11 million.<\/p>\n","protected":false},"author":260,"featured_media":1004140708,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21742,10,1494],"tags":[],"class_list":["post-1004140707","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-latest","category-northeast","category-philadelphia"],"acf":[],"yoast_head":"\nMarcus & Millichap Brokers Self-Storage Property Sale in Philly - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/marcus-millichap-brokers-self-storage-property-sale-in-philly\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Marcus & Millichap Brokers Self-Storage Property Sale in Philly\" \/>\n<meta property=\"og:description\" content=\"Amsdell Cos. purchased Devon Self Storage, a more than 104,000-net-rentable-square-foot facility in Philadelphia, for $11 million.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/marcus-millichap-brokers-self-storage-property-sale-in-philly\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2016-03-30T15:52:43+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-05-15T16:12:19+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/03\/Devon-Self-Storage-in-Philadelphia.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1069\" \/>\n\t<meta property=\"og:image:height\" content=\"600\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Adriana Pop\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/marcus-millichap-brokers-self-storage-property-sale-in-philly\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/marcus-millichap-brokers-self-storage-property-sale-in-philly\\\/\"},\"author\":{\"name\":\"Adriana Pop\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/c6fbe4a6cd09e6097b39e787ae96d7ad\"},\"headline\":\"Marcus & Millichap Brokers Self-Storage Property Sale in Philly\",\"datePublished\":\"2016-03-30T15:52:43+00:00\",\"dateModified\":\"2021-05-15T16:12:19+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/marcus-millichap-brokers-self-storage-property-sale-in-philly\\\/\"},\"wordCount\":297,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/marcus-millichap-brokers-self-storage-property-sale-in-philly\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2016\\\/03\\\/Devon-Self-Storage-in-Philadelphia.png\",\"articleSection\":[\"Deals\",\"News\",\"Northeast\",\"Philadelphia\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/marcus-millichap-brokers-self-storage-property-sale-in-philly\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/marcus-millichap-brokers-self-storage-property-sale-in-philly\\\/\",\"name\":\"Marcus & Millichap Brokers Self-Storage Property Sale in Philly - 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