PRESS RELEASE: York, PA – April 18, 2019
Locally owned and operated Investment Real Estate, LLC (IRE) announces the sale of the Ideal Self Storage Portfolio for an undisclosed price to a private investment group. Ideal Self Storage has four locations and is located in Selinsgrove, Lewisburg and Sunbury, PA, which is in Snyder, Union and Northumberland Counties.
The facility on Lori Lane in Selinsgrove opened in March 2018 and offers over 375 temperature controlled and drive up storage units. Ideal Self Storage is comprised of over 4 acres of commercial district zoned land. The property is comprised of six buildings and a state-of-the-art on-site rental office. This location is currently in lease-up and was 41% occupied at the time of sale.
The facility on N. Old Trail in Selinsgrove opened in 2008 and offers over 160 drive up storage units as well as 7 outdoor parking spaces. Ideal Self Storage is comprised of 1.1 acres of neighborhood commercial zoned land. The property is comprised of three buildings and an on-site rental office, and was 92% occupied at the time of sale.
The facility on Ziegler Road in Lewisburg opened in 2003 and offers over 285 drive up storage units as well as 25 outdoor parking spaces. Ideal Self Storage is comprised of 4.6 acres of commercial highway manufacturing zoned land. The property is comprised of three buildings and an on-site rental office, and was 95% occupied at the time of sale.
The facility on Snydertown Road in Sunbury opened in 1994, was expanded in 1996 and 2001, and offers over 185 drive up storage units as well as 48 outdoor parking spaces. Ideal Self Storage is comprised of 30.58 acres of agricultural holding zoned land. The property is comprised of five buildings and an on-site rental office, and was 92% occupied at the time of sale.
Kevin Bledsoe, VP of Brokerage for Investment Real Estate, says, “We were thrilled the sellers chose IRE to represent them in the sale of their self storage portfolio. We’ve known the ownership group since their inception into the industry over a decade ago, and it’s been fun to watch them grow their footprint in Central PA. The sale of their portfolio was a decade’s worth of work for the partnership and we were excited to see them capitalize on many years of hard work. The buying group has been focused on finding self storage assets to add to their growing portfolio, and we were happy to help them accomplish that goal with four great sites. The buyers worked hard to overcome a few obstacles during the transaction, and I give them all the credit in the world for getting to the finish line. We couldn’t be happier for both parties, and thankfully we played a role in helping them accomplish their goals.”
The entire portfolio has been maintained at the highest level with virtually zero deferred maintenance. All four locations have security cameras, perimeter fencing and electronic keypad access gates. All four properties were run out of the new state-of-the-art rental office at the Lori Lane location in Selinsgrove.
The seller, Dennis Brubaker, commented, “Investment Real Estate is a brokerage firm that we’ve come to know and respect as experts in the self storage industry. When we decided to list our self storage portfolio for sale, they were our first call. We worked with Kevin Bledsoe at IRE to handle the sale of our properties, and he and his team did a great job navigating offers and buyers, negotiating the sales price and overcoming many obstacles along the way. We would highly recommend the IRE Brokerage team to any buyers or sellers in the self storage industry.”
For more information, contact Jess Dubbs, Director of Marketing.