Two Spare Room Self Storage Sites in Lancaster Sold for $5.2 Million

Two Spare Room Self Storage Sites in Lancaster Sold for $5.2 Million
Posted: 8/18/2017 Link:
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A Lancaster, PA attorney and commercial real estate developer has sold both of his Spare Room Self Storage complexes here to Moove In Self Storage for $5.2 million, courthouse records show.

Phil Wolgemuth, who owned the sites with his wife Carol, sold the complex at 3630 Columbia Ave. for $3.2 million and the complex at 551 Longfellow Drive for $2.0 million, according to newly filed deeds.

The Columbia Avenue complex, built in 2003, consists of 235 units and 23,000 square feet. The Longfellow Drive complex, built in 2006, has 147 units in 20,000 square feet.

Both have security cameras, dusk-to-dawn lighting and a keypad entrance.

“My family has been involved with self storage for 15 years and we love the business, especially the interaction with our customers,” said Wolgemuth on Thursday.

“Our properties were not listed for sale, but we received multiple offers to purchase them. This got us thinking about slowing down the pace of our lives, and so we decided to sell,” he said.

With the twin acquisitions earlier this month, York-based Moove In has nine complexes in Lancaster County.

They are among 19 locations in York, Lancaster and Huntingdon counties in Pennsylvania, Baltimore County in Maryland and Sussex County in New Jersey.

Moove In’s portfolio is managed by Investment Real Estate Management.

Jason Carl, director of operations for Investment Real Estate Management, described the new properties as well-managed locations that are “in excellent physical condition with high occupancies.”

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