A Private Investor Acquired the Value-Add Asset and Retained CubeSmart as Third-Party Manager
PHILADELPHIA, PA, June 10, 2019 — Cushman & Wakefield has negotiated the sale of a 718-unit self-storage facility in Clifton Heights, Pennsylvania, a Philadelphia suburb. The newly converted, state-of-the-art facility is situated in a dense retail corridor on 5.41 acres at 500 Mildred Ave.
The Cushman & Wakefield Self-Storage Team of Vice Chairman Mike Mele, Senior Director Robert Bloch and Senior Associate Noah Obuchowski negotiated the disposition on behalf of an affiliate of Vertical Fields Capital, LLC. The buyer is a private investor and CubeSmart Self Storage has been retained as third-party manager. The sales price is undisclosed.
The property comprises 82,116 rentable square feet with 590 climate-controlled units and 128 non-climate-controlled units. Units range from 18 to 320 square feet. Features include premium security with gated entry and 24-hour video surveillance, as well as on-site management.
The facility offers multiple entry points from Mildred Avenue and Providence Road, which has a traffic count of over 14,000 vehicles per day. Just eight miles from downtown Philadelphia, it sits within a thriving suburban area with a multitude of nearby retail options and both single-family and multifamily housing developments. There are over 200,000 residents within a three-mile radius of the property and the average household income is over $80,000.
“Clifton Heights is a densely populated suburban market with a prime location within the Philadelphia MSA and an above average household income,” said Obuchowski. “These factors, combined with the overall quality of the facility, will help ensure a successful lease-up, providing significant upside for the new owner.”
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with 48,000 employees in approximately 400 offices and 70 countries. In 2017, the firm had revenue of $6.9 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
Communications Specialist, Florida