Self Storage Capital Partners (SSCP), a real estate investment and management company, and an unidentified private-equity firm have acquired two Pennsylvania properties from All-Time Self Storage LLC. The partnership purchased LanCo Mini Storage Center in Lancaster, Pa., for $7.3 million, and Penns Trail Self-Storage in Newtown, Pa., for $11.6 million.
The LanCo facility at 1813 Old Philadelphia Pike sits on approximately 7 acres. It includes eight buildings containing 611 storage units and a rental office. Opened in 1998, it was expanded in 2006. The source didn’t supply information about the property at 104 Penns Trail.
LanCo drew heavy interest from potential buyers and garnered nine offers in the first round of bidding, according to the source. Three buyers then raised their offer during the second round. “The self storage sector has been an outperformer for many years. It is late in the cycle and an attractive time to sell stabilized assets,” said John E. Barry, president of All-Time.
The buyer and the seller were represented in the transaction by Investment Real Estate LLC (IRE), a property-management and consulting firm that also owns self storage facilities under the Moove In Self Storage brand name. Financing was arranged by HFF (Holliday Fenoglio Fowler LP), a provider of commercial real estate and capital-markets services to self storage and other commercial sectors.
In April, SSCP acquired the five-property Storage Depot portfolio in the Harrisburg, Pa., area for $35 million, the source reported.
All-Time Storage is developing 160,000 square feet of storage space in Bucks and Montgomery Counties, Barry told the source. The company is also seeking acquisition opportunities in the mid-Atlantic and Southeast markets.
Philadelphia-based SSCP is focused exclusively on the self storage market. Its executives have more than 20 years of collective experience in acquiring, operating, repositioning and underwriting self storage properties, according to its website.
Since its inception in 1998, IRE has provided brokerage, construction, development and management services to facility owners and investors.