PRESS RELEASE: York, PA – June 30, 2014 – Limerick Self Storage in Limerick PA
Investment Real Estate, LLC announces the sale of Limerick Self Storage in the suburban Philadelphia Metro Area. Located in affluent Montgomery County, Pennsylvania, this institutional grade asset was developed in 2008 and sold to a large national operator of self storage facilities.
Limerick Self Storage is a three story, climate controlled facility encompassing 105,000 square feet. The Class A facility has surveillance cameras, elevators, retail moving supplies and a U-Haul truck rental business. The property includes 800 storage units and 35 outside parking spaces.
John Gilliland and John Barry of Investment Real Estate handled the transaction. According to John H. Gilliland, President & CEO, “This sale was a win-win for both the buyer and seller. At 71% occupancy, the seller received a value based upon the trailing 6 months cash flow while the property has occupancy upside along with the benefits of tenant insurance. We continue to see strong pricing on well located facilities in desirable markets.”
For more information, contact Jess Dubbs, Director of Marketing.