PRESS RELEASE: York, PA – July 11, 2019
Locally owned and operated Investment Real Estate, LLC (IRE) announces the sale of 100 Constitution Ave (aka Philadelphia Self Storage Conversion) for an undisclosed price to Mequity Companies, an Atlanta based self storage investor. This is a fully approved self storage conversion opportunity located at 100 Constitution Avenue in Upper Darby, PA. The facility is located five miles from center city Philadelphia in Delaware County.
The property is a vacant 47,000 square foot two-story building, originally constructed in 1920. Initial plans called for a 37,000 net rentable square foot temperature controlled storage facility. During due diligence, it was discovered that a portion of the building can be converted into three stories, thus increasing the net rentable area to 51,000 square feet. Site construction commenced immediately following closing.
George Hatchard, Brokerage Advisor for Investment Real Estate, says, “This was one of the most interesting self storage opportunities that I have been involved with in my career. There were many hurdles during due diligence, which included the final permit approvals. However, both seller and buyer were motivated to make it happen, which helped resolve each issue encountered during the transaction. They were both experienced real estate investors, and were able to keep their focus on the end result.”
Ben Walden, Asset Manager at Mequity and the buyer commented, “I really appreciated George’s professionalism throughout this transaction. As we encountered a few challenges along the way, George’s attentiveness and expertise went a long way in getting the deal done. We hope to do business with the IRE team again in the near future.”
Philadelphia Self Storage Conversion, is highly visible from Route 3 (West Chester Pike) in Upper Darby Township, and features an average daily traffic count at nearly 20,000 vehicles. It sits on an acre of Class C Office/Self Storage Conversion zoned land.
The seller, Robert Whalen, President of RW Partners added, “We were thrilled with IRE and George Hatchard’s representation on the sale of our property in Southeastern PA. George found us a buyer, negotiated a contract and delivered a closing above our strike price.”
For more information, contact Jess Dubbs, Director of Marketing.